dte_3q1999

DTE Energy reported financial results for the third quarter of 1999. Operating revenues increased 20.1% to $1.44 billion due to higher net system sales and a performance reserve from Fermi 2. However, operating expenses also increased 24.3% to $1.16 billion primarily because of higher fuel and purchased power costs. As a result, operating income rose modestly to $281 million. Net income increased 21.8% to $161 million compared to $132 million in 1998, contributing to a rise in earnings per share to $1.11 from $0.91 in the previous year. The financial results reflected growth in both the company's regulated and non-regulated operations.