DTE Energy Reports Second-Quarter Earnings
DTE Energy Co. (Detroit, MI) announced 2001 second-quarter operating earnings of $70.0 million, or $0.48 per basic and diluted share, excluding the impact of merger restructuring charges and goodwill amortization. Earnings for the 2000 second quarter were $108.0 million, or $0.76 per basic share.
DTE Energy's reported earnings for the second-quarter 2001 were an $87.0 million loss, or $0.60 per basic and diluted share, including the impact of merger restructuring charges and goodwill amortization. During the second quarter, the company recorded a $236.0 million one-time, before-tax restructuring charge ($153.0 million after-tax) for employee separation costs related to the MCN merger.
"While Michigan's 2000 electric restructuring legislation has caused the distribution of quarterly earnings to shift significantly, we expect to reach our year-end 2001 earnings projection," said Anthony F. Earley Jr., DTE Energy chairman and CEO. "We remain focused on building a diverse portfolio of profitable non-regulated businesses, which are on track to contribute an estimated $130.0 million in net income by year-end."