DTE Energy posts lower Q4 profit

 @ibtimes
on February 22 2010 6:44 PM

* Q4 shr $0.72 in-line with estimate

STOCKS | ENERGY

* Q4 oper revenue down 2 pct

* Sees FY2010 oper EPS $3.35-$3.75

Feb 23 - Power company DTE Inc (DTE.N) reported fourth-quarter profit in line with estimates and forecast an operating earnings range that was largely above market expectations.

For the quarter, the company's net income was $120 million, or 72 cents a share, compared with $129 million, or 79 cents a share, a year earlier.

Operating revenue fell 2 percent to $2.12 billion.

Analysts were expecting DTE to earn 72 cents a share on revenue of $2.54 billion, according to Thomson Reuters I/B/E/S.

Operating earnings were affected by lower sales volumes at the company's Detroit Edison unit due to economy and weather, coupled with the timing of maintenance activities and higher benefit expenses.

For 2010, DTE forecast operating earnings of $3.35 to $3.75 per share. Analysts are looking at $3.41 per share profit for 2010.

We continue to target long-term average annual operating earnings per share growth of 5 percent to 6 percent, the company said.

Shares of DTE closed at $44.62 Monday on the New York Stock Exchange.

For the alerts, please double click [ID:nWNAB0263] (Reporting by Arup Roychoudhury in Bangalore; Editing by Anil D'Silva)

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