DTE Energy posts higher 2nd-Qtr profit

DETROIT

DTE Energy posted a higher profit in the second quarter, and the electric and gas utility company moved to increase its quarterly dividend for the first time in three years. But the company's results missed Wall Street estimates.

The company reported on Thursday net income of $86 million, or 51 cents a share, in the three months ended June 30. That compares with net income of $83 million, or 51 cents a share, in the same period last year.

Excluding one-time items, adjusted earnings amounted to $66 million, or 39 cents a share, compared with $92 million, or 56 cents a share, a year earlier.

Analysts surveyed by Thomson Reuters, on average, expected earnings of 60 cents a share. Analyst estimates typically exclude one-time items.

The company said its adjusted earnings decreased primarily because of economic performance and accounting timing at its energy trading segment.

Total revenue rose to about $1.8 billion. Analysts were anticipating revenue of about $1.7 billion.

Looking ahead, DTE reiterated it expects full-year earnings to range between $3.45 to $3.80 a share. Wall Street projects profit of $3.60 a share.

Also Thursday, the company's board of directors raised the quarterly dividend on its common stock by 3 cents to 56 cents a share, payable Oct. 15 to shareholders of record at the close of business Sept. 20.

Shares in DTE fell $2.07, or 4.3 percent, to $46.09 in afternoon trading Friday.