DTE Energy reported strong financial results for the first quarter of 2002, with net income of $200 million, a 44% increase over the previous year. Earnings per share increased 27% to $1.24. The company benefited from contributions from its non-regulated businesses and its gas distribution utility, which was acquired in 2001. However, mild winter weather reduced gas sales. The company reaffirmed its 2002 earnings target range of $3.70 to $4.00 per share despite challenges from the economy, weather, and electric customer choice programs.
DTE Energy reported strong financial results for 2001. Operating earnings excluding merger and restructuring charges were $536 million compared to $484 million in 2000, an increase of 10.7%. Overall earnings were $332 million compared to $468 million in 2000, reflecting merger-related charges. Non-regulated energy businesses exceeded their earnings target, contributing $162 million in net income. Looking ahead, DTE Energy expects its compound annual earnings growth rate to increase to between 6-8% by 2005 and provided earnings guidance of $3.70 to $4.00 per share for 2002.
DTE Energy reported 2000 earnings of $468 million, down slightly from 1999. Earnings were impacted by one-time charges of $0.15 per share for a residential rate reduction and $0.12 per share for merger costs. Excluding these, earnings rose 6.3% to $3.54 per share. Non-regulated businesses contributed earnings of $0.59 per share, up 22% over 1999 due to new projects. While results were mixed due to weather and plant issues, cost controls and growth in commercial sales helped offset impacts.
DTE Energy reported third quarter earnings of $0.96 per share, up from $0.51 per share in the third quarter of 2001, excluding merger and restructuring expenses. Year-to-date earnings increased 30% compared to 2001. The company's regulated utility operations performed well due to higher residential sales from increased cooling demand and lower fuel costs. Non-regulated businesses such as energy services also contributed significantly to earnings. DTE Energy reaffirmed its guidance for 2002 earnings of $3.75-$3.95 per share and 2003 earnings of $3.90-$4.10 per share, expecting continued challenges from the economy but benefits from cost controls.
DTE Energy reported first quarter earnings of $138 million compared to $117 million in the first quarter of 2000. Revenue from non-regulated businesses increased 251% to $817 million, contributing to increased earnings. The results were positively impacted by the suspension of the fuel clause and the company expects to complete its merger with MCN Energy in June, which is an important part of DTE Energy's growth strategy.
This document provides a summary of FirstEnergy Corp.'s financial results for the third quarter of 2006.
- Normalized non-GAAP earnings were $1.42 per share for Q3 2006, up from $1.04 per share in Q3 2005. GAAP earnings were $1.41 per share for Q3 2006 compared to $1.01 per share in Q3 2005.
- Factors that increased earnings included regulatory changes in Ohio and lower fuel and purchased power costs. Factors that decreased earnings included lower distribution deliveries due to mild weather and lower generation revenues from lower wholesale prices and sales volumes.
- Guidance for 2006 normalized non-GAAP earnings was increased to
DTE Energy reported 2002 earnings of $632 million or $3.83 per diluted share, up 10% from 2001 operating earnings. Earnings for the fourth quarter of 2002 were $203 million or $1.21 per diluted share, down from 2001 operating earnings of $1.43 per diluted share. The company reaffirmed its 2003 earnings guidance of $3.90 to $4.10 per share despite anticipated challenges. By business unit, DTE Energy Resources contributed earnings growth while DTE Energy Distribution saw declines due to storm costs and DTE Energy Gas saw increases.
- DTE Energy Company and Subsidiary Companies provided a condensed consolidated statement of income and balance sheet for the third quarter of 2000 compared to the third quarter of 1999.
- Key highlights include operating revenues increased 7.4% to $1.547 billion driven by higher fuel and purchased power costs, while operating income decreased 38.8% to $172 million.
- Net income including one-time items decreased 35.2% to $104 million, while earnings per share decreased 38.8% to $0.73 per share compared to the prior year.
progress energy 3Q 02.earnings.release.andfinancialsfinance25
- Progress Energy reported ongoing quarterly earnings of $1.53 per share and GAAP earnings of $0.71 per share. It expects 2002 ongoing earnings to be within its target range of $3.90 to $4.00 per share.
- It announced an agreement to sell NCNG to Piedmont Natural Gas for $425 million, which will be used to pay down debt.
- For 2003, it expects 3% earnings growth over 2002 through cost management, sales growth at its electric utilities, and additional revenues from its non-regulated business.
DTE Energy reported strong financial results for 2001. Operating earnings excluding merger and restructuring charges were $536 million compared to $484 million in 2000, an increase of 10.7%. Overall earnings were $332 million compared to $468 million in 2000, reflecting merger-related charges. Non-regulated energy businesses exceeded their earnings target, contributing $162 million in net income. Looking ahead, DTE Energy expects its compound annual earnings growth rate to increase to between 6-8% by 2005 and provided earnings guidance of $3.70 to $4.00 per share for 2002.
DTE Energy reported 2000 earnings of $468 million, down slightly from 1999. Earnings were impacted by one-time charges of $0.15 per share for a residential rate reduction and $0.12 per share for merger costs. Excluding these, earnings rose 6.3% to $3.54 per share. Non-regulated businesses contributed earnings of $0.59 per share, up 22% over 1999 due to new projects. While results were mixed due to weather and plant issues, cost controls and growth in commercial sales helped offset impacts.
DTE Energy reported third quarter earnings of $0.96 per share, up from $0.51 per share in the third quarter of 2001, excluding merger and restructuring expenses. Year-to-date earnings increased 30% compared to 2001. The company's regulated utility operations performed well due to higher residential sales from increased cooling demand and lower fuel costs. Non-regulated businesses such as energy services also contributed significantly to earnings. DTE Energy reaffirmed its guidance for 2002 earnings of $3.75-$3.95 per share and 2003 earnings of $3.90-$4.10 per share, expecting continued challenges from the economy but benefits from cost controls.
DTE Energy reported first quarter earnings of $138 million compared to $117 million in the first quarter of 2000. Revenue from non-regulated businesses increased 251% to $817 million, contributing to increased earnings. The results were positively impacted by the suspension of the fuel clause and the company expects to complete its merger with MCN Energy in June, which is an important part of DTE Energy's growth strategy.
This document provides a summary of FirstEnergy Corp.'s financial results for the third quarter of 2006.
- Normalized non-GAAP earnings were $1.42 per share for Q3 2006, up from $1.04 per share in Q3 2005. GAAP earnings were $1.41 per share for Q3 2006 compared to $1.01 per share in Q3 2005.
- Factors that increased earnings included regulatory changes in Ohio and lower fuel and purchased power costs. Factors that decreased earnings included lower distribution deliveries due to mild weather and lower generation revenues from lower wholesale prices and sales volumes.
- Guidance for 2006 normalized non-GAAP earnings was increased to
DTE Energy reported 2002 earnings of $632 million or $3.83 per diluted share, up 10% from 2001 operating earnings. Earnings for the fourth quarter of 2002 were $203 million or $1.21 per diluted share, down from 2001 operating earnings of $1.43 per diluted share. The company reaffirmed its 2003 earnings guidance of $3.90 to $4.10 per share despite anticipated challenges. By business unit, DTE Energy Resources contributed earnings growth while DTE Energy Distribution saw declines due to storm costs and DTE Energy Gas saw increases.
- DTE Energy Company and Subsidiary Companies provided a condensed consolidated statement of income and balance sheet for the third quarter of 2000 compared to the third quarter of 1999.
- Key highlights include operating revenues increased 7.4% to $1.547 billion driven by higher fuel and purchased power costs, while operating income decreased 38.8% to $172 million.
- Net income including one-time items decreased 35.2% to $104 million, while earnings per share decreased 38.8% to $0.73 per share compared to the prior year.
progress energy 3Q 02.earnings.release.andfinancialsfinance25
- Progress Energy reported ongoing quarterly earnings of $1.53 per share and GAAP earnings of $0.71 per share. It expects 2002 ongoing earnings to be within its target range of $3.90 to $4.00 per share.
- It announced an agreement to sell NCNG to Piedmont Natural Gas for $425 million, which will be used to pay down debt.
- For 2003, it expects 3% earnings growth over 2002 through cost management, sales growth at its electric utilities, and additional revenues from its non-regulated business.
This document provides an annual investors' report for Burlington Northern Santa Fe Corporation for 2001. It includes key financial information such as earnings results for Q4 and full year 2001, operating revenues and expenses, balance sheet information, and cash flow information. Specifically, it notes that Q4 2001 earnings were $0.46 per share including workforce reduction costs, or $0.57 per share excluding those costs. For the full year, earnings were $1.87 per share including unusual items, or $2.08 per share excluding unusual items. It also highlights free cash flow of $443 million for the full year, up 3% from 2000.
TXU reported better than expected earnings for the first quarter of 2003, with earnings from continuing operations of $101 million (exceeding the target of $0.20 per share). Full year 2003 guidance remains at $1.95 to $2.05 per share. Earnings were higher than expected due to increased contributions from the North America Energy Delivery segment and cost reductions, though partially offset by higher fuel costs and interest expenses. TXU has also accomplished debt reduction and cost cutting objectives to strengthen its financial position.
1. Burlington Northern Santa Fe reported first quarter 2002 earnings of $0.45 per share, up from $0.34 per share in first quarter 2001, which included non-recurring losses.
2. Freight revenues decreased 6% to $2.14 billion due to softer demand across all major product sectors and mild winter weather reducing coal shipments.
3. Operating expenses decreased 4% to $1.8 billion due to reductions in fuel costs, compensation, and equipment rents, partially offsetting the revenue decline.
DTE Energy reported second quarter 2001 operating earnings of $70 million compared to $108 million in the second quarter of 2000. While earnings were impacted by Michigan's electric restructuring legislation, the company remains on track to reach its projected full year earnings of $3.50 to $3.60 per share. The acquisition of MCN Energy was completed during the quarter, and earnings are expected to benefit in the second half of the year from the addition of MCN's gas operations and projected cost synergies from the merger. Several non-regulated businesses performed well during the quarter and are also expected to contribute to meeting the company's full year earnings projection.
The document is Burlington Northern Santa Fe Corporation's third quarter 2001 investors' report. Key points:
- Earnings per share were $0.58 compared to $0.64 in third quarter 2000. Freight revenues were $2.31 billion, even with last year.
- Operating expenses were higher by $69 million due to increased compensation, benefits, and fuel costs. Operating income was $502 million versus $571 million in 2000.
- 4.1 million shares were repurchased in the quarter, bringing the total under the buyback program to 101.1 million shares.
- The report provides financial statements and statistics on revenues, expenses, operations, and capital expenditures for
The document is Burlington Northern Santa Fe Corporation's 2nd Quarter 2001 Investors' Report. It summarizes that:
1) Earnings were $0.50 per diluted share compared to $0.53 per diluted share in the same period last year, with revenues remaining even despite 2% higher ton-miles.
2) Operating expenses were $65 million higher due to factors like flooding in the Midwest and higher fuel costs.
3) Operating income decreased to $428 million from $483 million last year, and the operating ratio increased to 80.9% from 78.4% last year.
DTE Energy reported second quarter earnings of $0.42 per share, down from $0.55 per share in the second quarter of 2001, excluding merger and restructuring expenses. For the first six months of 2002, earnings per share increased 8% compared to 2001. DTE Energy narrowed its full-year 2002 earnings guidance to $3.75-$3.95 per share and initiated 2003 guidance of $3.90-$4.10 per share. Solid performance from the electric utility and contributions from non-regulated businesses such as coal-based fuels helped achieve results despite uncertain impacts from weather and economic conditions.
The document is Burlington Northern Santa Fe Corporation's third quarter 2002 investors' report. It includes:
- BNSF reported earnings of $0.51 per share for Q3 2002, even with adjusted earnings of $0.56 per share for the same period in 2001.
- Freight revenues were $2.28 billion for Q3 2002, even with adjusted revenues of $2.28 billion for Q3 2001.
- Operating income decreased to $421 million for Q3 2002 compared to adjusted operating income of $470 million for Q3 2001, with the operating ratio increasing to 81.6% from 79.4%.
burlington northern santa fe 4Q 2008 Investors Reportfinance16
This document provides an annual investors' report for Burlington Northern Santa Fe Corporation for 2008. Some key points:
- For Q4 2008, BNSF reported earnings of $1.79 per diluted share, a 23% increase over Q4 2007. Freight revenues increased 3% to $4.25 billion.
- For full year 2008, BNSF achieved earnings of $6.08 per diluted share, a 19% increase over 2007. Operating revenues increased 14% to $18 billion.
- Operating expenses increased $1.8 billion for the full year, primarily due to a $1.3 billion increase in fuel expenses from higher fuel prices.
- BNSF
1) The document provides cautionary statements regarding Southern Company's forward-looking financial information for 2009, noting various factors that could cause actual results to differ from expectations.
2) It summarizes drivers of earnings growth between 2007 and 2008, and provides Southern Company's capital expenditure forecast and major projects for 2009-2011.
3) Southern Company aims for long-term average earnings per share growth of 6% annually and provides earnings per share guidance of $2.30 to $2.45 for 2009.
DTE Energy reported first quarter 2003 earnings of $155 million, or $0.92 per share, compared to $200 million, or $1.24 per share in the first quarter of 2002. Operating earnings, which exclude non-recurring items, were $178 million, or $1.06 per share, comparable to operating earnings of $181 million, or $1.12 per share in the same period of 2002. The company's non-regulated businesses showed strong earnings growth, led by synthetic fuels and energy trading, which partially offset cost pressures at the regulated utilities. DTE Energy maintained its 2003 operating earnings guidance of $3.75-3.95 per share after adjusting for the sale of its transmission business
The document is a notice and proxy statement for the 2008 Annual Meeting of Stockholders of YRC Worldwide Inc. to be held on May 15, 2008. Stockholders will vote on four matters: 1) electing directors, 2) approving an amendment to the Company's 2004 Long-Term Incentive and Equity Award Plan, 3) ratifying the appointment of KPMG LLP as the independent registered public accounting firm for 2008, and 4) any other business properly brought before the meeting. Stockholders as of March 18, 2008 are entitled to vote. The Board recommends voting for all proposals.
The document is the 2005 annual report and proxy statement from PHI (Pepco Holdings Inc.). It discusses PHI's strategy of focusing on stable power delivery and growing energy businesses. In 2005, PHI achieved earnings of $371.2 million and strengthened its balance sheet by paying down over $1 billion in debt. Rising energy prices present challenges for PHI and its customers. The proxy statement announces the annual meeting to elect directors and ratify the independent auditor.
This document is DTE Energy Company's consolidated statement of operations and balance sheet for the third quarter and first nine months of 2003 compared to the same periods in 2002. Some key highlights include:
- Operating revenues for the third quarter were flat while revenues for the first nine months increased 6% year-over-year.
- Operating expenses increased for both the third quarter and first nine months, driven mainly by higher fuel and purchased power costs.
- Net income for the third quarter increased 9% compared to 2002, while net income for the first nine months decreased 32% year-over-year.
- Total assets increased 4% from December 31, 2002 to September 30, 2003, with increases in several current asset
DTE Energy reported third quarter earnings of $4 million, down significantly from $93 million in the same period last year. Operating earnings, which exclude non-recurring items, were $5 million compared to $97 million last year. Earnings were impacted by timing-related accounting items from energy trading contracts and deferred synfuel revenue. Excluding these items, operating earnings would have been higher. DTE also lowered its full-year 2005 operating earnings guidance due to mark-to-market losses but expects improvement in 2006 as some timing items reverse. Underlying business performance was strong, with improved earnings at Detroit Edison and MichCon utilities.
The document discusses Joseph Rigby's presentation on the strategic positioning of Southeast Utilities. It summarizes the company's strategic focus on power delivery, Conectiv Energy, and Pepco Energy Services. It also outlines the goals for the power delivery business, including sales growth, infrastructure investment, operational excellence, and constructive regulatory outcomes to deliver average annual earnings growth of at least 4%. Key infrastructure projects are highlighted.
Pepco Holdings, Inc. held an analyst conference on October 5-6, 2004 to discuss the company's performance. The presentation included an overview of PHI's businesses, strategy, and corporate governance practices. It noted PHI has $7.1 billion in revenues and focuses on its regulated electric and gas delivery business, which accounts for 72% of operating income. The Power Delivery segment was discussed, which includes the transmission and distribution of electricity to 1.8 million customers across several mid-Atlantic states.
DTE Energy reported strong financial results for 2001. Operating earnings excluding merger and restructuring charges were $536 million compared to $484 million in 2000, an increase of 10.7%. However, including these charges, reported earnings were $332 million compared to $468 million in 2000, a decrease of 29.1%. Non-regulated energy businesses contributed $162 million in earnings, exceeding the target of $130 million. Looking ahead, DTE Energy expects its compound annual earnings growth rate to increase to between 6-8% by 2005 and provided earnings guidance of $3.70 to $4.00 per share for 2002.
DTE Energy reported first quarter earnings of $138 million compared to $117 million in the first quarter of 2000. Revenue from non-regulated businesses increased 251% to $817 million, contributing to increased earnings. The results were positively impacted by the suspension of the fuel clause and the company expects to complete its merger with MCN Energy in June, which is an important part of DTE Energy's growth strategy.
DTE Energy reported third quarter earnings of $0.96 per share, up from $0.51 per share in the third quarter of 2001, excluding merger and restructuring expenses. Year-to-date earnings increased 30% to $2.62 per share. The company's regulated utility operations performed well due to higher residential sales from increased cooling demand and lower fuel costs. Non-regulated businesses such as energy services also contributed significantly to earnings growth. Despite challenges in the industry, DTE Energy reaffirmed its 2002 earnings guidance of $3.75-$3.95 per share and 2003 guidance of $3.90-$4.10 per share, expecting continued cost controls to offset cost pressures.
DTE Energy reported 2000 earnings of $468 million, or $3.27 per share, compared to $483 million, or $3.33 per share in 1999. Earnings were impacted by one-time charges including a residential rate reduction and merger costs. Excluding these charges, earnings rose 6.3% to $3.54 per share. Non-regulated businesses contributed $84 million in earnings, a 22% increase driven by increased production and new projects. DTE Energy expects continued growth from its non-regulated portfolio.
DTE Energy reported second quarter earnings of $0.42 per share, down from $0.55 per share in the second quarter of 2001, excluding merger and restructuring expenses. For the first six months of 2002, earnings per share increased 8% compared to 2001. DTE Energy narrowed its full-year 2002 earnings guidance to $3.75-$3.95 per share and initiated 2003 guidance of $3.90-$4.10 per share. Solid performance from the electric utility and contributions from non-regulated businesses such as coal-based fuels helped achieve results despite uncertain impacts from weather and economic conditions.
This document provides an annual investors' report for Burlington Northern Santa Fe Corporation for 2001. It includes key financial information such as earnings results for Q4 and full year 2001, operating revenues and expenses, balance sheet information, and cash flow information. Specifically, it notes that Q4 2001 earnings were $0.46 per share including workforce reduction costs, or $0.57 per share excluding those costs. For the full year, earnings were $1.87 per share including unusual items, or $2.08 per share excluding unusual items. It also highlights free cash flow of $443 million for the full year, up 3% from 2000.
TXU reported better than expected earnings for the first quarter of 2003, with earnings from continuing operations of $101 million (exceeding the target of $0.20 per share). Full year 2003 guidance remains at $1.95 to $2.05 per share. Earnings were higher than expected due to increased contributions from the North America Energy Delivery segment and cost reductions, though partially offset by higher fuel costs and interest expenses. TXU has also accomplished debt reduction and cost cutting objectives to strengthen its financial position.
1. Burlington Northern Santa Fe reported first quarter 2002 earnings of $0.45 per share, up from $0.34 per share in first quarter 2001, which included non-recurring losses.
2. Freight revenues decreased 6% to $2.14 billion due to softer demand across all major product sectors and mild winter weather reducing coal shipments.
3. Operating expenses decreased 4% to $1.8 billion due to reductions in fuel costs, compensation, and equipment rents, partially offsetting the revenue decline.
DTE Energy reported second quarter 2001 operating earnings of $70 million compared to $108 million in the second quarter of 2000. While earnings were impacted by Michigan's electric restructuring legislation, the company remains on track to reach its projected full year earnings of $3.50 to $3.60 per share. The acquisition of MCN Energy was completed during the quarter, and earnings are expected to benefit in the second half of the year from the addition of MCN's gas operations and projected cost synergies from the merger. Several non-regulated businesses performed well during the quarter and are also expected to contribute to meeting the company's full year earnings projection.
The document is Burlington Northern Santa Fe Corporation's third quarter 2001 investors' report. Key points:
- Earnings per share were $0.58 compared to $0.64 in third quarter 2000. Freight revenues were $2.31 billion, even with last year.
- Operating expenses were higher by $69 million due to increased compensation, benefits, and fuel costs. Operating income was $502 million versus $571 million in 2000.
- 4.1 million shares were repurchased in the quarter, bringing the total under the buyback program to 101.1 million shares.
- The report provides financial statements and statistics on revenues, expenses, operations, and capital expenditures for
The document is Burlington Northern Santa Fe Corporation's 2nd Quarter 2001 Investors' Report. It summarizes that:
1) Earnings were $0.50 per diluted share compared to $0.53 per diluted share in the same period last year, with revenues remaining even despite 2% higher ton-miles.
2) Operating expenses were $65 million higher due to factors like flooding in the Midwest and higher fuel costs.
3) Operating income decreased to $428 million from $483 million last year, and the operating ratio increased to 80.9% from 78.4% last year.
DTE Energy reported second quarter earnings of $0.42 per share, down from $0.55 per share in the second quarter of 2001, excluding merger and restructuring expenses. For the first six months of 2002, earnings per share increased 8% compared to 2001. DTE Energy narrowed its full-year 2002 earnings guidance to $3.75-$3.95 per share and initiated 2003 guidance of $3.90-$4.10 per share. Solid performance from the electric utility and contributions from non-regulated businesses such as coal-based fuels helped achieve results despite uncertain impacts from weather and economic conditions.
The document is Burlington Northern Santa Fe Corporation's third quarter 2002 investors' report. It includes:
- BNSF reported earnings of $0.51 per share for Q3 2002, even with adjusted earnings of $0.56 per share for the same period in 2001.
- Freight revenues were $2.28 billion for Q3 2002, even with adjusted revenues of $2.28 billion for Q3 2001.
- Operating income decreased to $421 million for Q3 2002 compared to adjusted operating income of $470 million for Q3 2001, with the operating ratio increasing to 81.6% from 79.4%.
burlington northern santa fe 4Q 2008 Investors Reportfinance16
This document provides an annual investors' report for Burlington Northern Santa Fe Corporation for 2008. Some key points:
- For Q4 2008, BNSF reported earnings of $1.79 per diluted share, a 23% increase over Q4 2007. Freight revenues increased 3% to $4.25 billion.
- For full year 2008, BNSF achieved earnings of $6.08 per diluted share, a 19% increase over 2007. Operating revenues increased 14% to $18 billion.
- Operating expenses increased $1.8 billion for the full year, primarily due to a $1.3 billion increase in fuel expenses from higher fuel prices.
- BNSF
1) The document provides cautionary statements regarding Southern Company's forward-looking financial information for 2009, noting various factors that could cause actual results to differ from expectations.
2) It summarizes drivers of earnings growth between 2007 and 2008, and provides Southern Company's capital expenditure forecast and major projects for 2009-2011.
3) Southern Company aims for long-term average earnings per share growth of 6% annually and provides earnings per share guidance of $2.30 to $2.45 for 2009.
DTE Energy reported first quarter 2003 earnings of $155 million, or $0.92 per share, compared to $200 million, or $1.24 per share in the first quarter of 2002. Operating earnings, which exclude non-recurring items, were $178 million, or $1.06 per share, comparable to operating earnings of $181 million, or $1.12 per share in the same period of 2002. The company's non-regulated businesses showed strong earnings growth, led by synthetic fuels and energy trading, which partially offset cost pressures at the regulated utilities. DTE Energy maintained its 2003 operating earnings guidance of $3.75-3.95 per share after adjusting for the sale of its transmission business
The document is a notice and proxy statement for the 2008 Annual Meeting of Stockholders of YRC Worldwide Inc. to be held on May 15, 2008. Stockholders will vote on four matters: 1) electing directors, 2) approving an amendment to the Company's 2004 Long-Term Incentive and Equity Award Plan, 3) ratifying the appointment of KPMG LLP as the independent registered public accounting firm for 2008, and 4) any other business properly brought before the meeting. Stockholders as of March 18, 2008 are entitled to vote. The Board recommends voting for all proposals.
The document is the 2005 annual report and proxy statement from PHI (Pepco Holdings Inc.). It discusses PHI's strategy of focusing on stable power delivery and growing energy businesses. In 2005, PHI achieved earnings of $371.2 million and strengthened its balance sheet by paying down over $1 billion in debt. Rising energy prices present challenges for PHI and its customers. The proxy statement announces the annual meeting to elect directors and ratify the independent auditor.
This document is DTE Energy Company's consolidated statement of operations and balance sheet for the third quarter and first nine months of 2003 compared to the same periods in 2002. Some key highlights include:
- Operating revenues for the third quarter were flat while revenues for the first nine months increased 6% year-over-year.
- Operating expenses increased for both the third quarter and first nine months, driven mainly by higher fuel and purchased power costs.
- Net income for the third quarter increased 9% compared to 2002, while net income for the first nine months decreased 32% year-over-year.
- Total assets increased 4% from December 31, 2002 to September 30, 2003, with increases in several current asset
DTE Energy reported third quarter earnings of $4 million, down significantly from $93 million in the same period last year. Operating earnings, which exclude non-recurring items, were $5 million compared to $97 million last year. Earnings were impacted by timing-related accounting items from energy trading contracts and deferred synfuel revenue. Excluding these items, operating earnings would have been higher. DTE also lowered its full-year 2005 operating earnings guidance due to mark-to-market losses but expects improvement in 2006 as some timing items reverse. Underlying business performance was strong, with improved earnings at Detroit Edison and MichCon utilities.
The document discusses Joseph Rigby's presentation on the strategic positioning of Southeast Utilities. It summarizes the company's strategic focus on power delivery, Conectiv Energy, and Pepco Energy Services. It also outlines the goals for the power delivery business, including sales growth, infrastructure investment, operational excellence, and constructive regulatory outcomes to deliver average annual earnings growth of at least 4%. Key infrastructure projects are highlighted.
Pepco Holdings, Inc. held an analyst conference on October 5-6, 2004 to discuss the company's performance. The presentation included an overview of PHI's businesses, strategy, and corporate governance practices. It noted PHI has $7.1 billion in revenues and focuses on its regulated electric and gas delivery business, which accounts for 72% of operating income. The Power Delivery segment was discussed, which includes the transmission and distribution of electricity to 1.8 million customers across several mid-Atlantic states.
DTE Energy reported strong financial results for 2001. Operating earnings excluding merger and restructuring charges were $536 million compared to $484 million in 2000, an increase of 10.7%. However, including these charges, reported earnings were $332 million compared to $468 million in 2000, a decrease of 29.1%. Non-regulated energy businesses contributed $162 million in earnings, exceeding the target of $130 million. Looking ahead, DTE Energy expects its compound annual earnings growth rate to increase to between 6-8% by 2005 and provided earnings guidance of $3.70 to $4.00 per share for 2002.
DTE Energy reported first quarter earnings of $138 million compared to $117 million in the first quarter of 2000. Revenue from non-regulated businesses increased 251% to $817 million, contributing to increased earnings. The results were positively impacted by the suspension of the fuel clause and the company expects to complete its merger with MCN Energy in June, which is an important part of DTE Energy's growth strategy.
DTE Energy reported third quarter earnings of $0.96 per share, up from $0.51 per share in the third quarter of 2001, excluding merger and restructuring expenses. Year-to-date earnings increased 30% to $2.62 per share. The company's regulated utility operations performed well due to higher residential sales from increased cooling demand and lower fuel costs. Non-regulated businesses such as energy services also contributed significantly to earnings growth. Despite challenges in the industry, DTE Energy reaffirmed its 2002 earnings guidance of $3.75-$3.95 per share and 2003 guidance of $3.90-$4.10 per share, expecting continued cost controls to offset cost pressures.
DTE Energy reported 2000 earnings of $468 million, or $3.27 per share, compared to $483 million, or $3.33 per share in 1999. Earnings were impacted by one-time charges including a residential rate reduction and merger costs. Excluding these charges, earnings rose 6.3% to $3.54 per share. Non-regulated businesses contributed $84 million in earnings, a 22% increase driven by increased production and new projects. DTE Energy expects continued growth from its non-regulated portfolio.
DTE Energy reported second quarter earnings of $0.42 per share, down from $0.55 per share in the second quarter of 2001, excluding merger and restructuring expenses. For the first six months of 2002, earnings per share increased 8% compared to 2001. DTE Energy narrowed its full-year 2002 earnings guidance to $3.75-$3.95 per share and initiated 2003 guidance of $3.90-$4.10 per share. Solid performance from the electric utility and contributions from non-regulated businesses such as coal-based fuels helped achieve results despite uncertain impacts from weather and economic conditions.
DTE Energy reported 2002 earnings of $632 million or $3.83 per diluted share, up 10% from 2001 operating earnings. Earnings for the fourth quarter of 2002 were $203 million or $1.21 per diluted share, down from $1.43 per diluted share in the fourth quarter of 2001. The company reaffirmed its 2003 earnings guidance of $3.90 to $4.10 per share. Key drivers for the full year included higher earnings from energy resources and gas distribution, partially offset by lower earnings from energy distribution and higher interest and corporate expenses.
DTE Energy reported third quarter operating earnings of $84 million compared to $105 million in the third quarter of 2000. Reported earnings were $63 million including merger and restructuring charges. Despite a tough economy, DTE Energy achieved its third quarter earnings target and remains committed to its full year target of $3.50 per share. Lower industrial sales and legislatively mandated rate reductions impacted revenues, while cost reduction programs helped earnings. DTE Energy expects its non-regulated businesses to drive future growth.
DTE Energy reported third quarter operating earnings of $84 million compared to $105 million in the third quarter of 2000. While industrial sales declined due to the economic downturn, residential sales increased. The company remains committed to reaching its 2001 operating earnings goal of $3.50 per share. For 2002, guidance was adjusted slightly to $4 per share operating earnings due to continued economic uncertainty. Non-regulated businesses will continue to be the company's growth platform.
- DTE Energy Company and Subsidiary Companies provided a condensed consolidated statement of income and balance sheet for the third quarter of 2000 compared to the third quarter of 1999.
- Key highlights include operating revenues increased 7.4% to $1.547 billion driven by higher fuel and purchased power costs, while operating income decreased 38.8% to $172 million.
- Net income including one-time items decreased 35.2% to $104 million, while earnings per share decreased 38.8% to $0.73 per share compared to the prior year.
DTE Energy reported second quarter 2001 operating earnings of $70 million compared to $108 million in the second quarter of 2000. While earnings were impacted by Michigan's electric restructuring legislation, the company remains on track to reach its projected full year earnings of $3.50 to $3.60 per share. The acquisition of MCN Energy was completed during the quarter, and earnings are expected to benefit in the second half of the year from the addition of MCN's gas operations and projected cost synergies from the merger. Several non-regulated businesses performed well during the quarter and are also expected to contribute to meeting the company's full year earnings projection.
- In the second quarter of 2011, the company reported earnings per share from continuing operations of $0.79 compared to $0.58 in the second quarter of 2010. Revenue increased 18% year-over-year.
- Fleet Management Solutions saw a 46% increase in net before tax earnings due to better commercial rental performance, improved used vehicle results, and acquisitions. Supply Chain Solutions and Dedicated Contract Carriage also saw earnings growth.
- For the first half of 2011, earnings per share from continuing operations were $1.29 compared to $0.82 for the same period last year, with revenue up 17% year-over-year.
- Revenue increased 15% in the second quarter and earnings per share increased 15% to $1.13, driven by growth across all business segments.
- Fleet Management Solutions revenue grew 8% and earnings grew 7% due to improved lease and rental results in North America.
- Supply Chain Solutions revenue grew 34% and earnings more than doubled due to higher volumes and new business.
- Dedicated Contract Carriage revenue grew 7% and earnings grew 16% from expanded business.
- The company reported earnings per share of $1.13 for the second quarter of 2006, up 15% from the previous year, with operating revenue increasing 6%.
- All business segments saw revenue growth, with Supply Chain Solutions seeing the largest increase at 34% and Fleet Management Solutions revenue up 8%.
- The earnings outlook and capital expenditure expectations for the remainder of 2006 were positive with strong new lease sales expected.
progress energy 2Q 02earnings release Finalfinance25
Progress Energy reported second quarter 2002 earnings per share of $0.56, or $0.83 excluding non-operating items. This was in line with guidance. Key highlights included reaching long-term rate agreements in Florida and North Carolina that stabilize rates through 2005 and 2007 respectively. For 2002, the company expects ongoing earnings between $3.90-$4.00 per share, within previous guidance despite industrial slowdowns impacting some regions.
This document provides a summary of Integrys Energy Group's first quarter 2008 earnings conference call. Key points include:
- Income from continuing operations was $136.6 million compared to $117.2 million in the first quarter of 2007.
- Earnings drivers included higher earnings from the Peoples Gas/North Shore Gas acquisition, increased electric margins at Integrys Energy Services, and favorable weather impacts.
- Guidance for diluted EPS from continuing operations in 2008 was revised to a range of $3.37 to $3.82 per share.
- Capital expenditures through 2010 are forecasted to total $1.632 billion, focused on infrastructure projects at the utility companies.
DTE Energy Company reported financial results for the first quarter of 2000. Operating revenues increased 15.4% to $1.182 billion due to higher fuel and purchased power expenses. Net income rose 1.7% to $117 million. Earnings per share increased 2.6% to $0.81. Excluding merger costs, EPS rose 6.1% to $0.84. Detroit Edison, DTE Energy's regulated utility, saw revenues increase 4.1% but net income fell 7.2% due to higher fuel expenses. Non-regulated subsidiaries contributed significantly higher earnings from new projects and trading gains.
DTE Energy Company reported financial results for the first quarter of 2000. Operating revenues increased 15.4% to $1.182 billion due to a 48.9% rise in fuel and purchased power costs. Net income rose 1.7% to $117 million. Earnings per share increased 2.6% to $0.81, or $0.84 excluding merger costs. Detroit Edison, DTE Energy's regulated utility, saw operating revenues increase 4.1% but net income fell 7.2% due to higher fuel expenses. Non-regulated subsidiaries contributed significantly to earnings growth through new projects and trading gains.
DTE Energy Company reported financial results for the second quarter of 2000. Operating revenues increased 24.2% to $1.428 billion due to higher fuel and purchased power costs. Net income was $108 million, down slightly from $110 million in the previous year. Earnings per share were $0.76, unchanged from the prior year when excluding one-time items. For the six months ended June 30, 2000, operating revenues increased 20.1% to $2.610 billion while net income was $224 million, relatively unchanged from the previous year.
DTE Energy Company reported financial results for the second quarter of 2000. Operating revenues increased 24.2% to $1.428 billion due to higher fuel and purchased power costs. Net income was $108 million, down slightly from $110 million in the previous year. Earnings per share were $0.76, unchanged from the prior year when excluding one-time items. For the six months ended June 30, 2000, operating revenues increased 20.1% to $2.610 billion, while net income was $224 million, relatively unchanged from the previous year.
progress energy 1Q 02 earnings releaseFinal_allfinance25
Progress Energy reported first quarter earnings per share of $0.62, and $0.77 excluding one-time items. A rate settlement in Florida contributed $0.10 per share in retroactive revenue. Progress Energy reaffirmed its 2002 EPS guidance of $3.90 to $4.10. Several factors including mild weather, economic conditions, and debt issuance impacted the year-over-year EPS difference of $0.11.
The document summarizes a presentation given by Joseph M. Rigby, CFO of Pepco Holdings, Inc. (PHI) at an investor conference on March 28, 2006. The presentation outlines PHI's strategy to remain a regional diversified energy delivery and competitive services company focused on operational excellence. It discusses PHI's power delivery business, Conectiv Energy, and Pepco Energy Services. The presentation also provides financial performance summaries and projections showing PHI's ability to cover dividends and capital expenditures with cash from operations.
The document provides an overview and summary of PHI's strategy and performance across its various business segments. PHI aims to remain a regional diversified energy delivery and competitive services company focused on value creation and operational excellence. Key aspects include achieving constructive regulatory outcomes and 4% annual earnings growth for its power delivery utilities, optimizing assets and market opportunities for Conectiv Energy, and expanding Pepco Energy Services into additional markets. Financial performance has been positively impacted by infrastructure investments and sales growth, though earnings have been reduced in some jurisdictions due to higher standard offer service pricing.
This document provides an overview of PHI and its strategy for positioning itself for success in a dynamic industry. PHI's strategy is to remain a diversified regional energy delivery and competitive services company focused on value creation and operational excellence. For its power delivery utility operations, PHI's goals are to operate with excellence, achieve constructive regulatory outcomes, invest in infrastructure, and deliver at least 4% annual average earnings growth. PHI's service territory has a robust economy that is less susceptible to downturns and includes diverse government and private sectors.
This document provides an overview of PHI's 41st EEI Financial Conference held from November 5-8, 2006. It includes sections on PHI's financial performance for Q3 and year-to-date 2006, drivers of performance, sales and customer trends, regulated distribution summaries, upcoming regulatory activities including transmission formula rate filings and rate cases, and PHI's proposed MAPP transmission project. Key highlights are lower sales due to mild weather, lower transmission revenue, and plans to file rate cases in late 2006/early 2007.
This document provides an overview and summary of Power Holdings Inc.'s (PHI) various business segments. It discusses PHI's regulated electric and gas delivery business, which accounts for 67% of operating income. It also summarizes Conectiv Energy's competitive merchant generation and load service business, which accounts for 33% of operating income. Key highlights from rate cases and recent regulatory activities involving PHI's delivery businesses are also provided. The document contains forward-looking statements and non-GAAP financial measures.
The document provides an overview of Pepco Holdings Inc.'s (PHI) power delivery business and regulatory environment. It summarizes PHI's sales and customer growth projections, infrastructure investment strategy including the proposed Mid-Atlantic Power Pathway transmission project and Blueprint for the Future initiative. Recent distribution rate case outcomes for PHI's utilities are also summarized. The document is intended as a presentation for investors on PHI's positioned for success through its regulated electric and gas delivery business.
The document provides an overview of Pepco Holdings Inc.'s (PHI) various businesses including its regulated electric and gas delivery business, competitive energy generation business, and energy services business. It discusses PHI's infrastructure investment strategies, the status of major projects like the Mid-Atlantic Power Pathway, and the company's regulatory environment. Financial projections show expectations for continued investment and growth across PHI's businesses.
The document discusses Pepco Holdings' strategic focus on infrastructure investments and customer programs to position the company for continued success. It outlines plans to invest $1.2 billion in the Mid-Atlantic Power Pathway transmission project through 2014 and $646 million in advanced metering infrastructure and other programs through the company's Blueprint for the Future initiative between 2008-2014. Regulatory support is essential for cost recovery for these investments, which aim to enhance reliability, manage costs and protect the environment for customers.
This document provides an overview of Pepco Holdings' transmission and distribution business. It discusses plans to invest over $5 billion from 2007-2012 to upgrade aging infrastructure and improve reliability. A key project is the $1.05 billion Mid-Atlantic Power Pathway, a 230-mile 500kV transmission line from Northern Virginia to Southern New Jersey to be completed by 2013. The presentation outlines the project timeline, environmental stewardship efforts, and cost recovery approach through PJM and FERC. It also reviews the company's focus on replacing aging transmission equipment to further enhance reliability.
The document provides an overview of Pepco Holdings, Inc.'s (PHI) strategy to build shareholder value. PHI aims to increase investment in infrastructure through its Blueprint programs to modernize its electric grid. It also plans growth for its competitive energy businesses, Conectiv Energy and Pepco Energy Services. PHI expects its regulated Power Delivery business to remain the primary driver of earnings, contributing 60-70% of operating income over the planning period through infrastructure investments and favorable regulatory outcomes.
This document provides an overview of Pepco Holdings, Inc.'s power delivery business. It discusses planned infrastructure investments totaling $4.99 billion from 2008-2012 to improve reliability, support load growth, and implement new technology. A key project is the $1.05 billion Mid-Atlantic Power Pathway transmission line. The document also reviews regulatory highlights, including recent rate cases, and outlines operational and financial summaries for the company's distribution and transmission businesses.
- Pepco Holdings held its annual meeting and provided its annual report to shareholders.
- In 2002, Pepco Holdings earned $210.5 million in consolidated earnings, or $1.61 per share. Earnings were driven by strong performance from regulated utility businesses and some competitive energy businesses.
- The letter discusses the company's strategy, leadership, and financial and operational performance across its various business segments in 2002. It also encourages shareholders to vote and continue supporting the company.
- Pepco Holdings provided its first annual report after merging Pepco and Conectiv in August 2002.
- In 2002, PHI earned $210.5 million, or $1.61 per share, on $4.3 billion in revenue. Excluding merger costs, earnings were $1.74 per share.
- The letter discusses the company's regulated utility and competitive energy businesses, noting stable earnings from utilities and growth potential from competitive businesses. It encourages shareholders to vote and thanks them for their confidence and investment.
This document provides a summary of Pepco Holdings' 2004 annual report and proxy statement. Key points include:
1) Pepco Holdings reported improved financial performance in 2004 with consolidated earnings of $258.7 million, up from $113.5 million in 2003, driven by improved performance of competitive energy businesses.
2) The company made progress on reducing debt and preferred stock by $480 million in 2004 and achieved a total shareholder return of over 22% for 2003-2004.
3) The regulated power delivery business continues as the primary focus and driver of steady cash flow. Earnings from this segment improved to $233.4 million in 2004.
4) Competitive energy businesses also posted
The document provides details on Pepco Holdings' 2003 performance and future plans. It discusses challenges faced in 2003 including an energy trading loss, Mirant's bankruptcy, and Hurricane Isabel. However, actions taken in 2003 such as divesting non-core businesses and reducing risk are expected to set the stage for future earnings growth. The company remains focused on strengthening its core power delivery business and improving customer satisfaction.
The document provides details on Pepco Holdings' 2003 performance and future plans. It discusses challenges faced in 2003 including an energy trading loss, Mirant's bankruptcy, and Hurricane Isabel. However, actions taken in 2003 such as divesting non-core businesses and reducing risk are expected to set the stage for future earnings growth. The company remains focused on strengthening its core power delivery business and improving customer satisfaction.
This document provides a summary of Pepco Holdings' 2004 annual report and proxy statement. Key points include:
1) Pepco Holdings reported improved financial performance in 2004 with consolidated earnings of $258.7 million, up from $113.5 million in 2003, driven by improved performance of competitive energy businesses.
2) The company made progress on reducing debt and preferred stock by $480 million in 2004 as part of its balance sheet improvement goals.
3) The regulated power delivery business continues as the primary focus due to its stability and cash generation. Earnings from this segment grew to $233.4 million in 2004.
4) Competitive energy businesses also posted profits in 2004 despite challenging markets
The document is the 2005 annual report and proxy statement from PHI (Pepco Holdings Inc.). It discusses PHI's strategy of focusing on stable power delivery and growing energy businesses. In 2005, PHI achieved earnings of $371.2 million and strengthened its balance sheet by paying down over $1 billion in debt. Rising energy prices present challenges for PHI and its customers. The proxy statement announces the annual meeting to elect directors and ratify the independent auditor.
- Pepco Holdings, Inc. reported on its 2006 financial and operational performance in its annual report and proxy statement. It noted lower earnings compared to 2005 due to mild weather but continued growth in shareholder value.
- Key accomplishments in 2006 included implementing balanced rate mitigation plans, filing rate cases to cover increased delivery costs, proposing a major transmission line project, agreeing to sell remaining regulated generation assets, and achieving strong performance in wholesale energy and retail energy businesses.
- Looking ahead, the company plans to focus on growth through regulatory outcomes, infrastructure investments, environmental leadership programs, and improving wholesale energy market conditions.
- Pepco Holdings, Inc. reported on its 2006 financial and operational performance in its annual report and proxy statement. It noted lower earnings compared to 2005 due to mild weather but continued growth in shareholder value.
- Key accomplishments in 2006 included implementing balanced rate mitigation plans, filing rate cases to cover increased delivery costs, proposing a major transmission line project, agreeing to sell remaining regulated generation assets, and achieving strong performance in wholesale energy and retail energy businesses.
- Looking ahead, the company plans to focus on growth through regulatory outcomes, infrastructure investments, environmental leadership programs, and improving wholesale energy market conditions.
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
Budgeting as a Control Tool in Government Accounting in Nigeria
Being a Paper Presented at the Nigerian Maritime Administration and Safety Agency (NIMASA) Budget Office Staff at Sojourner Hotel, GRA, Ikeja Lagos on Saturday 8th June, 2024.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
KYC Compliance: A Cornerstone of Global Crypto Regulatory Frameworks
dte_020730q1
1. April 24, 2002
DTE ENERGY REPORTS STRONG FIRST QUARTER EARNINGS;
REAFFIRMS 2002 EARNINGS TARGET OF $3.70 - $4.00
DETROIT – DTE Energy Co. (NYSE: DTE) today announced 2002 first quarter
earnings of $200 million, or $1.24 per diluted share. This represents a 44 percent increase
in net income and a 27 percent increase in earnings per share from the $140 million, or
$0.98 per diluted share (excluding merger-related charges) from the first quarter of 2001.
“I am pleased to report such solid financial results despite the tough conditions that
the first quarter posed,” said Anthony F. Earley Jr., DTE Energy chairman and chief
executive officer. “The mild winter weather, slow economic recovery and two
catastrophic storms in our service territory proved challenging, but the diversity of our
earnings base – contributions from our non-regulated businesses, as well as our electric
and gas utilities – allowed us to achieve solid earnings this quarter.
“The addition of DTE Energy’s regulated gas distribution business this quarter
contributed $54 million to net income, despite one of the warmest winters on record. Our
non-regulated energy businesses added $50 million to net income, led by the addition of
our non-regulated gas operations, as well as the continued contributions from our coal-
based fuels business. These business lines continue to deliver consistent and solid
earnings growth for the company,” Earley said.
Compared with the first quarter of 2001, several factors impacted earnings:
• DTE Energy’s non-regulated businesses contributed higher earnings, led by increased
output within the coal-based fuels business, as well as the non-regulated gas business
which was not part of DTE Energy’s operations in the first quarter of last year.
Earnings from on-site energy projects and the structured marketing and trading
business also increased from the same period last year.
• The gas distribution utility, MichCon, was not a part of DTE Energy’s operations in
the first quarter last year, therefore its earnings contributions boosted the company’s
net income versus the same period last year. Significantly warmer-than-normal
weather this quarter softened MichCon’s planned contribution to earnings.
- more -
2. -2-
• Revenue was down at the electric utility, Detroit Edison, due to lower sales to
industrial and wholesale customers driven by the recession, as well as the
legislatively mandated rate reduction for commercial and industrial customers.
Residential sales, however, were up year over year. Fuel and purchased power costs
were lower than last year, due to favorable pricing conditions in the energy markets.
Restoration costs for two catastrophic storms increased operation and maintenance
expenses in the quarter, but these expenses were partially offset by reduced operating
costs elsewhere at the utility.
• As a result of the debt associated with DTE Energy’s acquisition of MCN Energy last
year, interest expense was higher year over year, and the average number of common
shares of stock outstanding increased from 142 million to 161 million.
Earley said that the first quarter results were in line with the company’s performance
goals for the year, and that the company is reaffirming its 2002 earnings target range of
$3.70 to $4.00 per share.
“This range takes into consideration a number of factors that could impact our
performance,” Earley continued. “These factors include the economic recession – while
the current economic indicators are generally positive, the strength of the recovery
remains to be seen. The second influencing factor is the weather - we’ve already faced
two catastrophic storms in the first quarter of this year that cost us $25 million. The third
factor is our Customer Choice Program -- this is the first full year that customers in
Michigan can choose their electric supplier. We currently anticipate a 5-8 percent
decrease in electric load this year as some of our customers opt to participate in the
program. The ultimate impact to DTE Energy will be dependent on the actual level of
customer participation throughout the year, as well as the mix of customers opting to
partake in the Customer Choice Program.”
David E. Meador, DTE Energy senior vice president and chief financial officer
added: “DTE Energy’s diversity of earnings around our core competencies are proving to
be a strength for our company. We are committed to delivering consistent and solid
earnings growth, which will be driven by our non-regulated businesses and stable
utilities. Although we still face many challenges for the balance of the year, I am
confident in our ability to achieve our earnings goals. This was a very good quarter for
DTE Energy. For 2002, we will continue to focus on our core business strengths,
including the DTE Operating System, maintaining a strong balance sheet, executing our
growth plans and achieving merger synergies.”
.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. This press release should also be read in conjunction with the forward-looking statements in DTE
Energy’s, MichCon’s and Detroit Edison’s form 10-K Item 1, and in conjunction with other SEC reports filed by DTE
Energy, MichCon and Detroit Edison. The statements contained in this press release are based upon DTE Energy's
current estimates, but actual results may differ materially.
3. DTE ENERGY COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENT OF INCOME (PRELIMINARY/UNAUDITED)
(Dollars in Millions, Expect Per Share Amounts)
3 Months - March
2001*
2002 Change
Operating Revenues $2,400 $1,842 30.3%
Operating Expenses
Fuel, gas & purchased power $1,224 $948 29.1%
Operation and maintenance 537 385 39.5%
Depreciation and amortization 194 184 5.4%
Taxes other than income 97 81 19.8%
Total Operating Expenses $2,052 $1,598 28.4%
Operating Income $348 $244 42.6%
Interest Expense and Other
Interest Expense $137 $91 50.5%
Other - net 9 (1) n/m
Total Interest Expense and Other $146 $90 62.2%
Income Before Income Taxes $202 $154 31.2%
Income Taxes 2 19 n/m
Cumulative Effect of Accounting Change, net of tax - 3 n/m
Net Income including merger related charges $200 $138 44.9%
Merger Related Charges - 2 n/m
Net Income excluding merger related charges $200 $140 43.6%
Earnings per Diluted Share $1.24 $0.98 26.5%
Average Common Shares Outstanding (Diluted) 161 142 13.5%
n/m - not meaningful
* Q1 2001 results do not include the MCN entities acquired by DTE Energy in The Condensed Consolidated Statement of Income
May 2001 (Unaudited) should be read in conjunction with the Notes
to Consolidated Financial Statements appearing in the
Annual Report to Shareholders, Form 10K, and 10Q.
3
4. Earnings per Share Summary
Q1 2002
(Preliminary/Unaudited)
$1.24
Earnings per Share
Energy Corporate($0.01)
Energy $0.75 $0.13 Energy $0.37
Distribution & Other
Resources Gas
Gas
Regulated Power Power
$0.44 $0.33
$0.11
Distribution
Distributio
Generation
n
Transmission $0.04
Energy DTE Energy Non Reg Holding
$0.17 ($0.02) $0.04 $0.01
Energy Gas
Services Technologies Company
Non Coal Energy Tech
$0.02 ($0.01)
Services Investments*
Regulated Biomass
$0.01 ($0.01)
Other
Energy
Energy
$0.11
* Includes $0.01 of Plug Power losses
Trading
5. DTE ENERGY COMPANY AND SUBSIDIARY COMPANIES
Earnings Variance Analysis (Preliminary/Unaudited)
1st Quarter
Per Share Impact
DTE Energy Q1 2001 EPS (excluding merger related costs) $0.98
Energy Resources
Revenue - decline in industrial & wholesale sales, 5% commercial & industrial rate cut ($0.44)
Fuel & Purchased Power - lower volumes and lower market prices 0.30
0.07
Depreciation & Other - primarily the impact of securitization
0.11
Non Regulated - coal-based fuels production, wholesale trading & marketing and coal tolling activity
Energy Resources Variance 0.04
Energy Distribution
($0.11)
O&M - primarily storm costs
0.05
International Transmission Company net income
(0.01)
Non Regulated - Energy Technologies
Energy Distribution Variance (0.07)
Energy Gas
Regulated Gas - not included in Q1 2001 results, tempered by mild heating season $0.38
0.04
Non Regulated Gas - not included in Q1 2001 results
Energy Gas Variance 0.42
Holding Company & Other - Primarily lower losses at Plug Power 0.05
(0.27)
EPS Share Dilution from MCN Merger shares issued
0.09
EPS Accretion from Share Repurchase from Securitization Proceeds
DTE Energy Q1 2002 EPS $1.24
5
6. Net Income Summary
(Preliminary/Unaudited)
Regulated Performance
(Net Income $M)
Q1 2002 Q1 2001 Change
Energy Resources $71.2 $76.2 ($5.0)
Energy Gas 53.7 - 53.7
Energy Distribution 24.6 36.8 (12.2)
(including Transmission)
Total Regulated $149.5 $113.0 $36.5
Non Regulated Performance
(Net Income $M)
Q1 2002 Q1 2001 Change
Energy Resources
Energy Services $27.8 $29.9 ($2.1)
Coal Services 2.6 3.1 (0.5)
Biomass Energy 1.3 1.4 (0.1)
Energy Trading 18.0 1.5 16.5
Energy Gas 6.3 - 6.3
Energy Distribution
Energy Technologies (3.3) (1.9) (1.4)
Other
Plug Power (2.1) (3.8) 1.7
Other (1.0) (2.9) 1.9
Total Non Regulated* $49.6 $27.2 $22.4
* Excludes Holding Company
6
7. DTE ENERGY COMPANY
CONDENSED CONSOLIDATED BALANCE SHEET (PRELIMINARY/UNAUDITED)
(Dollars in Millions)
Mar. 31 Dec. 31 Percent LIABILITIES AND Mar. 31 Dec. 31 Percent
ASSETS 2002 2001 Change SHAREHOLDERS' EQUITY 2002 2001 Change
Current Assets Current Liabilities
Cash and Cash Equivalents $73 $268 -72.8% Accounts Payable $616 $697 -11.6%
Restricted Cash 96 157 -38.9% Accrued Interest 122 118 3.4%
Accounts Receivable 1,416 1,352 4.7% Dividends Payable 87 84 3.6%
Inventories (at average cost) Accrued Payroll 82 108 -24.1%
Fuel and Gas 344 343 0.3% Short-term Borrowings 943 681 38.5%
Materials and Supplies 160 162 -1.2% Income Taxes - 54 n/m
Asset from Risk Mgmt & Trading Activities 483 400 20.8% Current Portion Long-term Debt 660 516 27.9%
Deferred Income Taxes 28 47 - Liab. From Risk Mgmt & Trading 568 425 33.6%
Other 182 97 87.6% Other 428 495 -13.5%
$2,782 $2,826 -1.6% $3,505 $3,178 10.3%
Other Liabilities
Investments Deferred Income Taxes $1,494 $1,478 1.1%
Nuclear Decommissioning Trust Funds $430 $417 3.1% Regulatory Liabilities 189 187 1.1%
Other 597 615 -2.9% Unamortized investment tax credit 178 180 -1.1%
$1,027 $1,032 -0.5% Liab. From Risk Mgmt & Trading 506 313 61.7%
Other 1,338 1,375 -2.7%
$3,705 $3,533 4.9%
Property
Property, Plant and Equipment $17,275 $17,067 1.2% Long-Term Debt $5,615 $5,892 -4.7%
Less: Acc. Depreciation & Amortization 7,668 7,524 1.9% Securitization Bonds $1,625 $1,673 -2.9%
$9,607 $9,543 0.7% Capital lease obligations $90 $89 1.1%
Preferred securities of subsidiaries $273 $274 -0.4%
Other Assets
Goodwill $2,028 $2,003 1.2% Shareholders' Equity
Common Stock
Regulatory Assets 1,252 1,204 4.0% $2,811 $2,811 0.0%
Securitized Regulatory Assets 1,675 1,692 -1.0% Retained Earnings 1,866 1,778 4.9%
Assets from risk management & trading 324 149 117.4% $4,677 $4,589 1.9%
Other 795 779 2.1%
$6,074 $5,827 4.2%
Total Liabilities and Shareholders' Equity
Total Assets $19,490 $19,228 1.4% $19,490 $19,228 1.4%
The Condensed Consolidated Balance Sheet (Unaudited) should be read in conjunction with the
Notes to Consolidated Financial Statements appearing in the Annual Report to Shareholders, Form 10K, and 10Q.
7
8. SALES ANALYSIS
March
Regulated Electric (MWh)
Year to Date - March Change
2001 2002 from 2001
Residential 3,670,652 3,719,587 1.3%
Commercial 4,502,561 4,341,614 -3.6%
Industrial 3,440,952 3,332,508 -3.2%
Other 674,293 654,809 -2.9%
Total System Sales 12,288,458 12,048,518 -2.0%
Choice Sales 165,000 318,000 92.7%
Total Sales* 12,453,458 12,366,518 -0.7%
Regulated Gas (MCF)
Year to Date - March Change
2001 2002 from 2001
Residential 63,755,833 58,148,090 -8.8%
Commercial 20,577,226 17,613,192 -14.4%
Industrial 672,685 585,770 -12.9%
Total Sales 85,005,744 76,347,052 -10.2%
Heating and Cooling Degree Day Data
Year to Date - March Change
2001 2002 from 2001
Heating Degree Days 3,097 2,812 -9.2%
Normal 3,322 3,322
% over (under) Normal -7% -15%
Cooling Degree Days 0 0 -
Normal 0 0
% over (under) Normal - -
* Excludes sales to the Dearborn Industrial Group (DIG)
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9. KEY TO COMPANY REPORTING METHODOLOGY
DTE Energy has shifted to business unit reporting for both internal and external purposes. This
method is more reflective of DTE Energy’s business operation. Overall this type of presentation
will provide more in depth and useful information to the financial community. In large part, the
change in segmentation is only a reclassification of the old components. The exception to this is
the electric utility, which is divided into three components: Energy Distribution – Regulated,
Energy Resources – Regulated and International Transmission Company.
The first schedule below shows the components of the current business breakdown. The second
schedule reconciles the current and the previous methodology.
Current Methodology
Energy Resources Energy Gas
Regulated Regulated
Detroit Edison Power Generation MichCon
Non-Regulated Citizens
Energy Services Southern Missouri Gas
Non-Regulated
Coal Services
Biomass Energy Pipeline & Processing
Wholesale Marketing & Trading Exploration & Production
Energy Distribution Corporate and Other
Regulated Holding Company
Non-Regulated
Detroit Edison LDC
International Transmission Company Energy Technology Investments
Non-Regulated including Plug Power
Energy Technologies
Previous Methodology
Detroit Edison MichCon
Regulated Energy Resources Regulated Energy Gas
Regulated Energy Distribution
International Transmission Company
Non-Regulated Holding Company
Non-Regulated Energy Resources
Non-Regulated Energy Distribution
Non-Regulated Gas
Non-Regulated Corporate and Other
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