DTE Energy Reports Third-Quarter EarningsOctober 29, 2001 by Jeff Shepard
DTE Energy Co. (Detroit, MI) announced 2001 third-quarter operating earnings of $84.0 million, or $0.51 per basic and diluted share, excluding the impact of merger and restructuring charges and goodwill amortization. Operating earnings for the 2000 third quarter, were $105.0 million, or $0.74 per share. DTE Energy's reported earnings for the third quarter 2001 were $63.0 million, or $0.38 per basic and diluted share, which includes the impact of merger and restructuring charges and goodwill amortization.
“Despite the tough economic climate, DTE Energy was able to achieve its earnings target for the third quarter and we're committed to reaching our 2001 operating earnings goal of at least $3.50 per share," said Anthony F. Earley Jr., DTE Energy chairman and CEO. “During the third quarter we began to see the impact of today's economic downturn on our business, particularly on lower electric sales to industrial customers. But with an enterprise-wide cost-reduction program we've already put in place, our targets for the year are still within reach."