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 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 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 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 $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 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.
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 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 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 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 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 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 $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 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.
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 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 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
energy future holindings TXU_Q3_2003_Earnings_Packfinance29
TXU reported improved financial results for the third quarter and first nine months of 2003 compared to the same periods in 2002. Third quarter earnings from continuing operations increased 15% to $368 million, or $1.01 per share, due to higher contribution margins and lower costs across all business segments. For the first nine months, earnings from continuing operations were $650 million, or $1.82 per share. TXU expects full-year 2003 earnings from continuing operations to be around $2.00 per share.
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.
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.
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.
energy future holindings TXU_Q4_2003_Earnings_Packfinance29
TXU reported strong financial results for 2003, delivering earnings of $715 million compared to $160 million in 2002. Net income for 2003 was $560 million compared to a net loss of $4.232 billion in 2002. For the fourth quarter of 2003, earnings were $66 million compared to a loss of $547 million in the same period of 2002. All business segments contributed increased earnings, with the Energy segment delivering $493 million for the full year compared to $319 million in 2002. Management expects to deliver 2004 earnings of $2.15 per share.
Progress Energy reported its fourth quarter and full year 2003 financial results. For 2003, ongoing earnings were $3.56 per share and GAAP earnings were $3.30 per share. For Q4 2003, ongoing earnings were $0.82 per share and GAAP earnings were $0.42 per share. Progress Energy set its 2004 ongoing earnings guidance range at $3.50 to $3.65 per share. Significant events in 2003 included strong performance of the company's nuclear power plants, new franchise agreements in Florida, and receiving an emergency response award for its response to the 2002 ice storm.
Duke Energy reported second quarter 2005 earnings per share of $0.33, down from $0.46 in the second quarter of 2004. Mild weather led to lower sales for the Franchised Electric and DENA segments. Field Services and International posted strong results. Despite weather impacts, Duke Energy expects to meet its 2005 EPS target of $1.60 per share due to anticipated stronger performance in the second half of the year.
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 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 results were driven by higher earnings from non-regulated businesses and the addition of DTE Energy's gas distribution business. Despite challenges like a mild winter and slow economic recovery, the company reaffirmed its full-year earnings target of $3.70 to $4.00 per share due to the diversity of its businesses.
- Yellow Transportation reported a 14.2% increase in total revenue for Q4 2004 compared to Q3 2003, driven by increases in both LTL and TL revenue. For the full year 2004, revenue increased 13.1% over 2003.
- Tonnage and shipments increased across all business segments for both Q4 and full year 2004 compared to the prior year.
- Revenue per hundredweight and revenue per shipment increased across most business segments for both Q4 and full year 2004 compared to 2003, indicating improved pricing.
Starbucks had another successful fiscal year, opening 2,199 new stores globally to bring their total to 12,440 stores in 37 countries, generating $7.8 billion in revenue and $564 million in net earnings. Starbucks continued to innovate with new food and beverage offerings, expanded into new international markets like Brazil and Egypt, and further developed their corporate social responsibility programs. Looking ahead, Starbucks is confident about continued global growth and has set targets to open 2,400 new international stores in fiscal 2007 and achieve 20-25% annual earnings growth over the next 3-5 years.
YRC Worldwide Inc. reported record revenue and operating profit in 2006. The company achieved its fourth consecutive year of returns exceeding its weighted average cost of capital. In 2006, YRC formed new organizational structures including YRC National Transportation and the Enterprise Solutions Group to improve efficiency and enable faster growth. The company will continue pursuing its strategic goal of becoming a global leader in transportation and supply chain solutions.
- YRC Worldwide reported record quarterly revenue of $2.57 billion, up 3.2% from the third quarter of 2005. Adjusted quarterly earnings per share were $1.72, up 12% from the prior year.
- For the first nine months of 2006, revenue was $7.51 billion, up 20% from the same period in 2005. Adjusted diluted EPS was $4.06 compared to $3.88 the previous year.
- The company expects full year 2006 EPS between $5.45-$5.55 and revenue of approximately $10 billion.
This document provides a mid-year business update from DTE Energy, including:
1) An overview of energy legislation progressing through the Michigan legislature aimed at electric choice reform, cost-of-service rates, and renewable portfolio standards.
2) Details on Detroit Edison's general rate case filing, including a requested $60 million revenue increase to recover required environmental investments and merger premium costs.
3) An outline of topics to be covered, including the legislative update, non-utility business performance, and updated earnings guidance.
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.
CenterPoint Energy's electric transmission and distribution business serves over 1.84 million metered customers across a 5,000 square mile area including Houston, Texas. In 2003, the business gained 47,000 new customers, delivered over 71 billion kilowatt-hours of electricity, and improved productivity through ongoing process improvements despite cost increases. The business focuses on building, operating, and maintaining the infrastructure between power plants and end users to ensure reliable and safe electricity delivery.
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 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 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 $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 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 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.
energy future holindings TXU_Q3_2003_Earnings_Packfinance29
TXU reported improved financial results for the third quarter and first nine months of 2003 compared to the same periods in 2002. Third quarter earnings from continuing operations increased 15% to $368 million, or $1.01 per share, due to higher contribution margins and lower costs across all business segments. For the first nine months, earnings from continuing operations were $650 million, or $1.82 per share. TXU expects full-year 2003 earnings from continuing operations to be around $2.00 per share.
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.
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.
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.
energy future holindings TXU_Q4_2003_Earnings_Packfinance29
TXU reported strong financial results for 2003, delivering earnings of $715 million compared to $160 million in 2002. Net income for 2003 was $560 million compared to a net loss of $4.232 billion in 2002. For the fourth quarter of 2003, earnings were $66 million compared to a loss of $547 million in the same period of 2002. All business segments contributed increased earnings, with the Energy segment delivering $493 million for the full year compared to $319 million in 2002. Management expects to deliver 2004 earnings of $2.15 per share.
Progress Energy reported its fourth quarter and full year 2003 financial results. For 2003, ongoing earnings were $3.56 per share and GAAP earnings were $3.30 per share. For Q4 2003, ongoing earnings were $0.82 per share and GAAP earnings were $0.42 per share. Progress Energy set its 2004 ongoing earnings guidance range at $3.50 to $3.65 per share. Significant events in 2003 included strong performance of the company's nuclear power plants, new franchise agreements in Florida, and receiving an emergency response award for its response to the 2002 ice storm.
Duke Energy reported second quarter 2005 earnings per share of $0.33, down from $0.46 in the second quarter of 2004. Mild weather led to lower sales for the Franchised Electric and DENA segments. Field Services and International posted strong results. Despite weather impacts, Duke Energy expects to meet its 2005 EPS target of $1.60 per share due to anticipated stronger performance in the second half of the year.
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 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 results were driven by higher earnings from non-regulated businesses and the addition of DTE Energy's gas distribution business. Despite challenges like a mild winter and slow economic recovery, the company reaffirmed its full-year earnings target of $3.70 to $4.00 per share due to the diversity of its businesses.
- Yellow Transportation reported a 14.2% increase in total revenue for Q4 2004 compared to Q3 2003, driven by increases in both LTL and TL revenue. For the full year 2004, revenue increased 13.1% over 2003.
- Tonnage and shipments increased across all business segments for both Q4 and full year 2004 compared to the prior year.
- Revenue per hundredweight and revenue per shipment increased across most business segments for both Q4 and full year 2004 compared to 2003, indicating improved pricing.
Starbucks had another successful fiscal year, opening 2,199 new stores globally to bring their total to 12,440 stores in 37 countries, generating $7.8 billion in revenue and $564 million in net earnings. Starbucks continued to innovate with new food and beverage offerings, expanded into new international markets like Brazil and Egypt, and further developed their corporate social responsibility programs. Looking ahead, Starbucks is confident about continued global growth and has set targets to open 2,400 new international stores in fiscal 2007 and achieve 20-25% annual earnings growth over the next 3-5 years.
YRC Worldwide Inc. reported record revenue and operating profit in 2006. The company achieved its fourth consecutive year of returns exceeding its weighted average cost of capital. In 2006, YRC formed new organizational structures including YRC National Transportation and the Enterprise Solutions Group to improve efficiency and enable faster growth. The company will continue pursuing its strategic goal of becoming a global leader in transportation and supply chain solutions.
- YRC Worldwide reported record quarterly revenue of $2.57 billion, up 3.2% from the third quarter of 2005. Adjusted quarterly earnings per share were $1.72, up 12% from the prior year.
- For the first nine months of 2006, revenue was $7.51 billion, up 20% from the same period in 2005. Adjusted diluted EPS was $4.06 compared to $3.88 the previous year.
- The company expects full year 2006 EPS between $5.45-$5.55 and revenue of approximately $10 billion.
This document provides a mid-year business update from DTE Energy, including:
1) An overview of energy legislation progressing through the Michigan legislature aimed at electric choice reform, cost-of-service rates, and renewable portfolio standards.
2) Details on Detroit Edison's general rate case filing, including a requested $60 million revenue increase to recover required environmental investments and merger premium costs.
3) An outline of topics to be covered, including the legislative update, non-utility business performance, and updated earnings guidance.
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.
CenterPoint Energy's electric transmission and distribution business serves over 1.84 million metered customers across a 5,000 square mile area including Houston, Texas. In 2003, the business gained 47,000 new customers, delivered over 71 billion kilowatt-hours of electricity, and improved productivity through ongoing process improvements despite cost increases. The business focuses on building, operating, and maintaining the infrastructure between power plants and end users to ensure reliable and safe electricity delivery.
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 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 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 $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 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 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 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 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 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 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 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 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 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 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.
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 announced its first quarter 2007 earnings. Reported earnings were $134 million compared to $136 million in the first quarter of 2006. Operating earnings, which exclude non-recurring items, were $149 million compared to $171 million in the prior year. The primary drivers of the decline were a temporary rate reduction at Detroit Edison and increased costs from a January ice storm. DTE Energy maintained its 2007 earnings guidance and cash flow from operations increased 8% from the prior year.
DTE Energy reported first quarter 2007 earnings of $134 million, down slightly from $136 million in first quarter 2006. Operating earnings were $149 million in first quarter 2007, down from $171 million in the prior year period. The company reiterated its full year 2007 operating earnings guidance. DTE Energy saw increased earnings at its gas utility segment due to colder weather, while earnings declined at its electric utility due to a rate reduction and higher storm costs. The company is pursuing plans to restructure its non-utility businesses and return value to shareholders through stock buybacks.
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 costs and a temporary rate reduction. The company expects to meet its annual operating earnings guidance and sees strong cash flow providing flexibility for growth.
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.
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.
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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1. Feb. 10, 2005
DTE ENERGY REPORTS 2004 EARNINGS, MAINTAINS EARNINGS GUIDANCE FOR 2005
DETROIT – DTE Energy (NYSE:DTE) today reported earnings for 2004 of $431 million, or $2.49
per diluted share, compared with 2003 reported earnings of $521 million, or $3.09 per diluted share.
Operating earnings, which exclude non-recurring items and discontinued operations, for 2004 were
$427 million, or $2.46 per diluted share, compared with 2003 operating earnings of $500 million, or $2.97
per diluted share.
A reconciliation of reported to operating earnings for both the fourth quarter and 12 months ended
Dec. 31, 2003 and 2004 is at the end of this release.
“Last year was a difficult year from an earnings perspective, but I believe our 2004 accomplishments
have DTE Energy well-positioned for the future,” said Anthony F. Earley Jr., DTE Energy chairman and
CEO. “The successful completion of Detroit Edison’s rate case and the expected first quarter resolution of
MichCon’s rate case will strengthen DTE Energy’s utility core. Additionally, we continued our record of
successfully growing our non-utility businesses while maintaining a strong balance sheet and healthy
dividend.”
DTE Energy President Gerard M. Anderson concurred: “We made tremendous progress on the
regulatory front in 2004, but we have some key milestones in 2005, including the conclusion of the MichCon
gas rate case and the recently filed electric rate restructuring process. During 2005 we plan to retire $200
million of parent company debt, and redeploy an additional $250 to $300 million. The redeployment will
focus on high quality growth investments, but if we do not have a sufficient volume of investment
opportunities, we will repurchase stock.quot;
DTE Energy also reported 2004 cash from operations of approximately $1.0 billion, compared with
$950 million reported in 2003. Including the ongoing proceeds from the sale of majority interests in the
company’s synthetic fuel production facilities, adjusted cash from operations increased to $1.2 billion in
2004 from $1.0 billion in 2003.
Operating earnings results for 2004, by business unit, were as follows:
• DTE Energy Resources operating earnings were $1.84 per diluted share versus $2.72 per diluted share
in 2003. The utility operations of this business unit, which are the power generation services of Detroit
Edison, declined $0.89 per diluted share versus last year. The decrease was driven by reduced gross
margins, due primarily to the loss of retail customer sales to the electric Customer Choice program, as
well as milder summer weather than in 2003. Increased operation and maintenance expenses, reflecting
costs associated with maintaining the generation fleet and higher benefits costs, also impacted 2004
results negatively. Earnings for the year benefited from increased regulatory deferrals.
The non-utility operations of this business unit include the company’s energy services, energy
marketing and trading, coal services and biomass businesses. Operating earnings at these non-utility
operations were $1.35 per diluted share, an increase of $0.01 over 2003. The increase was attributable to
higher earnings recognized from selling interests in the company’s synfuel plants, as well as higher
production of synthetic fuel, partially offset by a mark-to-market loss on oil price hedges. In 2004, the
company produced 15.6 million tons of synfuel versus 13.5 million tons in 2003. Earnings from the
company’s energy marketing and trading operations benefited from stronger trading results and the
2. timing of gas storage accounting. These increases were partially offset by the absence of a gain recorded
in 2003 from the early termination of a power contract.
• DTE Energy Distribution reported operating earnings of $0.43 per diluted share versus $0.09 per
diluted share in 2003. The utility operations of this business unit are the electric distribution services of
Detroit Edison. These utility operations experienced a year-over-year increase of $0.36 per diluted share,
driven primarily by increased revenues from interim and final base rate relief, but partially offset by
lower sales due to milder summer weather and higher reserves for uncollectable accounts receivable.
The non-utility operations of this business unit consist primarily of DTE Energy Technologies, which
markets and distributes a portfolio of distributed generation products and services. Year-over-year losses
at this business increased by $0.02 per diluted share.
• DTE Energy Gas recorded operating earnings of $0.25 per diluted share versus $0.44 per diluted share
in 2003. The Energy Gas utility operations include the gas distribution services provided by MichCon.
Utility operations were down $0.14 per diluted share due mainly to the impact of mild weather and
higher reserves for uncollectable accounts receivable. Non-utility operations of this business unit include
the production of gas in northern Michigan and the gathering, transporting, processing and storage of gas.
Operating earnings from these businesses declined by $0.05 per diluted share year-over-year due
primarily to gains recorded in 2003 from selling interests in joint ventures.
• Corporate & Other includes non-allocated interest costs, as well as certain non-utility investments,
including assets held for sale and investments in emerging energy technologies. Corporate & Other
operating losses were $0.06 per diluted share, compared with a loss of $0.28 per diluted share in 2003,
due to lower financing costs and gains from the sale of some of the company’s investment in Plug Power.
For the fourth quarter of 2004, DTE Energy reported earnings were $113 million, or $0.65 per diluted
share, down from 2003 reported earnings of $229 million, or $1.36 per diluted share. Operating earnings for
the fourth quarter 2004 were $162 million, or $0.94 per diluted share, up from 2003 operating earnings of
$138 million, or $0.82 per diluted share.
Fourth quarter operating earnings results by business unit were:
• DTE Energy Resources operating earnings were down $0.08 per diluted share versus the fourth quarter
2003. Earnings from utility operations decreased $0.27 per diluted share, driven primarily by lost sales
under the electric Customer Choice program and higher power plant operations and maintenance
expenses, which were offset partially by cost reductions. Earnings from non-utility operations increased
$0.19 per diluted share versus 2003, due mostly to higher synthetic fuel production, earnings from the
sale of interests in synfuel projects and increased storage profits related to gas prices.
• DTE Energy Distribution operating earnings increased $0.15 per diluted share versus the fourth quarter
2003. Utility operations increased $0.15 per diluted share, mostly caused by interim and final rate relief.
The non-utility operations were flat compared with the fourth quarter 2003.
• DTE Energy Gas operating earnings increased by $0.14 per diluted share versus the fourth quarter 2003.
Utility operations improved by $0.12 per diluted share due to interim rate relief, higher off-system sales,
favorable weather and additional margin due to the acceleration of several midstream services contracts.
Non-utility earnings were up $0.02 per diluted share due to higher gas storage revenues.
• Corporate & Other operating losses were $0.14 per diluted share versus a $0.05 per diluted share loss
in the fourth quarter 2003. The decline was due to technology investment writeoffs partially offset by
decreased financing costs.
3. 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.
2005 Outlook
DTE Energy reconfirmed its 2005 earnings guidance of $3.30 to $3.60 per diluted share.
“We believe that 2005 will be a brighter year for DTE Energy,” said David E. Meador, DTE Energy
executive vice president and CFO. “Financially, we expect that our electric rate restructuring proposal and
the resolution of MichCon’s rate case will bring our utilities back to financial health and provide a
sustainable and stable regulatory structure. We also plan to continue our successful strategy of growing our
non-utility businesses while maintaining a strong balance sheet and an attractive dividend. Operationally, our
focus will be to effectively redeploy the $1.65 billion in cash that we expect our non-utility businesses to
generate from 2005 to 2008 into corporate debt reduction, investments in promising non-utility businesses
and stock repurchases.”
“With the utilities moving towards their authorized return on equity and continued non-utility growth,
we expect earnings and cash flows to improve dramatically in 2005 and put us on the right path for 2006,”
Meador said.
Recent Events and Developments
MPSC Issues Detroit Edison Final Rate Order
On Nov. 23, 2004, the MPSC issued the final order in Detroit Edison’s general rate case. The order
granted $374 million in rate relief based on an 11 percent allowed return on an equity base of $2.9 billion,
with a 54 percent debt and 46 percent equity capital structure. The final order authorized full recovery of
$550 million in past environmental expenditures, established surcharges to recover almost $400 million of
accrued regulatory assets, enacted a pension expense tracking mechanism and allowed recovery of costs
associated with transmission, the Midwest Independent System Operator and nitrogen oxide emission
allowances through the power supply cost recovery mechanism.
Detroit Edison Files Rate Restructuring Proposal
On Feb. 4, 2005, Detroit Edison filed the rate restructuring proposal mandated by the Michigan
Public Service Commission’s (MPSC) final order in Detroit Edison’s general rate case. The primary purpose
of this filing is to ensure that all customers, including participants in the electric Customer Choice program,
pay their fair and proportionate share of each element of service. This will be achieved through the creation
of a fair, equitable and unbundled rate structure that is free of subsidization and based on actual cost of
service. In addition, Detroit Edison’s proposed method will provide a rational transition period for the
removal of rate subsidies. Detroit Edison is not requesting any incremental revenues from this rate
restructuring proposal above those granted in the final rate order.
Administrative Law Judge Recommendation on MichCon Final Rate Relief
On Dec. 10, 2004, the Administrative Law Judge (ALJ) issued a Proposal for Decision regarding final
rate relief requested by MichCon. The ALJ recommended a $60 million base rate increase compared with the
MPSC staff’s recommendation of $76 million and MichCon’s originally requested increase of $194 million.
Additionally, the ALJ agreed with the MPSC staff in recommending the adoption of MichCon’s proposed
mechanism to allow MichCon to recover or refund 90 percent of uncollectable accounts receivables expense
above or below the amount that is reflected in base rates. The ALJ also agreed with the MPSC staff in
4. supporting a 50 percent debt and 50 percent equity capital structure utilizing a rate of return on common
equity of 11 percent. MichCon expects a final order in the first quarter of 2005.
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 conference call with the investment community at 9 a.m. EST Friday,
Feb. 11, to discuss fourth quarter and 2004 earnings results. Investors, the news media and the public may
listen to a live internet broadcast of the DTE Energy conference call at www.dteenergy.com/investors. 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 Michigan,
and MichCon, a natural gas utility serving 1.2 million customers in Michigan. 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 document as a result of new information 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 materially. 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 electric 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;
impacts of 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 increases; 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
2003 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.
- 30 -
Members of the Media – 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 COMPANY
CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
Year Ended December 31
(in Millions, Except per Share Amounts) 2003
2004
$ 7,041
Operating Revenues ........................................................... $ 7,114
Operating Expenses
Fuel, purchased power and gas.......................................... 2,241
2,007
Operation and maintenance ............................................... 3,109
3,420
Depreciation, depletion and amortization.......................... 687
744
Taxes other than income.................................................... 334
312
Asset gains and losses, net (1) ........................................... (77 )
(215 )
6,294
6,268
747
Operating Income............................................................... 846
Other (Income) and Deductions
Interest expense ................................................................. 546
518
Interest income .................................................................. (37 )
(55 )
Other, net .......................................................................... (28 )
(13 )
481
450
266
Income Before Income Taxes and Minority Interest....... 396
(123 )
Income Tax Provision (Benefit)......................................... 165
(91 )
Minority Interest (2)........................................................... (212 )
480
Income from Continuing Operations................................ 443
Income (Loss) from Discontinued Operations,
68
net of tax ........................................................................... (12)
Cumulative Effect of Accounting Changes,
(27 )
net of tax ........................................................................... -
$ 521
Net Income .......................................................................... $ 431
Basic Earnings per Common Share
Income from continuing operations................................... $ 2.87
$ 2.56
Discontinued operations .................................................... .41
(.06 )
Cumulative effect of accounting changes.......................... (.17 )
-
Total ................................................................................ $ 3.11
$ 2.50
Diluted Earnings per Common Share
Income from continuing operations................................... $ 2.85
$ 2.55
Discontinued operations .................................................... .40
(.06 )
Cumulative effect of accounting changes.......................... (.16 )
-
Total ................................................................................ $ 3.09
$ 2.49
Average Common Shares
Basic .................................................................................. 168
173
Diluted............................................................................... 168
173
$ 2.06
Dividends Declared per Common Share .......................... $ 2.06
(1) Primarily represents gains on the sale of interests in synfuel projects.
(2) Primarily represents our partners’ share of synfuel project losses.
6. DTE ENERGY COMPANY
SEGMENT NET INCOME (UNAUDITED)
Three Months Ended December 31
2003
2004
Reported Operating
Reported Operating
Earnings Adjustments Earnings
(in Millions) Earnings Adjustments Earnings
Energy Resources
Utility – Power Generation .................... $ 103 $ (21 ) A $ 82
$ 11 $ 28 A $ 39
Non-utility
Energy Services ................................... 48 - 48
43 - 43
Energy Marketing & Trading............... (7 ) - (7 )
30 - 30
Other .................................................... (1 ) - (1 )
2 - 2
Total Non-utility .................................. 40 - 40
75 - 75
143 (21 ) 122
86 28 114
Energy Distribution
Utility – Power Distribution................... 2 - 2
25 1B 26
Non-utility ............................................. (3 ) - (3 )
(4 ) - (4 )
(1 ) - (1 )
21 1 22
Energy Gas
Utility – Gas Distribution ...................... 22 - 22
42 1B 43
Non-utility ............................................. 4 - 4
7 - 7
26 - 26
49 1 50
61 (70 ) C (9 )
Corporate and Other ............................. (38 ) 14 C (24 )
61 (70 ) (9 )
(38 ) 14 (24 )
Income from Continuing Operations
Utility..................................................... 127 (21 ) 106
78 30 108
Non-utility ............................................. 41 - 41
78 - 78
Corporate and Other............................... 61 (70 ) (9 )
(38 ) 14 (24 )
229 (91 ) 138
118 44 162
Discontinued Operations
Income from operations ......................... - - -
- - -
Impairment loss/Gain on sale ................ - - -
(5 ) 5D -
- - -
(5 ) 5 -
Cumulative Effect of Accounting
Changes
Asset retirement obligations .................. - - -
- - -
Energy trading activities ........................ - - -
- - -
- - -
- - -
$ 229 $ (91 ) $ 138
Net Income.............................................. $ 113 $ 49 $ 162
ADJUSTMENTS KEY
A) Stranded cost adjustment............................................ Stranded costs adjustment made pursuant to November 2004 MPSC order
B) DTE2 project costs ..................................................... Incremental DTE2 project costs
C) Tax credit driven normalization ................................. Quarterly adjustment at DTE Energy to normalize its effective tax rate. Annual results not impacted
D) Gain on sale of ITC.................................................... Gain or a related adjustment from the sale of International Transmission Company
7. DTE ENERGY COMPANY
SEGMENT DILUTED EARNINGS PER SHARE (UNAUDITED)
Three Months Ended December 31
2003
2004
Reported Operating
Reported Operating
Earnings Adjustments Earnings
Earnings Adjustments Earnings
Energy Resources
Utility – Power Generation..................... $ $ 0.61 $ (0.12 ) A $ 0.49
0.06 $ 0.16 A $ 0.22
Non-utility
Energy Services .................................... 0.29 - 0.29
0.25 - 0.25
Energy Marketing & Trading ............... (0.04 ) - (0.04 )
0.17 - 0.17
Other..................................................... (0.01 ) - (0.01 )
0.01 - 0.01
Total Non-utility ................................... 0.24 - 0.24
0.43 - 0.43
0.85 (0.12 ) 0.73
0.49 0.16 0.65
Energy Distribution
Utility – Power Distribution ................... 0.01 - 0.01
0.15 0.01 B 0.16
Non-utility .............................................. (0.02 ) - (0.02 )
(0.02 ) - (0.02 )
(0.01 ) - (0.01 )
0.13 0.01 0.14
Energy Gas
Utility – Gas Distribution ....................... 0.13 - 0.13
0.24 0.01 B 0.25
Non-utility .............................................. 0.02 - 0.02
0.04 - 0.04
0.15 - 0.15
0.28 0.01 0.29
0.37 (0.42 ) C (0.05 )
Corporate and Other.............................. (0.22 ) 0.08 C (0.14 )
0.37 (0.42 ) (0.05 )
(0.22 ) 0.08 (0.14 )
Income from Continuing Operations
Utility ..................................................... 0.75 (0.12 ) 0.63
0.45 0.18 0.63
Non-utility .............................................. 0.24 - 0.24
0.45 - 0.45
Corporate and Other ............................... 0.37 (0.42 ) (0.05 )
(0.22 ) 0.08 (0.14 )
1.36 (0.54 ) 0.82
0.68 0.26 0.94
Discontinued Operations
Income from operations.......................... - - -
- - -
Impairment loss/Gain on sale ................ - - -
(0.03 ) 0.03 D -
- - -
(0.03 ) 0.03 -
Cumulative Effect of Accounting
Changes
Asset retirement obligations ................... - - -
- - -
Energy trading activities ......................... - - -
- - -
- - -
- - -
$ 1.36 $ (0.54 ) $ 0.82
Net Income .............................................. $ 0.65 $ 0.29 $ 0.94
ADJUSTMENTS KEY
A) Stranded cost adjustment............................................ Stranded costs adjustment made pursuant to November 2004 MPSC order
B) DTE2 project costs ..................................................... Incremental DTE2 project costs
C) Tax credit driven normalization ................................. Quarterly adjustment at DTE Energy to normalize its effective tax rate. Annual results not impacted
D) Gain on sale of ITC.................................................... Gain or a related adjustment from the sale of International Transmission Company
8. DTE ENERGY COMPANY
SEGMENT NET INCOME (UNAUDITED)
Twelve Months Ended December 31
2003
2004
Reported Operating
Reported Operating
Earnings Adjustments Earnings
(in Millions) Earnings Adjustments Earnings
Energy Resources
Utility – Power Generation .................... $ 235 $ (21 ) A $ 230
$ 62 $ 21 A $ 85
16 F
2B
Non-utility
Energy Services ................................... 199 - 199
188 - 188
Energy Marketing & Trading............... 45 (16 ) G 29
92 (48 ) C 44
Other .................................................... (2 ) - (2 )
1 - 1
Total Non-utility .................................. 242 (16 ) 226
281 (48 ) 233
477 (21 ) 456
343 (25 ) 318
Energy Distribution
Utility – Power Distribution................... 17 14 H 31
88 5B 93
Non-utility ............................................. (15 ) - (15 )
(19 ) - (19 )
2 14 16
69 5 74
Energy Gas
Utility – Gas Distribution....................... 29 17 I 46
20 4B 24
Non-utility ............................................. 29 - 29
21 - 21
58 17 75
41 4 45
(57 ) 10 J (47 )
Corporate and Other ............................. (10 ) - (10 )
(57 ) 10 (47 )
(10 ) - (10 )
Income from Continuing Operations
Utility..................................................... 281 26 307
170 32 202
Non-utility ............................................. 256 (16 ) 240
283 (48 ) 235
Corporate and Other............................... (57 ) 10 (47 )
(10 ) - (10 )
480 20 500
443 (16 ) 427
Discontinued Operations
Income from operations ......................... 5 (5 ) K -
- - -
Impairment loss/Gain on sale ................ - - -
(7 ) 7D -
63 (63 ) E -
(5 ) 5E -
68 (68 ) -
(12 ) 12 -
Cumulative Effect of Accounting
Changes
Asset retirement obligations................... (11 ) 11 L -
- - -
Energy trading activities ........................ (16 ) 16 M -
- - -
(27 ) 27 -
- - -
$ 521 $ (21 ) $ 500
Net Income.............................................. $ 431 $ (4 ) $ 427
ADJUSTMENTS KEY
A) Stranded cost adjustment............................................ Stranded costs adjustment made pursuant to November 2004 MPSC order
B) DTE2 project costs ..................................................... Incremental DTE2 project costs
C) Adjustment for contract termination / modification... Terminated a long-term gas exchange agreement and modified a related transportation agreement with a
pipeline company
D) Impairment loss / Discontinued operations................ Impairment charge relating to the expected loss on sale of Southern Missouri Gas Company
E) Gain on sale of ITC..................................................... Gain or a related adjustment from the sale of International Transmission Company
F) Blackout Costs……………………………………….Costs associated with the August 2003 Blackout
G) Adjustment of EITF 98-10 accounting change .......... Flowback of the cumulative effect of a change in accounting principle from rescission of EITF Issue
No. 98-10
H) Loss on sale of steam heating business ...................... Sold Detroit Edison steam heating business
I) Disallowance of gas costs ........................................... Reserve for the potential disallowance of MichCon 2002 gas procurement costs
J) Contribution to DTE Energy Foundation .................... Used a portion of International Transmission Company sale proceeds to fund the DTE Energy Foundation
K) Adjustment for discontinued operations .................... Sold International Transmission Company
L) Asset retirement obligations ....................................... Cumulative effect of a change in accounting principle from adoption of SFAS 143
M) Adjustment of EITF 98-10 accounting change ......... Cumulative effect of a change in accounting principle from rescission of EITF Issue No. 98-10
9. DTE ENERGY COMPANY
SEGMENT DILUTED EARNINGS PER SHARE (UNAUDITED)
Twelve Months Ended December 31
2003
2004
Reported Operating
Reported Operating
Earnings Adjustments Earnings
Earnings Adjustments Earnings
Energy Resources
Utility – Power Generation..................... $ $ 1.40 $ (0.12 ) A $ 1.38
0.36 $ 0.12 A $ 0.49
0.10 F
0.01 B
Non-utility
Energy Services.................................... 1.18 - 1.18
1.08 - 1.08
Energy Marketing & Trading ............... 0.27 (0.10 ) G 0.17
0.53 (0.27 )C 0.26
Other..................................................... (0.01 ) - (0.01 )
0.01 - 0.01
Total Non-utility................................... 1.44 (0.10 ) 1.34
1.62 (0.27 ) 1.35
2.84 (0.12 ) 2.72
1.98 (0.14 ) 1.84
Energy Distribution
Utility – Power Distribution ................... 0.10 0.08 H 0.18
0.51 0.03 B 0.54
Non-utility .............................................. (0.09 ) - (0.09 )
(0.11 ) - (0.11 )
0.01 0.08 0.09
0.40 0.03 0.43
Energy Gas
Utility – Gas Distribution ....................... 0.17 0.10 I 0.27
0.11 0.02 B 0.13
Non-utility .............................................. 0.17 - 0.17
0.12 - 0.12
0.34 0.10 0.44
0.23 0.02 0.25
(0.34 ) 0.06 J (0.28 )
Corporate and Other.............................. (0.06 ) - (0.06 )
(0.34 ) 0.06 (0.28 )
(0.06 ) - (0.06 )
Income from Continuing Operations
Utility ..................................................... 1.67 0.16 1.83
0.98 0.18 1.16
Non-utility .............................................. 1.52 (0.10 ) 1.42
1.63 (0.27 ) 1.36
Corporate and Other ............................... (0.34 ) 0.06 (0.28 )
(0.06 ) - (0.06 )
2.85 0.12 2.97
2.55 (0.09 ) 2.46
Discontinued Operations
Income from operations.......................... 0.03 (0.03 ) K -
- - -
Impairment loss/Gain on sale ................ - - -
(0.04 ) 0.04 D -
0.37 (0.37 ) E -
(0.02 ) 0.02 E -
0.40 (0.40 ) -
(0.06 ) 0.06 -
Cumulative Effect of Accounting
Changes
Asset retirement obligations ................... (0.07 ) 0.07 L -
- - -
Energy trading activities......................... (0.09 ) 0.09 M -
- - -
(0.16 ) 0.16 -
- - -
$ 3.09 $ (0.12 ) $ 2.97
Net Income .............................................. $ 2.49 $ (0.03 ) $ 2.46
ADJUSTMENTS KEY
A) Stranded cost adjustment............................................ Stranded costs adjustment made pursuant to November 2004 MPSC order
B) DTE2 project costs ..................................................... Incremental DTE2 project costs
C) Adjustment for contract termination / modification... Terminated a long-term gas exchange agreement and modified a related transportation agreement with a
pipeline company
D) Impairment loss / Discontinued operations................ Impairment charge relating to the expected loss on sale of Southern Missouri Gas Company
E) Gain on sale of ITC..................................................... Gain or a related adjustment from the sale of International Transmission Company
F) Blackout Costs……………………………………….Costs associated with the August 2003 Blackout
G) Adjustment of EITF 98-10 accounting change .......... Flowback of the cumulative effect of a change in accounting principle from rescission of EITF Issue
No. 98-10
H) Loss on sale of steam heating business ...................... Sold Detroit Edison steam heating business
I) Disallowance of gas costs ........................................... Reserve for the potential disallowance of MichCon 2002 gas procurement costs
J) Contribution to DTE Energy Foundation .................... Used a portion of International Transmission Company sale proceeds to fund the DTE Energy Foundation
K) Adjustment for discontinued operations .................... Sold International Transmission Company
L) Asset retirement obligations ....................................... Cumulative effect of a change in accounting principle from adoption of SFAS 143
M) Adjustment of EITF 98-10 accounting change…….. Cumulative effect of a change in accounting principle from rescission of EITF Issue No. 98-10