DTE Energy Technologies Inc. (Detroit, MI) reported first-quarter 2003 earnings of $155 million, or $0.92 per diluted share, compared with $200 million, or $1.24 per diluted share, last year. These earnings include several non-recurring items and accounting changes.
Operating earnings (which exclude non-recurring items, tax credit driven normalization, discontinued operations and cumulative effect of accounting changes) for the first quarter ended March 31, 2003, were $178 million, or $1.06 per diluted share, which is comparable with operating earnings of $181 million, or $1.12 per diluted share, for the same period in 2002.
"DTE Energy posted reasonable first-quarter operating earnings versus last year, given the uncertainties of the current market," said Anthony Earley Jr., DTE Energy chairman and CEO. "This quarter's performance clearly illustrates the benefits of our business portfolio approach."