DETROIT – DTE Energy Monday reported second quarter 2014 earnings 22 percent higher than the same quarter a year ago.
The energy conglomerate reported earnings of $124 million, or $0.70 per diluted share, compared with $105 million, or $0.60 per diluted share in 2013.
Operating earnings for the second quarter 2014 were $128 million, or $0.73 per diluted share, compared with 2013 operating earnings of $109 million, or $0.62 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 at the end of this news release.
Reported earnings for the first six months ended June 30, 2014 were $450 million, or $2.54 per diluted share, versus $339 million, or $1.94 per diluted share, in 2013. Year-to-date operating earnings were $428 million, or $2.42 per diluted share, compared with $343 million, or $1.96 per diluted share, in 2013.
“Our financial performance for the first six months of 2014 has provided a solid foundation for achieving our financial goals for the year,” said Gerard M. Anderson, DTE Energy chairman and CEO.
Anderson noted that many of DTE Energy’s customers were affected by early July storms.
DTE Energy has had five consecutive years of 5 percent to 6 percent annual dividend increases, consistent with the company’s long-term earnings growth targets.
