DTE reports earnings, guidance increases
DTE Energy Co. said Tuesday that in addition to increasing its earnings in the second quarter, it raised its 2016 operating earnings per share guidance.
The Detroit-based company’s net income came in at $145 million for the quarter, up from $105 million in 2015. That puts the net income for 2016 at $385 million, so far.
The operating earnings per share guidance increased to $4.91 to $5.19 from $4.80 to $5.05, a guidance midpoint increase of 12 cents, after its board of directors increased its annualized dividend by 16 cents per share in June for the seventh consecutive year. DTE’s operating earnings for the second quarter increased to $177 million, or 98 cents per diluted share, up $40 million, or 22 cents per diluted share, from 2015.
“We feel confident in raising our 2016 earnings guidance from a midpoint of $4.93 to $5.05 per share based on our strong ongoing performance,” said Peter Oleksiak, DTE Energy senior vice president and chief financial officer, in a news release. “This confidence is further evidenced by our board of directors’ action in June to increase the annualized dividend 5.5 percent to $3.08 per share.”
Despite beating estimates, DTE stocks ended Tuesday down about 0.8 percent at $98.00.