Jul 28, 2022

DTE Energy reports strong second quarter 2022 results, raises guidance

by DTE Energy

• Year-to-date performance ahead of plan; raising guidance
• Placed Blue Water Energy Center into commercial operation
• Ranked among top corporate citizens in nation
• Earned 2022 Energy Star Excellence award in Energy Efficiency
• Awarded $1.25 million in grants to MI organizations advancing critical education and employment programs

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:

• Placed Blue Water Energy Center into commercial operation: Completed on time and on budget, the natural gas plant provides cleaner, reliable, affordable power for 850,000 homes and is DTE’s largest step in reducing carbon emissions to date. The combination of investments in power generation assets that can run 24/7, plus the expansion of renewables, has helped DTE achieve a 30 percent reduction in carbon emissions from 2005 levels.
• Ranked as one of the country's top corporate citizens by Points of Light: Marking the fifth consecutive year earning this high distinction, DTE was named to the Civic 50– the top 50 companies nationwide in corporate citizenship – by Points of Light, the world's largest organization dedicated to volunteer service. DTE was also recognized as the leading utility sector company nationally.
• Earned 2022 Energy Star Excellence in Energy Efficiency award: This award is the highest level of Environmental Protection Agency recognition, honoring corporate energy management programs that demonstrate organization-wide savings, best practices, and the benefits of ENERGY STAR.
• Awarded $1.25 million in grants to Michigan organizations – The DTE Energy Foundation awarded $1.25 million in grants to four Michigan organizations committed to advancing critical education and employment programs that benefit Michigan students and residents. The grant recipients include the Michigan Hispanic Collaborative, Cranbrook Institute of Science, FIRST in Michigan and Inforum Michigan.
• Earned Best Employers Excellence and Health and Well-being award: This award from the Business Group on Health honors the importance of health equity and reflects the evolution of holistic well-being approaches, including mental health, financial security, physical health and job satisfaction.
• Earned Best Corporation for Women’s Business Enterprises: The Women’s Business Enterprise National Council honors those corporations who have demonstrated a sustained commitment to the inclusion of women-owned businesses in their supply chains.

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