DTE Energy reported lower second quarter earnings compared to the previous year, but operating earnings were higher. While the electric and gas utilities saw improved earnings, the non-utility businesses had lower earnings due to accounting deferrals and oil hedging losses. However, DTE Energy reaffirmed its full-year operating earnings guidance.
DTE Energy reported first quarter earnings of $149 million compared to $190 million in the first quarter of 2004. Operating earnings, which exclude non-recurring items, were $153 million compared to $152 million in the prior year. The company reconfirmed its 2005 earnings guidance range of $3.30 to $3.60 per share. Several business units saw lower earnings due to timing factors but the company expects to meet its annual targets.
DTE Energy reported earnings of $186 million for the first quarter of 2004, up from $155 million in the first quarter of 2003. Operating earnings, which exclude non-recurring items, were $151 million, comparable to the $178 million reported in the first quarter of 2003. Earnings were impacted by warmer weather and increased uncollectable accounts at the company's gas distribution business. The company expects to receive rate relief in 2004 that will help improve earnings performance for the year.
DTE Energy reported lower third quarter earnings compared to the previous year. Earnings were down due to a decline in operating earnings at Detroit Edison, impacted by mild weather and loss of customers to electric choice programs. While non-regulated businesses performed well, regulatory uncertainties at the utilities impacted overall results. Management expects resolutions to rate cases and improvements to electric choice programs to strengthen earnings in 2005.
DTE Energy raised its 2008 earnings guidance based on strong expected performance across several business segments. It reported first quarter 2008 operating earnings of $128 million, up from $112 million in the first quarter of 2007, driven by higher earnings at its energy trading business. Several business segments experienced improved results compared to the prior year quarter. The company also advocated for comprehensive energy reform legislation in Michigan to secure clean energy supplies and jobs.
DTE Energy announced its 2007 financial results. Reported earnings were $971 million or $5.70 per share, up from $433 million or $2.43 per share in 2006. This was largely driven by asset sales. Operating earnings, which exclude asset sales, were $2.82 per share, down slightly from $2.89 per share in 2006. For 2008, DTE Energy expects operating earnings between $2.70 to $3.10 per share and continues its focus on investments in its utility businesses.
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
DTE Energy reported third quarter earnings and revised its 2005 earnings guidance downwards due to timing-related accounting items from rising energy prices. Reported earnings were $4 million compared to $93 million in Q3 2004, while operating earnings excluding non-recurring items were $5 million compared to $97 million. Both the Detroit Edison electric utility and MichCon gas utility showed strong year-over-year improvements in operating earnings. However, earnings from power and fuel transportation were impacted by accounting deferrals from synfuel revenue and gas/power contracts that are expected to reverse in Q4 2005 and 2006. As a result, DTE lowered its 2005 operating earnings guidance to $3.10 to $3.30 per
DTE Energy reported strong third quarter 2006 earnings of $188 million compared to $4 million in third quarter 2005. Operating earnings, which exclude non-recurring items, were $255 million in third quarter 2006 compared to $5 million in third quarter 2005. All of DTE Energy's business segments experienced increased operating earnings except for Gas Utility which typically has a seasonal loss in the third quarter. DTE Energy tightened its full year 2006 operating earnings guidance excluding synthetic fuels to be between $2.42 to $2.53 per share.
DTE Energy reported first quarter earnings of $149 million compared to $190 million in the first quarter of 2004. Operating earnings, which exclude non-recurring items, were $153 million compared to $152 million in the prior year. The company reconfirmed its 2005 earnings guidance range of $3.30 to $3.60 per share. Several business units saw lower earnings due to timing factors but the company expects to meet its annual targets.
DTE Energy reported earnings of $186 million for the first quarter of 2004, up from $155 million in the first quarter of 2003. Operating earnings, which exclude non-recurring items, were $151 million, comparable to the $178 million reported in the first quarter of 2003. Earnings were impacted by warmer weather and increased uncollectable accounts at the company's gas distribution business. The company expects to receive rate relief in 2004 that will help improve earnings performance for the year.
DTE Energy reported lower third quarter earnings compared to the previous year. Earnings were down due to a decline in operating earnings at Detroit Edison, impacted by mild weather and loss of customers to electric choice programs. While non-regulated businesses performed well, regulatory uncertainties at the utilities impacted overall results. Management expects resolutions to rate cases and improvements to electric choice programs to strengthen earnings in 2005.
DTE Energy raised its 2008 earnings guidance based on strong expected performance across several business segments. It reported first quarter 2008 operating earnings of $128 million, up from $112 million in the first quarter of 2007, driven by higher earnings at its energy trading business. Several business segments experienced improved results compared to the prior year quarter. The company also advocated for comprehensive energy reform legislation in Michigan to secure clean energy supplies and jobs.
DTE Energy announced its 2007 financial results. Reported earnings were $971 million or $5.70 per share, up from $433 million or $2.43 per share in 2006. This was largely driven by asset sales. Operating earnings, which exclude asset sales, were $2.82 per share, down slightly from $2.89 per share in 2006. For 2008, DTE Energy expects operating earnings between $2.70 to $3.10 per share and continues its focus on investments in its utility businesses.
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
DTE Energy reported third quarter earnings and revised its 2005 earnings guidance downwards due to timing-related accounting items from rising energy prices. Reported earnings were $4 million compared to $93 million in Q3 2004, while operating earnings excluding non-recurring items were $5 million compared to $97 million. Both the Detroit Edison electric utility and MichCon gas utility showed strong year-over-year improvements in operating earnings. However, earnings from power and fuel transportation were impacted by accounting deferrals from synfuel revenue and gas/power contracts that are expected to reverse in Q4 2005 and 2006. As a result, DTE lowered its 2005 operating earnings guidance to $3.10 to $3.30 per
DTE Energy reported strong third quarter 2006 earnings of $188 million compared to $4 million in third quarter 2005. Operating earnings, which exclude non-recurring items, were $255 million in third quarter 2006 compared to $5 million in third quarter 2005. All of DTE Energy's business segments experienced increased operating earnings except for Gas Utility which typically has a seasonal loss in the third quarter. DTE Energy tightened its full year 2006 operating earnings guidance excluding synthetic fuels to be between $2.42 to $2.53 per share.
DTE Energy reported 2006 operating earnings of $593 million, or $3.33 per share, compared to 2005 operating earnings of $577 million, or $3.28 per share. Excluding synthetic fuels, 2006 operating earnings were $2.89 per share, above guidance. The company's electric utility had strong results due to higher rates and customers returning to service, while its gas utility saw lower earnings due to mild weather. DTE Energy reiterated 2007 operating earnings guidance, excluding synthetic fuels, of $2.60 to $2.80 per share and including synthetic fuels of $3.20 to $4.05 per share.
Southern Company reported its financial results for the fourth quarter and full year of 2008. For the full year, earnings were $1.74 billion compared to $1.73 billion in 2007. Kilowatt-hour sales to retail customers decreased 2.1% for the year. Revenues increased 11.6% for the full year to $17.13 billion due to higher retail rates and environmental cost recovery, but earnings were impacted by mild weather, a weak economy, and higher expenses. Looking ahead, economic challenges are expected to continue through 2009 but the long-term viability of the Southeast region remains strong.
DTE Energy reported third quarter net income of $176 million compared to $161 million in the previous year. Operating earnings for the third quarter were $114 million, comparable to the $120 million in 2002. For the first nine months, net income was $292 million compared to $429 million in 2002, while operating earnings were $362 million versus $387 million the prior year. The company faced challenges from a cool summer, storms, and the August 2003 blackout. Looking ahead, the company said regulatory actions and legislative changes are needed to address issues with Michigan's electric customer choice program.
DTE Energy announced its third quarter 2007 earnings. Operating earnings were $181 million compared to $255 million in third quarter 2006, primarily due to one-time gains in 2006 and startup costs for new systems in 2007. For the first nine months, operating earnings were $317 million compared to $377 million in 2006, mainly due to onetime costs at Detroit Edison including new system startup. The company expects to meet its annual operating earnings guidance and sees underlying business performing well despite some one-time items.
Atmos Energy Corporation reported earnings for the first quarter of fiscal year 2009. Net income was $76.0 million, up slightly from $73.8 million in the prior year. Regulated gas distribution operations contributed $57.8 million in net income, up 25% from the prior year. The company affirmed its fiscal year 2009 earnings guidance of $2.05 to $2.15 per share, excluding mark-to-market impacts. Capital expenditures for the year are expected to be $500-$515 million.
DTE Energy reported a loss for the second quarter of 2006 compared to earnings in the same period in 2005. Operating earnings excluding special items were nearly break-even, with higher earnings from the electric utility offset by losses in other segments due to oil hedging costs and falling natural gas prices. Despite the quarterly loss, DTE maintained its full-year 2006 earnings guidance. Capital investment continued across all business segments to improve operations and support growth.
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.
TXU reported strong financial results for the second quarter of 2003, with earnings from continuing operations exceeding market expectations. Earnings from continuing operations were $171 million, or $0.49 per share, compared to expectations of $0.35 per share. Total earnings, including discontinued operations, were $105 million or $0.31 per share. TXU reaffirmed its full year guidance for earnings from continuing operations of $2.00 to $2.10 per share.
- Starbucks Corporation is a leading retailer, roaster and brand of specialty coffee in the world. It operates company-owned retail stores globally and engages in specialty operations including licensing, foodservice and branded products.
- In fiscal year 2007, company-owned retail stores accounted for 85% of Starbucks' total net revenues. Starbucks opened 1,342 new company-owned stores during the year.
- Starbucks' specialty operations include licensing of retail stores in over 30 countries, grocery and foodservice business that accounted for 15% of total revenues in fiscal 2007.
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.
This annual report summarizes CenterPoint Energy's financial performance and operations in 2005. It highlights that revenues increased to $9.7 billion from $8 billion in 2004, while operating income decreased slightly to $939 million from $864 million. The report provides an overview of CenterPoint Energy's four business segments: electric transmission and distribution, natural gas distribution, pipelines and field services, and competitive natural gas sales and services. It also includes financial highlights, letters from the CEO and chairman, and descriptions of the company's leadership and investor information.
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.
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 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 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.
This document provides financial highlights and selected financial data for Starbucks Corporation from fiscal years 1995 to 1999. It shows that over this period, Starbucks' net revenues increased from $465 million in 1995 to $1.68 billion in 1999. Net earnings also increased substantially over this period, from $26 million in 1995 to $101.7 million in 1999. The number of Starbucks stores grew significantly over these years as well, from 677 total stores in 1995 to 2,498 total stores by 1999, as the company rapidly expanded its retail operations. Comparable store sales increased between 5-9% each year over this period.
DTE Energy reported first quarter earnings of $149 million compared to $190 million in the first quarter of 2004. Operating earnings, which exclude non-recurring items, were $153 million compared to $152 million in the prior year. The company reconfirmed its 2005 earnings guidance range of $3.30 to $3.60 per share. Several business units saw lower earnings due to timing factors but the company expects to meet its annual targets. Moody's upgraded its outlook for DTE Energy to stable due to expected improvement in financial performance over the next few years.
DTE Energy reported 2004 earnings of $431 million, down from 2003 earnings of $521 million. Operating earnings for 2004 were $427 million, down from $500 million in 2003. Earnings declined due to factors such as mild weather, lower retail customer sales, and higher expenses. However, the company completed several regulatory proceedings favorably and expects earnings to improve in 2005 with resolution of outstanding rate cases and continued non-utility business growth. DTE Energy reconfirmed its 2005 earnings guidance of $3.30 to $3.60 per share.
DTE Energy reported 2004 earnings of $431 million, down from 2003 earnings of $521 million. Operating earnings for 2004 were $427 million, down from $500 million in 2003. The company maintained its 2005 earnings guidance of $3.30 to $3.60 per share. Key factors impacting 2004 results included mild weather, lower utility sales from customer choice programs, and higher power plant and benefit costs. However, the company completed favorable rate cases and expects regulatory resolutions and non-utility growth to improve 2005 earnings.
DTE Energy reported earnings of $186 million for the first quarter of 2004, up from $155 million in the first quarter of 2003. Operating earnings, which exclude non-recurring items, were $151 million, comparable to the $178 million reported in the first quarter of 2003. Earnings were impacted by warmer weather and increased uncollectable accounts at the company's gas distribution business. The company expects to receive rate relief in 2004 that will help improve earnings performance for the year.
DTE Energy reported second quarter earnings of $35 million compared to a loss of $39 million in the second quarter of 2003. Operating earnings, which exclude non-recurring items, were $39 million in the second quarter of 2004 compared to $70 million in the same period of 2003. For the six months ended June 30, 2004, reported earnings were $225 million compared to $116 million in 2003. Operating earnings were negatively impacted by Michigan's Electric Choice program and increased pension and healthcare expenses at Detroit Edison and MichCon. DTE Energy expects higher earnings from its synfuels business and increased its 2004 earnings guidance for non-regulated businesses.
DTE Energy reported second quarter earnings of $35 million compared to a loss of $39 million in the second quarter of 2003. Operating earnings, which exclude non-recurring items, were $39 million in the second quarter of 2004 compared to $70 million in the same period of 2003. For the six months ended June 30, 2004, reported earnings were $225 million compared to $116 million in 2003. Operating earnings were negatively impacted by Michigan's Electric Choice program and increased pension and healthcare expenses at Detroit Edison and MichCon. However, non-regulated businesses performed well with increased earnings from coal and energy marketing.
DTE Energy reported 2006 operating earnings of $593 million, or $3.33 per share, compared to 2005 operating earnings of $577 million, or $3.28 per share. Excluding synthetic fuels, 2006 operating earnings were $2.89 per share, above guidance. The company's electric utility had strong results due to higher rates and customers returning to service, while its gas utility saw lower earnings due to mild weather. DTE Energy reiterated 2007 operating earnings guidance, excluding synthetic fuels, of $2.60 to $2.80 per share and including synthetic fuels of $3.20 to $4.05 per share.
Southern Company reported its financial results for the fourth quarter and full year of 2008. For the full year, earnings were $1.74 billion compared to $1.73 billion in 2007. Kilowatt-hour sales to retail customers decreased 2.1% for the year. Revenues increased 11.6% for the full year to $17.13 billion due to higher retail rates and environmental cost recovery, but earnings were impacted by mild weather, a weak economy, and higher expenses. Looking ahead, economic challenges are expected to continue through 2009 but the long-term viability of the Southeast region remains strong.
DTE Energy reported third quarter net income of $176 million compared to $161 million in the previous year. Operating earnings for the third quarter were $114 million, comparable to the $120 million in 2002. For the first nine months, net income was $292 million compared to $429 million in 2002, while operating earnings were $362 million versus $387 million the prior year. The company faced challenges from a cool summer, storms, and the August 2003 blackout. Looking ahead, the company said regulatory actions and legislative changes are needed to address issues with Michigan's electric customer choice program.
DTE Energy announced its third quarter 2007 earnings. Operating earnings were $181 million compared to $255 million in third quarter 2006, primarily due to one-time gains in 2006 and startup costs for new systems in 2007. For the first nine months, operating earnings were $317 million compared to $377 million in 2006, mainly due to onetime costs at Detroit Edison including new system startup. The company expects to meet its annual operating earnings guidance and sees underlying business performing well despite some one-time items.
Atmos Energy Corporation reported earnings for the first quarter of fiscal year 2009. Net income was $76.0 million, up slightly from $73.8 million in the prior year. Regulated gas distribution operations contributed $57.8 million in net income, up 25% from the prior year. The company affirmed its fiscal year 2009 earnings guidance of $2.05 to $2.15 per share, excluding mark-to-market impacts. Capital expenditures for the year are expected to be $500-$515 million.
DTE Energy reported a loss for the second quarter of 2006 compared to earnings in the same period in 2005. Operating earnings excluding special items were nearly break-even, with higher earnings from the electric utility offset by losses in other segments due to oil hedging costs and falling natural gas prices. Despite the quarterly loss, DTE maintained its full-year 2006 earnings guidance. Capital investment continued across all business segments to improve operations and support growth.
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.
TXU reported strong financial results for the second quarter of 2003, with earnings from continuing operations exceeding market expectations. Earnings from continuing operations were $171 million, or $0.49 per share, compared to expectations of $0.35 per share. Total earnings, including discontinued operations, were $105 million or $0.31 per share. TXU reaffirmed its full year guidance for earnings from continuing operations of $2.00 to $2.10 per share.
- Starbucks Corporation is a leading retailer, roaster and brand of specialty coffee in the world. It operates company-owned retail stores globally and engages in specialty operations including licensing, foodservice and branded products.
- In fiscal year 2007, company-owned retail stores accounted for 85% of Starbucks' total net revenues. Starbucks opened 1,342 new company-owned stores during the year.
- Starbucks' specialty operations include licensing of retail stores in over 30 countries, grocery and foodservice business that accounted for 15% of total revenues in fiscal 2007.
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.
This annual report summarizes CenterPoint Energy's financial performance and operations in 2005. It highlights that revenues increased to $9.7 billion from $8 billion in 2004, while operating income decreased slightly to $939 million from $864 million. The report provides an overview of CenterPoint Energy's four business segments: electric transmission and distribution, natural gas distribution, pipelines and field services, and competitive natural gas sales and services. It also includes financial highlights, letters from the CEO and chairman, and descriptions of the company's leadership and investor information.
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.
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 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 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.
This document provides financial highlights and selected financial data for Starbucks Corporation from fiscal years 1995 to 1999. It shows that over this period, Starbucks' net revenues increased from $465 million in 1995 to $1.68 billion in 1999. Net earnings also increased substantially over this period, from $26 million in 1995 to $101.7 million in 1999. The number of Starbucks stores grew significantly over these years as well, from 677 total stores in 1995 to 2,498 total stores by 1999, as the company rapidly expanded its retail operations. Comparable store sales increased between 5-9% each year over this period.
DTE Energy reported first quarter earnings of $149 million compared to $190 million in the first quarter of 2004. Operating earnings, which exclude non-recurring items, were $153 million compared to $152 million in the prior year. The company reconfirmed its 2005 earnings guidance range of $3.30 to $3.60 per share. Several business units saw lower earnings due to timing factors but the company expects to meet its annual targets. Moody's upgraded its outlook for DTE Energy to stable due to expected improvement in financial performance over the next few years.
DTE Energy reported 2004 earnings of $431 million, down from 2003 earnings of $521 million. Operating earnings for 2004 were $427 million, down from $500 million in 2003. Earnings declined due to factors such as mild weather, lower retail customer sales, and higher expenses. However, the company completed several regulatory proceedings favorably and expects earnings to improve in 2005 with resolution of outstanding rate cases and continued non-utility business growth. DTE Energy reconfirmed its 2005 earnings guidance of $3.30 to $3.60 per share.
DTE Energy reported 2004 earnings of $431 million, down from 2003 earnings of $521 million. Operating earnings for 2004 were $427 million, down from $500 million in 2003. The company maintained its 2005 earnings guidance of $3.30 to $3.60 per share. Key factors impacting 2004 results included mild weather, lower utility sales from customer choice programs, and higher power plant and benefit costs. However, the company completed favorable rate cases and expects regulatory resolutions and non-utility growth to improve 2005 earnings.
DTE Energy reported earnings of $186 million for the first quarter of 2004, up from $155 million in the first quarter of 2003. Operating earnings, which exclude non-recurring items, were $151 million, comparable to the $178 million reported in the first quarter of 2003. Earnings were impacted by warmer weather and increased uncollectable accounts at the company's gas distribution business. The company expects to receive rate relief in 2004 that will help improve earnings performance for the year.
DTE Energy reported second quarter earnings of $35 million compared to a loss of $39 million in the second quarter of 2003. Operating earnings, which exclude non-recurring items, were $39 million in the second quarter of 2004 compared to $70 million in the same period of 2003. For the six months ended June 30, 2004, reported earnings were $225 million compared to $116 million in 2003. Operating earnings were negatively impacted by Michigan's Electric Choice program and increased pension and healthcare expenses at Detroit Edison and MichCon. DTE Energy expects higher earnings from its synfuels business and increased its 2004 earnings guidance for non-regulated businesses.
DTE Energy reported second quarter earnings of $35 million compared to a loss of $39 million in the second quarter of 2003. Operating earnings, which exclude non-recurring items, were $39 million in the second quarter of 2004 compared to $70 million in the same period of 2003. For the six months ended June 30, 2004, reported earnings were $225 million compared to $116 million in 2003. Operating earnings were negatively impacted by Michigan's Electric Choice program and increased pension and healthcare expenses at Detroit Edison and MichCon. However, non-regulated businesses performed well with increased earnings from coal and energy marketing.
DTE Energy reported 2006 earnings of $433 million, down from $537 million in 2005, due to reduced synthetic fuel production and asset impairments. However, operating earnings were $593 million in 2006, up from $577 million in 2005, driven by better performance at Detroit Edison and Energy Trading. Cash flow from operations increased 50% to $1.5 billion in 2006. DTE Energy expects 2007 operating earnings, excluding synthetic fuel, to be $2.60-$2.80 per share and synthetic fuel to contribute $0.60-$1.25 per share.
DTE Energy reported first quarter 2003 earnings of $155 million compared to $200 million in the same period of 2002. Operating earnings, which exclude non-recurring items, were $178 million in the first quarter of 2003 compared to $181 million in the first quarter of 2002. The company's non-regulated businesses such as synthetic fuels production and energy trading saw stronger earnings compared to the prior year and helped offset higher costs at the company's regulated electric and gas utilities. DTE Energy affirmed its 2003 operating earnings guidance range of $3.75-$3.95 per share after adjusting for the sale of its transmission business.
DTE Energy reported a loss for the second quarter of 2006 compared to a profit in the same period in 2005. Operating earnings, which exclude non-recurring items, were down slightly from the prior year. The company maintained its full-year 2006 earnings guidance despite pressure from high oil prices impacting its synfuel operations. Capital investment projects across its utility and non-utility businesses remained on track.
DTE Energy reported strong third quarter 2006 earnings of $188 million compared to $4 million in third quarter 2005. Operating earnings, which exclude non-recurring items, were $255 million in third quarter 2006 compared to $5 million in third quarter 2005. All of DTE Energy's business segments experienced increased operating earnings except for Gas Utility which typically has a seasonal loss in the third quarter. DTE Energy tightened its full year 2006 operating earnings guidance excluding synthetic fuels to be between $2.42 to $2.53 per share.
DTE Energy reported lower third quarter earnings compared to the previous year. Earnings were $93 million compared to $176 million in 2003. Operating earnings were also down, at $69 million versus $114 million the year before. The decline was largely due to lower revenues at Detroit Edison from mild weather and customers switching to electric choice programs. However, DTE Energy expects regulatory proceedings to improve the financial outlook for its utility businesses and continued strong performance from non-regulated operations.
DTE Energy reported a 25% increase in earnings for 2005 compared to 2004, driven by operational and regulatory improvements at its electric and gas utilities Detroit Edison and MichCon. It expects continued strong earnings growth in 2006 across all of its business segments. Non-utility operations performed well in 2005 and are expected to contribute further to earnings growth in 2006. The company provided guidance of $3.60 to $3.90 per share in operating earnings for 2006, a significant increase over 2005.
DTE Energy reported a 25% increase in earnings for 2005 compared to 2004, driven by operational and regulatory improvements at its electric and gas utilities Detroit Edison and MichCon. It expects continued strong earnings growth in 2006 across all of its business segments. Non-utility operations performed well in 2005 and are expected to contribute further to earnings growth in 2006. The company provided guidance of $3.60 to $3.90 per share in operating earnings for 2006, a significant increase over 2005.
DTE Energy reported earnings for 2003 fell 18% from 2002, driven by weak results at its utility subsidiaries, Detroit Edison and MichCon. Earnings at Detroit Edison dropped 31% due to impacts of Michigan's Electric Choice program, as well as higher costs and mild weather. MichCon saw a 26% rise in operating expenses. The CEO noted regulatory issues need resolution and Electric Choice program flaws addressed for financial health of the utilities. Non-regulated operations increased earnings 7% and continued stable growth, but regulated businesses face financial pressure until regulatory issues are resolved.
DTE Energy reported earnings of $521 million for 2003, down 18% from 2002, driven by weak results at its utility subsidiaries Detroit Edison and MichCon. Detroit Edison's earnings dropped 31% to $246 million due to impacts of Michigan's electric choice program, higher costs such as pensions and healthcare, and storms. MichCon saw a 26% rise in operating costs. The CEO said they need rate relief from the MPSC and changes to the electric choice program to make it fair to customers and utilities.
DTE Energy announced its 2007 financial results. Reported earnings were $971 million or $5.70 per share, up from $433 million or $2.43 per share in 2006. This was largely driven by asset sales. Operating earnings excluding special items were $2.82 per share, down slightly from $2.89 per share in 2006. DTE Energy expects over 80% of its earnings to come from its utility businesses going forward and provided 2008 operating earnings guidance of $2.70 to $3.10 per share.
DTE Energy reported third quarter net income of $176 million compared to $161 million in the previous year. Operating earnings for the third quarter were $114 million, comparable to the $120 million in 2002. Year-to-date operating earnings were $362 million compared to $387 million in 2002. The company experienced challenges from a cool summer, windstorm, and blackout, as well as ongoing issues with electric customer choice programs and increased costs. Looking ahead, the company said regulatory and legislative actions are needed to address issues in Michigan's electric customer choice program.
DTE Energy raised its 2008 earnings guidance due to strong expected performance across several business segments. It reported first quarter 2008 earnings of $212 million compared to $134 million in first quarter 2007. Operating earnings for first quarter 2008 were $128 million compared to $112 million in first quarter 2007, driven by higher earnings from energy trading. Several business segments experienced improved earnings compared to first quarter 2007. DTE Energy also saw higher cash flows from operations compared to first quarter 2007.
Progress Energy announces its 2007 second-quarter results. It reported a GAAP loss of $0.75 per share compared to a loss of $0.19 per share for the same period last year, due to losses from exiting its merchant energy segment. However, its core ongoing earnings were $0.59 per share compared to $0.47 per share last year, due to lower interest expense and income taxes. It reaffirmed its 2007 core ongoing earnings guidance of $2.70 to $2.90 per share. Its core businesses of electric utilities continued to perform well in the second quarter.
Progress Energy reported first quarter 2005 results, with ongoing earnings of $0.52 per share and GAAP earnings of $0.38 per share. Core ongoing earnings, which exclude synthetic fuels, were $0.53 per share, up from $0.45 per share in the prior year. Approximately 1,450 employees elected to retire under a voluntary enhanced retirement program. Progress Energy reaffirmed its 2005 ongoing earnings guidance of $2.90 to $3.20 per share.
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.
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.
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.
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OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
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Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
1. July 28, 2005
DTE ENERGY REPORTS S ECOND QUARTER EARNINGS ;
REAFFIRMS 2005 EARNINGS GUIDANCE
DETROIT – DTE Energy (NYSE:DTE) today reported 2005 second quarter earnings of
$29 million, or $0.17 per diluted share, compared with reported earnings of $35 million, or $0.20
per diluted share, in the second quarter of 2004.
Operating earnings, which exclude non-recurring items and discontinued operations, for the
2005 second quarter were $37 million, or $0.21 per diluted share, compared with 2004 second
quarter operating earnings of $52 million, or $0.30 per diluted share.
Reported earnings for the six months ended June 30, 2005, were $151 million, or $0.87 per
diluted share versus $225 million or $1.31 per diluted share in 2004. Year-to-date operating
earnings were $198 million, or $1.14 per diluted share, compared with $186 million, or $1.08 per
diluted share in 2004. Reconciliations of reported to operating earnings for both the quarter ended
and six months ended June 30, 2005 and 2004 are at the end of this news release.
“The operating earnings of our two utilities, Detroit Edison and M ichCon, have improved
considerably since the second quarter of last year,” said Anthony F. Earley Jr., DTE Energy
chairman and CEO. “With the implementation of new base rates at both companies, as well as our
continued focus on operational excellence, these businesses are well positioned to achieve higher
levels of profitability than we have seen in several years.
“The underlying earnings power of our non-utility businesses remains strong as well,”
Earley continued. “The second quarter operating results of these businesses were negatively
impacted by a timing item that shifts synfuel earnings recognition to later in the year, as well as a
mark-to-market loss that will reverse later this year or early next year. On a normalized basis,
looking at the underlying earnings power, our non-utility businesses show year-over-year
improvement.”
In the second quarter of 2005, DTE Energy changed how it reports financial results.
Previously, Detroit Edison was reported in two segments, regulated energy resources and regulated
energy distribution. Since it appears that M ichigan’s electric utilities will remain fully regulated
for the foreseeable future, Detroit Edison will now be reported as one segment.
The non-utility operations are now grouped into three segments, which represent the three
areas of scale and future growth. Beginning with the second quarter of 2005, the company is
reporting its segment information based on the following realignment:
• Electric Utility, consisting of Detroit Edison;
• Gas Utility, primarily consisting of M ichCon;
• Non-utility Operations
• Power and Industrial Projects, primarily consisting of synfuel projects, on-site energy
services, steel-related projects, power generation with services, and waste coal recovery
operations;
• Unconventional Gas Production, primarily consisting of gas production operations;
• Fuel Transportation and M arketing, primarily consisting of coal transportation and
marketing, gas pipelines and storage, and energy marketing and trading operations; and
2. • Corporate & Other, primarily consisting of corporate support functions and certain energy
technology investments.
Operating earnings results for the second quarter of 2005, by business unit, were as
follows:
• Electric Utility operating earnings were $0.26 per diluted share versus $0.06 per diluted share
in second quarter 2004. The increase in earnings was primarily due to rate increases as a result
of the M ichigan Public Service Commission’s final rate order issued in November 2004,
stronger sales due to warmer weather and the realignment of merger interest to the holding
company. Partially offsetting these improvements were increased depreciation and
amortization expenses resulting from recording fewer regulatory assets in the second quarter of
2005.
• Gas Utility had an operating loss of $0.01 per diluted share versus a loss of $0.16 per diluted
share in second quarter 2004. Key drivers of the year-over-year improvement were rate
increases as a result of the M PSC final rate order issued in April, the realignment of merger
interest to the holding company, lower depreciation expense and operating costs.
• Non-Utility
– Power and Industrial Projects had operating earnings of $0.12 per diluted share
versus $0.31 per diluted share in second quarter 2004. Performance for the quarter was
negatively affected by $0.26 per diluted share due to accounting deferrals of a portion
of the gains received from the sale of interests in the company’s synfuel facilities. As a
means to partially mitigate the risk of tax credit devaluation and protect synfuel cash
flow, the company entered into oil price derivatives, which are marked to market until
the contracts settle later in 2005. Given the continued high oil prices in the second
quarter of 2005, the company recognized mark-to-market losses of $0.10 per share. In
the absence of synfuel revenue deferral and mark-to-market oil price derivative losses,
Power and Industrial Projects operating earnings would have been $0.36 per share
higher in second quarter of 2005 than in second quarter 2004, primarily due to higher
synfuel production and higher market prices for coke that the company produces at its
three coke battery plants.
– Unconventional Gas Production operating earnings declined $0.01 per diluted share,
due to lower production volumes and higher operating expenses.
– Fuel Transportation and Marketing operating earnings improved by $0.01 per
diluted share versus the same period in 2004, driven by increased business volume at
the company’s trading and marketing and coal services operations.
• Corporate & Other operating losses were $0.16 per diluted share, versus operating earnings
of $0.09 per diluted share in the second quarter last year. The change was primarily due to the
realignment of merger interest to the holding company and gains from the sale of Plug Power
stock sold in the second quarter of 2004.
Use of Operating Earnings Information – DTE Energy management believes that operating
earnings provide a more meaningful representation of the company’s earnings from ongoing
operations and uses operating earnings as the primary performance measurement for external
communications with analysts and investors. Internally, DTE Energy uses operating earnings to
measure performance against budget and to report to the Board of Directors.
3. 2005 Outlook
DTE Energy reaffirmed its 2005 operating earnings guidance of $3.30 to $3.60 per diluted
share.
“Based on our year to date performance, we are maintaining our operating earnings
guidance,” said David E. M eador, DTE Energy executive vice president and chief financial officer.
“While there are positive trends in both utilities due to recent rate cases, Detroit Edison is still
partially exposed to fuel and purchased power until the residential rate caps expire in January
2006. In addition, the accounting for non-utility gas storage, which is economically hedged, can
create quarterly mark-to-market moves.”
This earnings announcement, as well as a package of detailed financial information, is
available on the company’s website at www.dteenergy.com/investors.
DTE Energy will conduct a meeting with the investment community at 8:30 a.m. EDT
Friday, July 29, to discuss second quarter 2005 earnings results and to provide a general business
update. Investors, the news media and the public may listen to a live internet broadcast of the
meeting at www.dteenergy.com/investors. The live telephone dial in number is (888) 889-3918.
The passcode is 14154 – Anthony Earley. The internet broadcast will be archived on the
company’s website.
DTE Energy is a Detroit-based diversified energy company involved in the development
and management of energy-related businesses and services nationwide. DTE Energy's largest
operating subsidiaries are Detroit Edison, an electric utility serving 2.1 million customers in
Southeastern M ichigan, and M ichCon, a natural gas utility serving 1.2 million customers in
M ichigan. Information about DTE Energy is available at www.dteenergy.com.
The information contained herein is as of the date of this press release. DTE Energy expressly disclaims any
current intention to update any forward-looking statements contained in this press release as a result of new
inform ation or future events or developments. Words such as “ anticipate,” “ believe,” “ expect,” “ projected” and
“goals” signify forward-looking statements. Forward-looking statements are not guarantees of future results and
conditions but rather are subject to various assumptions, risks and uncertainties. This press release contains forward-
looking statements about DTE Energy’s financial results and estimates of future prospects, and actual results may
differ materi ally. Factors that may impact forward-looking statements include, but are not limited to: the effects of
weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; economic
climate and growth or decline in the geographic areas where we do business; environmental issues, laws and
regulations, and the cost of remediation and compliance associated therewith; nuclear regulations and operations
associated with nuclear facilities; the higher price of oil and its impact on the value of Section 29 tax credits, and the
ability to utilize and/or sell interests in facilities producing such credits; implementation of electri c and gas Customer
Choice programs; impact of electric and gas utility restructuring in Michigan, including legislative amendments;
employee relations and the impact of collective bargaining agreements; unplanned outages; access to capital markets
and capital market conditions and the results of other financing efforts which can be affected by credit agency ratings;
the timing and extent of changes in interest rates; the level of borrowings; changes in the cost of coal and the
availability of coal and other raw materials, purchased power and natural gas; effects of competition; impact of
regulation by FERC, MPSC, NRC and other applicable governmental proceedings and regulations; contributions to
earnings by non-utility businesses; changes in federal, state and local tax laws and their interpretations, including the
Internal Revenue Code, regulations, rulings, court proceedings and audits; the ability to recover costs through rate
increas es; the availability, cost, coverage and terms of insurance; the cost of protecting assets against, or damage due
to, terrorism; changes in accounting standards and financial reporting regulations; changes in federal or state laws and
their interpretation with respect to regulation, energy policy and other business issues; and changes in the economic
and financial viability of our suppliers, customers and trading counterparties, and the continued ability of such parties
to perform their obligations to the company. This press release should also be read in conjunction with the “Forward-
Looking Statements” section in each of DTE Energy’s, MichCon’s and Detroit Edison’s 2004 Form 10-K (which
sections are incorporated herein by reference), and in conjunction with other SEC reports filed by DTE Energy,
MichCon and Detroit Edison.
4. - 30 -
M embers of the M edia – For Further Information:
Lorie N. Kessler Scott Simons
(313) 235-8807 (313) 235-8808
Analysts – For Further Information:
Investor Relations
(313) 235-8030
5. DTE ENERGY CO MPANY
CO NSO LIDATED STATEMENT O F OPERATIO NS (UNAUDITED)
Three Months Ended Six Months Ended
June 30 June 30
(in Millions, Except per Share Amounts) 2005 2004 2005 2004
Operating Revenues................................................... $ 1,945 $ 1,501 $ 4,260 $ 3,594
Operating Expenses
Fuel, purchased power and gas ..................................... 638 377 1,607 1,118
Operation and maintenance.......................................... 936 851 1,840 1,633
Depreciation, depletion and amortization........................ 216 179 424 346
Taxes other than income ............................................. 89 60 180 145
Gains on sale of assets, net (1)...................................... (19 ) (61 ) (95) (111)
1,860 1,406 3,956 3,131
Operating Income....................................................... 85 95 304 463
Other (Income) and Deductions
Interest expense......................................................... 129 129 257 260
Interest income.......................................................... (13 ) (17 ) (27) (27)
Other income ........................................................... (11 ) (33 ) (23) (43)
Other expenses.......................................................... 15 14 26 29
120 93 233 219
Income (Loss) Before Income Taxes and Minority
Interest...................................................................... (35 ) 2 71 244
Income Tax Provision ................................................. 3 18 40 93
Minority Interest (2) ................................................... (68 ) (51 ) (121) (81)
Income from Continuing Operations............................. 30 35 152 232
Loss from Discontinued Operations,
net of tax.................................................................. (1 ) - (1 ) (7 )
Net Income ................................................................ $ 29 $ 35 $ 151 $ 225
Basic Earnings per Common Share
Income from continuing operations ............................... $ .17 $ .20 $ .87 $ 1.35
Discontinued operations.............................................. - - - (.04)
Total ..................................................................... $ .17 $ .20 $ .87 $ 1.31
Diluted Earnings per Common Share
Income from continuing operations ............................... $ .17 $ .20 $ .87 $ 1.35
Discontinued operations.............................................. - - - (.04)
Total ..................................................................... $ .17 $ .20 $ .87 $ 1.31
Average Common Shares
Basic....................................................................... 174 173 174 172
Diluted.................................................................... 175 174 175 172
Dividends Declared per Common Share........................ $ .515 $ .515 $ 1.03 $ 1.03
(1) Primarily represents gains on the sale of interests in sy nfuel projects.
(2) Primarily represents our partners’ share of sy nfuel project losses.
6. DTE ENERGY COMPANY
SEGMENT NET INCOME (UNAUDITED)
Three Months Ended June 30
2005 2004
Reported Operating Reported Operating
(in Millions) Earnings Adjustments Earnings Earnings Adjustments Earnings
Electric Utility ............................................. $ 43 $ 3A $ 46 $ 8 $ 2A $ 10
G as Utility ..................................................... (51 ) 2A (2 ) (38 ) 1A (28 )
4B 9D
43 D
Non-utility Operations
P ower and Industrial P rojects................... 31 (11 )C 20 53 - 53
Unconventional Gas P roduction............... - - 2 - 2
Fuel Transportation and Marketing......... - - (1 ) - (1 )
31 (11 ) 20 54 - 54
Corporate and Other.................................. 7 (34 ) D (27 ) 11 5D 16
Income f rom Continuing Operations 30 7 37 35 17 52
Discontinued Operations .......................... (1 ) (2 )E - - - -
3F
Net Income..................................................... $ 29 $ 8 $ 37 $ 35 $ 17 $ 52
ADJUSTMENTS KEY
A) DTE2 project costs .................................................... Incremental non-recurring DTE2 project costs
B) April 2005 MPSC gas orders...................................... Impact of disallowances of 2002 gas costs and certain computer sy stems and equipment costs
C) 2006 oil price option................................................... Mark to market adjustment on 2006 oil price option
D) Effective tax rate normalization ................................. Quarterly adjustment to normalize effective tax rate. Annual results not impacted
E) Gain on sale of Southern Missouri............................. Gain from the sale of Southern Missouri Gas Company
F) Gain on sale of ITC.................................................... A related adjustment from the sale of International Transmission Company
7. DTE ENERGY COMPANY
SEGMENT DILUTED EARNINGS PER SHARE (UNAUDITED)
Three Months Ended June 30
2005 2004
Reported Operating Reported Operating
(in Millions) Earnings Adjustments Earnings Earnings Adjustments Earnings
Electric Utility ................................................ $ 0.24 $ 0.02 A $ 0.26 $ 0.05 $ 0.01 A $ 0.06
G as Utility ..................................................... (.29 ) 0.01 A (0.01 ) (0.22 ) 0.01 A (0.16 )
0.02 B 0.05 D
0.25 D
Non-utility Operations
P ower and Industrial P rojects................... 0.18 (0.06 )C 0.12 0.31 - 0.31
Unconventional Gas P roduction............... - - - 0.01 - 0.01
Fuel Transportation and Marketing......... - - - (0.01 ) - (0.01 )
0.18 (0.06 ) 0.12 0.31 - 0.31
Corporate and Other.................................. 0.04 (0.20 )D (0.16 ) 0.06 0.03 D 0.09
Income f rom Continuing Operations 0.17 0.04 0.21 0.20 0.10 0.30
Discontinued Operations........................... - (0.01 )E - - - -
0.01 F
Net Income..................................................... $ 0.17 $ 0.04 $ 0.21 $ 0.20 $ 0.10 $ 0.30
ADJUSTMENTS KEY
A) DTE2 project costs .................................................... Incremental non-recurring DTE2 project costs
B) April 2005 MPSC gas orders...................................... Impact of disallowances of 2002 gas costs and certain computer sy stems and equipment costs
C) 2006 oil price option................................................... Mark to market adjustment on 2006 oil price option
D) Effective tax rate normalization ................................. Quarterly adjustment to normalize effective tax rate. Annual results not impacted
E) Gain on sale of Southern Missouri............................. Gain from the sale of Southern Missouri Gas Company
F) Gain on sale of ITC.................................................... A related adjustment from the sale of International Transmission Company
8. DTE ENERGY COMPANY
SEGMENT NET INCOME (UNAUDITED)
Six Months Ended June 30
2005 2004
Reported Operating Reported Operating
(in Millions) Earnings Adjustments Earnings Earnings Adjustments Earnings
Electric Utility .............................................. $ 98 $ 5A $ 103 $ 52 $ 4A $ 48
(1 )D
(7 )G
G as Utility ..................................................... (38 ) 2A 56 33 3A 29
41 B (7 )D
51 D
Non-utility Operations
P ower and Industrial P rojects.................... 99 (13 )C 86 89 - 89
Unconventional Gas P roduction............... 1 - 1 3 - 3
Fuel Transportation and Marketing.......... (10 ) - (10 ) 59 (48 ) H 11
90 (13 ) 77 151 (48 ) 103
Corporate and Other.................................. 2 (40 )D (38 ) (4 ) 10 D 6
Income f rom Continuing Operations 152 46 198 232 (46 ) 186
Discontinued Operations .......................... (1 ) (2 )E - (7 ) 7E -
3F
Net Income..................................................... $ 151 $ 47 $ 198 $ 225 $ (39 ) $ 186
ADJUSTMENTS KEY
A) DTE2 project costs .................................................... Incremental non-recurring DTE2 project costs
B) April 2005 MPSC gas orders...................................... Impact of disallowances of 2002 gas costs and certain computer sy stems and equipment costs
C) 2006 oil price option................................................... Mark to market adjustment on 2006 oil price option
D) Effective tax rate normalization ................................. Quarterly adjustment to normalize effective tax rate. Annual results not impacted
E) Gain on sale of Southern Missouri............................. Gain from the sale of Southern Missouri Gas Company
F) Gain on sale of ITC.................................................... A related adjustment from the sale of International Transmission Company
G) Stranded cost adjustment............................................ Stranded costs adjustment made pursuant to November 2004 MPSC order
H) Adjustment for contract termination / modification... Terminated a long-term gas exchange agreement and modified a related transportation
agreement with a pipeline company
9. DTE ENERGY COMPANY
SEGMENT DILUTED EARNINGS PER SHARE (UNAUDITED)
Six Months Ended June 30
2005 2004
Reported Operating Reported Operating
(in Millions) Earnings Adjustments Earnings Earnings Adjustments Earnings
Electric Utility ............................................. $ 0.56 $ 0.03 A $ 0.59 $ 0.30 $ 0.02 A $ 0.27
(0.01 )D
(0.04 )G
G as Utility ..................................................... (0.22 ) 0.02 A 0.33 0.19 0.02 A 0.17
0.24 B (0.04 )D
0.29 D
Non-utility Operations
P ower and Industrial P rojects................... 0.57 (0.08 )C 0.49 0.51 - 0.51
Unconventional Gas P roduction............... 0.01 - 0.01 0.02 - 0.02
Fuel Transportation and Marketing......... (0.06 ) - (0.06 ) 0.35 (0.28 ) H 0.07
0.52 (0.08 ) 0.44 0.88 (0.28 ) 0.60
Corporate and Other.................................. 0.01 (0.23 )D (0.22 ) (0.02) 0.06 D 0.04
Income f rom Continuing Operations 0.87 0.27 1.14 1.35 (0.27 ) 1.08
Discontinued Operations .......................... - (0.01 )E - (0.04 ) 0.04 E -
0.01 F
Net Income..................................................... $ 0.87 $ 0.27 $ 1.14 $ 1.31 $ (0.23 ) $ 1.08
ADJUSTMENTS KEY
A) DTE2 project costs .................................................... Incremental non-recurring DTE2 project costs
B) April 2005 MPSC gas orders...................................... Impact of disallowances of 2002 gas costs and certain computer sy stems and equipment costs
C) 2006 oil price option................................................... Mark to market adjustment on 2006 oil price option
D) Effective tax rate normalization ................................. Quarterly adjustment to normalize effective tax rate. Annual results not impacted
E) Gain on sale of Southern Missouri............................. Gain from the sale of Southern Missouri Gas Company
F) Gain on sale of ITC.................................................... A related adjustment from the sale of International Transmission Company
G) Stranded cost adjustment............................................ Stranded costs adjustment made pursuant to November 2004 MPSC order
H) Adjustment for contract termination / modification... Terminated a long-term gas exchange agreement and modified a related transportation
agreement with a pipeline company