DTE Energy Reports Second-Quarter 2002 Earnings

July 31, 2002 by Jeff Shepard

DTE Energy Co. (Detroit, MI) announced 2002 second-quarter earnings of $68.0 million, or $0.42 per diluted share, down from $81.0 million, or $0.55 per diluted share, in the second quarter of 2001. Reported earnings for the second quarter of 2001 were an $87.0 million loss, or a loss of $0.60 per basic and diluted share. During the second quarter of 2001, the company recorded $164.0 million in after-tax merger and restructuring charges. Year-to-date earnings per share increased eight percent to $1.66 from $1.53 in 2001. Net income for the six-month period increased 22 percent to $268.0 million, from $220.0 million in 2001.

"Our solid results this quarter demonstrate the strength of our diverse and integrated business portfolio," said DTE Energy Chairman and CEO Anthony Earley Jr. "Our expected earnings range for the full year is narrowed to $3.75 to $3.95 per diluted share, from our previously issued guidance of $3.70 to $4.00 per diluted share. In addition, we are providing our initial expectations of earnings for 2003 of $3.90 to $4.10 per diluted share, which anticipates continued solid growth in a difficult industry environment."