DETROIT, Feb. 16, 2018 /PRNewswire/ — DTE Energy (NYSE: DTE) today reported 2017 earnings of $1.1 billion, or $6.32 per diluted share, compared with $868 million, or $4.83 per diluted share in 2016. Reported 2017 earnings were higher primarily driven by results in the non-utility businesses.
2017 operating earnings were $1.0 billion or $5.59 per diluted share, compared with 2016 operating earnings of $948 million, or $5.28 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are included at the end of this news release.
“2017 was a very good year for DTE,” said Gerry Anderson, DTE Energy chairman and CEO. “Our financial performance was strong, but I am even prouder of some of the things we accomplished this past year that were important to our customers, our communities and our employees.”
Anderson noted the following accomplishments:
- Passing tax reform savings to customers: The lower corporate tax rate resulting from the recent passage of the Federal Tax Cuts and Jobs Act will be passed on to our customers, lowering bills for DTE’s utility customers by $190 million annually.
- Provided power restoration assistance in Florida and Puerto Rico: DTE Energy sent 600 employees and contractors to Florida and another 80 to Puerto Rico to help restore power following massive hurricanes. Such mutual assistance is a hallmark of the electric power industry.
- Led the Midwest in business customer satisfaction: DTE Energy ranked highest in customer satisfaction with gas and electric business customers in the Midwest in J.D. Power’s 2017 study. DTE also ranked second in overall customer satisfaction with electric and gas residential customers in the Midwest Large segment. DTE has improved its customer satisfaction score every year since 2012.
- Committed to reduce carbon emissions by 80 percent: Last May, DTE committed to reduce carbon emissions by over 80% by retiring older coal-fired power plants and replacing them with renewables and highly efficient gas plants.
- Placed in the top 4 percent for employee engagement: DTE placed in the top 4 percent of workplaces nationwide for employee engagement, as measured by the Gallup Organization. DTE was also named #7 among Fortune 500 companies on Indeed’s list of 50 Best Places to Work in 2017.
- Supported job creation with Michigan businesses: DTE spent nearly $1.7 billion with Michigan-based companies in 2017, exceeding its commitment to the Pure Michigan Business Connect local supplier initiative. This included more than $500 million spent in the city of Detroit. The company’s seven-year effort to increase spending with Michigan suppliers has supported the creation of nearly 16,000 Michigan jobs.
- Modernized the state’s energy infrastructure: DTE finalized plans for its next $260 millionrenewable investment in 2018, filed plans for a new, high efficiency gas power plant, invested heavily in the smart grid, and broke ground on the NEXUS pipeline.
“We continue to invest in smarter energy infrastructure aimed at improving reliability and sustainability,” Anderson added. “We are in the midst of a fundamental transformation in the way we produce energy; that transition will be great for the environment, and we are going to keep our product affordable in the process.”
DTE finishes 2017 strong and raises EPS guidance for 2018
DTE Energy raises 2018 operating EPS guidance from $5.48 – $5.88 to $5.57 – $5.99 as a result of the impacts of the passage of the Federal Tax Cuts and Jobs Act.
“DTE delivered strong 2017 financial results at both regulated and non-regulated businesses while continuing significant investment in reliability and infrastructure and we are in a great position to achieve our financial goals in 2018,” said Peter Oleksiak, DTE Energy senior vice president and CFO.
This earnings announcement and presentation slides are available at dteenergy.com/investors.
The company will conduct a conference call to discuss earnings results at 9 a.m. ET. Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in numbers are U.S. and Canada toll free: (888) 505-4377 or international toll: (719) 325-2390. The passcode is 9327084. The webcast will be archived on the DTE Energy website at dteenergy.com/investors. An audio replay of the call will be available from noon today to noon Friday, Mar. 2. To access the replay, dial U.S. and Canada toll free (888) 203-1112 or international toll (719) 457-0820 and enter the passcode 9327084.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.