DTE Energy reports 11% y/y rise in Q1 profit, reiterates 2019 EPS guidance
The Lapeer solar park. Photo by: DTE Energy (www.dteenergy.com).
Detroit-based DTE Energy (NYSE:DTE) on Wednesday posted an attributable net profit of USD 401 million (EUR 360m) for the first quarter of 2019 compared with a profit of USD 361 million from a year back.
The diversified energy company saw its operating earnings rise to USD 374 million, or USD 2.05 per diluted share, from USD 342 million, or USD 1.91 per diluted share. This figure excludes non-recurring items, some mark-to-market adjustments and discontinued operations.
DTE Energy’s senior vice president and CFO, Peter Oleksiak, stated that the company’s utility and non-utility businesses delivered strong financial results in the first quarter. "A cold start to the year drove our gas utility revenues up which puts us in great shape to start the year," he said.
The company reaffirmed its 2019 operating EPS guidance of USD 5.97 to USD 6.33. It targets growth of 5%-7% in operating EPS from a 2019 guidance base through 2023.
During the quarter, DTE Energy filed an Integrated Resource Plan (IRP) that envisages reducing carbon emissions 32% by 2023, 50% by 2030 and 80% by 2040. The company intends to spend about USD 2 billion on renewables by 2024 and thus double its renewable energy production. In February, it launched a USD-650-million green bond to raise funds for wind, solar and energy efficiency projects.