Jul 28, 2022
DETROIT, July 28, 2022 – DTE Energy (NYSE:DTE) today reported second quarter 2022 earnings of $37 million, or $0.19 per diluted share, compared with $179 million, or $0.92 per diluted share in 2021.
Operating earnings for the second quarter 2022 were $171 million, or $0.88 per diluted share, compared with 2021 operating earnings of $235 million, or $1.22 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.
“Our company continues to make significant progress on many fronts,” said Jerry Norcia, DTE Energy chairman, president and CEO. “From advancements in carbon reduction and energy generation, to ongoing upgrades in energy infrastructure and reliability improvements, we support the needs of our customers in the communities we serve. Given the strong first half of the year, we are ahead of plan and are raising guidance for the full year from a midpoint of $5.90 to $6.00 per share.”
Norcia noted the following accomplishments:
Outlook for 2022
DTE Energy increases 2022 operating EPS guidance from $5.80 - $6.00 to $5.90 - $6.10.
“We delivered strong second quarter financial results,” said David Ruud, DTE senior vice president and CFO. “The company is in a great position to deliver for our team, customers and communities and achieve our financial goals.”
This earnings announcement and presentation slides are available at dteenergy.com/investors.
The company will conduct a conference call to discuss earnings results at 8:30a.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 in the U.S. and Canada are toll free: (888) 510-2008 or international: (646) 960-0306. The passcode is 4987588. The webcast will be archived on the DTE website at dteenergy.com/investors. An audio replay of the call will be available from noon today to noon Sunday, August 28, 2022. To access the replay, dial U.S. and Canada toll free (800) 770-2030 or international toll (647) 362-9199 and enter the passcode 4987588.
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 company serving 2.3 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio also includes non-utility businesses focused on industrial energy services, renewable natural gas, and energy marketing and trading. As an environmental leader, DTE utility operations will reduce carbon dioxide and methane emissions by more than 80% by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE Electric and Gas aspire to achieve net zero carbon and greenhouse gas emissions by 2050. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com/dteenergy.
For more information, members of the media may contact:
Pete Ternes: 313.235.5555
For further information, analysts may call:
Barbara Tuckfield, DTE Energy, 313.235.1018
John Dermody, DTE Energy, 313.235.8750
To request an interview or information, please call our newsroom at (313) 235-5555