DETROIT, Feb. 7, 2019 /PRNewswire/ -- DTE Energy
(NYSE:DTE) today reported 2018 earnings of $1.1 billion, or $6.17 per diluted share, compared with
$1.1 billion, or $6.32 per diluted share in 2017.
2018 operating earnings were $1.1
billion, or $6.30 per diluted
share, compared with 2017 operating earnings of $1.0 billion, or $5.59 per diluted share. The 2018 operating
earnings results strongly beat the company's original 2018
guidance. 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 commitment to safety, the environment, customer
satisfaction and our communities contributed to making 2018 a very
successful year. We had one of our safest years on record and
delivered another strong year financially, which positions us for
continued future success," said DTE Chairman and CEO Gerry Anderson.
In addition, the NEXUS Gas Transmission system, a DTE joint
venture, signed an agreement to purchase Generation Pipeline, a
midstream pipeline asset that provides natural gas supply to
Northwest Ohio industrial
customers. Generation Pipeline is an existing 24-inch,
23-mile pipeline with current capacity to deliver 355 million cubic
feet per day of clean-burning natural gas.
"The decision to purchase Generation Pipeline is consistent with
our growth plans for NEXUS and aligns with our commitment to enable
large industrial customers in the region to access clean, low-cost
natural gas," said Anderson.
Additionally, Anderson noted the following accomplishments:
- Led the Midwest in business customer satisfaction.
Ranked highest in customer satisfaction with natural gas business
customers in the Midwest in J.D. Power's 2018 study.
- Placed in the top 3 percent for employee engagement.
Named in the top 3 percent of workplaces worldwide for employee
engagement, as measured by the Gallup Organization. Also, ranked in
the top decile on Indeed's list of 50 Best Places to Work in 2018
among Fortune 500 companies.
- Ranked as one of the country's top corporate citizens by
Points of Light. The only Michigan company 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. Also, recognized as the leading energy company
nationally.
- Earned Wildlife Habitat Council's highest honor.
Received the Corporate Conservation Leadership Award. The award
recognizes overall achievement in conservation efforts, exemplary
corporate commitment to biodiversity and conservation education as
well as meaningful alignments with global conservation
objectives.
- Placed NEXUS gas pipeline into service. NEXUS is a
256-mile pipe that brings low cost gas supply to Michigan from nearby states.
- Committed to double renewable energy capacity by 2022.
New projects, including Pine River Wind Park in mid-Michigan, will drive investments of more than
$1.7 billion in Michigan and double renewable energy capacity
from 1,000 to 2,000 megawatts.
- Certified in ISO 14001. Solidifying DTE as a leader
among utility companies in environmental stewardship. ISO 14001
certifies the reduction of the impact operations have on the
environment.
- Supported job creation with Michigan businesses. Invested $1.7 billion with Michigan-based companies in 2018, exceeding
its commitment to the Pure Michigan Business Connect local supplier
initiative. The company's eight-year effort has supported the
creation of thousands of Michigan
jobs.
DTE reaffirms guidance for 2019
DTE reaffirms 2019 operating EPS guidance of $5.97 - $6.33.
"DTE delivered strong financial results in 2018 at both our
utility and non-utility businesses while continuing significant
investment in reliability and infrastructure improvements," said
Peter Oleksiak, DTE senior vice
president and CFO. "The company is starting the year in a
great position to achieve its financial goals in 2019 as well as
over the longer-term horizon."
This earnings announcement and presentation slides are available
at dteenergy.com/investors.
The company will conduct a conference call to discuss earnings
results at 9 a.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) 254-3590 or international: (323) 994-2093. The
passcode is 2846741. 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 Thursday, February 21. To access the replay, dial
U.S. and Canada toll free (888)
203-1112 or international toll (719) 457-0820 and enter the
passcode 2846741.
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 2.2 million customers
in Southeastern Michigan and a natural gas company
serving 1.3 million customers in Michigan. The DTE portfolio
includes energy businesses focused on natural gas pipelines,
gathering and storage, power and industrial projects, renewable
natural gas, and energy marketing and trading. As an environmental
leader, DTE will reduce carbon dioxide and methane emissions by
more than 80 percent by 2050 to produce cleaner energy while
keeping it safe, reliable and affordable. DTE is committed to being
a force for good in the communities where it serves 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.
Use of Operating Earnings Information - DTE Energy management
believes that operating earnings provide a more meaningful
representation of the company's earnings from ongoing operations
and uses operating earnings as the primary performance measurement
for external communications with analysts and investors.
Internally, DTE Energy uses operating earnings to measure
performance against budget and to report to the Board of
Directors.
In this release, DTE Energy discusses 2019 operating earnings
guidance. It is likely that certain items that impact the company's
2019 reported results will be excluded from operating results.
Reconciliations to the comparable 2019 reported earnings guidance
are not provided because it is not possible to provide a reliable
forecast of specific line items (i.e. future non-recurring items,
certain mark-to-market adjustments and discontinued operations).
These items may fluctuate significantly from period to period and
may have a significant impact on reported earnings.
The information contained herein is as of the date of this
release. DTE Energy expressly disclaims any current intention
to update any forward-looking statements contained in this release
as a result of new information or future events or
developments. Words such as "anticipate," "believe,"
"expect," "may," "could," "projected," "aspiration," "plans" and
"goals" signify forward-looking statements. Forward-looking
statements are not guarantees of future results and conditions but
rather are subject to various assumptions, risks and
uncertainties. This release contains forward-looking
statements about DTE Energy's financial results and estimates of
future prospects, and actual results may differ materially.
Many factors impact forward-looking statements including, but
not limited to, the following: impact of regulation by the EPA, the
FERC, the MPSC, the NRC, and for DTE Energy, the CFTC, as well as
other applicable governmental proceedings and regulations,
including any associated impact on rate structures; the amount and
timing of cost recovery allowed as a result of regulatory
proceedings, related appeals, or new legislation, including
legislative amendments and retail access programs; economic
conditions and population changes in the our geographic area
resulting in changes in demand, customer conservation, and thefts
of electricity and, for DTE Energy, natural gas; the operational
failure of electric or gas distribution systems or infrastructure;
impact of volatility of prices in the oil and gas markets on DTE
Energy's gas storage and pipelines operations; impact of volatility
in prices in the international steel markets on DTE Energy's power
and industrial projects operations; the risk of a major safety
incident; environmental issues, laws, regulations, and the
increasing costs of remediation and compliance, including actual
and potential new federal and state requirements; the cost of
protecting assets against, or damage due to, cyber incidents and
terrorism; health, safety, financial, environmental, and regulatory
risks associated with ownership and operation of nuclear
facilities; volatility in the short-term natural gas storage
markets impacting third-party storage revenues related to DTE
Energy; volatility in commodity markets, deviations in weather, and
related risks impacting the results of DTE Energy's energy trading
operations; changes in the cost and availability of coal and other
raw materials, purchased power, and natural gas; advances in
technology that produce power or reduce power consumption; changes
in the financial condition of significant customers and strategic
partners; the potential for losses on investments, including
nuclear decommissioning and benefit plan assets and the related
increases in future expense and contributions; access to capital
markets and the results of other financing efforts which can be
affected by credit agency ratings; instability in capital markets
which could impact availability of short and long-term financing;
the timing and extent of changes in interest rates; the level of
borrowings; the potential for increased costs or delays in
completion of significant capital projects; changes in, and
application of, federal, state, and local tax laws and their
interpretations, including the Internal Revenue Code, regulations,
rulings, court proceedings, and audits; the effects of weather and
other natural phenomena on operations and sales to customers, and
purchases from suppliers; unplanned outages; employee relations and
the impact of collective bargaining agreements; the availability,
cost, coverage, and terms of insurance and stability of insurance
providers; cost reduction efforts and the maximization of plant and
distribution system performance; the effects of competition;
changes in and application of accounting standards and financial
reporting regulations; changes in federal or state laws and their
interpretation with respect to regulation, energy policy, and other
business issues; contract disputes, binding arbitration,
litigation, and related appeals; and the risks discussed in the
Registrants' public filings with the Securities and Exchange
Commission.
DTE Energy
Company
|
Segment Net Income
(Unaudited)
|
|
|
|
Three Months Ended
December 31,
|
|
2018
|
|
2017
|
|
Reported
Earnings
|
|
Pre-tax
Adjustments
|
|
Income
Taxes*
|
|
Operating
Earnings
|
|
Reported
Earnings
|
|
Pre-tax
Adjustments
|
|
Income
Taxes*
|
|
Operating
Earnings
|
|
(In
millions)
|
DTE
Electric
|
$
|
56
|
|
|
$
|
6
|
|
A
|
|
$
|
(2)
|
|
|
|
$
|
60
|
|
|
$
|
143
|
|
|
$
|
—
|
|
|
|
$
|
(5)
|
|
D
|
|
$
|
141
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
5
|
|
E
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTE
Gas
|
62
|
|
|
—
|
|
|
|
—
|
|
|
|
62
|
|
|
53
|
|
|
2
|
|
E
|
|
(1)
|
|
|
|
54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-utility
operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Storage and
Pipelines
|
47
|
|
|
—
|
|
|
|
—
|
|
|
|
47
|
|
|
154
|
|
|
—
|
|
|
|
(115)
|
|
D
|
|
39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power and
Industrial
Projects
|
15
|
|
|
—
|
|
|
|
—
|
|
|
|
15
|
|
|
34
|
|
|
—
|
|
|
|
(21)
|
|
D
|
|
20
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
12
|
|
F
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy
Trading
|
26
|
|
|
(13)
|
|
B
|
|
3
|
|
|
|
16
|
|
|
(25)
|
|
|
51
|
|
B
|
|
(20)
|
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
2
|
|
D
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-utility
operations
|
88
|
|
|
(13)
|
|
|
|
3
|
|
|
|
78
|
|
|
163
|
|
|
63
|
|
|
|
(159)
|
|
|
|
67
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and
Other
|
(15)
|
|
|
—
|
|
|
|
(20)
|
|
C
|
|
(35)
|
|
|
(72)
|
|
|
—
|
|
|
|
34
|
|
D
|
|
(38)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
Attributable
to DTE Energy Company
|
$
|
191
|
|
|
$
|
(7)
|
|
|
|
$
|
(19)
|
|
|
|
$
|
165
|
|
|
$
|
287
|
|
|
$
|
70
|
|
|
|
$
|
(133)
|
|
|
|
$
|
224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Excluding
tax related adjustments, the amount of income taxes was calculated
using a combined federal and state income tax rate of 27% for the
three months ended December 31, 2018 and combined federal and state
income tax rate of 41% for the three months ended December 31,
2017.
|
Adjustments
key
|
A)
|
One-time benefits
expense reimbursement, net of customer sharing — recorded in
Operating Expenses — Operation and maintenance
|
B)
|
Certain adjustments
resulting from derivatives being marked-to-market without revaluing
the underlying non-derivative contracts and assets — recorded in
Operating Expenses —Fuel, purchased power, and gas —
non-utility
|
C)
|
True-up of
remeasurement of deferred taxes as a result of the enactment of the
Tax Cuts and Jobs Act of 2017 — recorded in Income Tax
Expense
|
D)
|
Remeasurement of
deferred taxes as a result of the enactment of the Tax Cuts and
Jobs Act of 2017 — recorded in Income Tax Expense
(Benefit)
|
E)
|
Implementation costs
related to a new customer billing system, net of authorized
regulatory deferral — recorded in Operating Expenses — Operation
and maintenance
|
F)
|
Impairment of assets
at a reduced emission fuel facility due to a third party plant
closure expected to occur in the second quarter of 2018 —
recorded in Operating Expenses — Asset (gains) losses and
impairments, net
|
DTE Energy
Company
|
Segment Diluted
Earnings Per Share (Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
2018
|
|
2017
|
|
Reported
Earnings
|
|
Pre-tax
Adjustments
|
|
Income
Taxes*
|
|
Operating
Earnings
|
|
Reported
Earnings
|
|
Pre-tax
Adjustments
|
|
Income
Taxes*
|
|
Operating
Earnings
|
|
(In
millions)
|
DTE
Electric
|
$
|
0.30
|
|
|
$
|
0.03
|
|
A
|
|
$
|
(0.01)
|
|
|
|
$
|
0.32
|
|
|
$
|
0.80
|
|
|
$
|
—
|
|
|
|
$
|
(0.03)
|
|
D
|
|
$
|
0.79
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
0.03
|
|
E
|
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTE
Gas
|
0.34
|
|
|
—
|
|
|
|
—
|
|
|
|
0.34
|
|
|
0.30
|
|
|
0.01
|
|
E
|
|
—
|
|
|
|
0.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-utility
operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Storage and
Pipelines
|
0.26
|
|
|
—
|
|
|
|
—
|
|
|
|
0.26
|
|
|
0.86
|
|
|
—
|
|
|
|
(0.64)
|
|
D
|
|
0.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power and
Industrial
Projects
|
0.08
|
|
|
—
|
|
|
|
—
|
|
|
|
0.08
|
|
|
0.19
|
|
|
—
|
|
|
|
(0.12)
|
|
D
|
|
0.11
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
0.07
|
|
F
|
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy
Trading
|
0.15
|
|
|
(0.07)
|
|
B
|
|
0.02
|
|
|
|
0.10
|
|
|
(0.14)
|
|
|
0.29
|
|
B
|
|
(0.12)
|
|
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
0.01
|
|
D
|
|
|
Total Non-utility
operations
|
0.49
|
|
|
(0.07)
|
|
|
|
0.02
|
|
|
|
0.44
|
|
|
0.91
|
|
|
0.36
|
|
|
|
(0.90)
|
|
|
|
0.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and
Other
|
(0.08)
|
|
|
—
|
|
|
|
(0.11)
|
|
C
|
|
(0.19)
|
|
|
(0.41)
|
|
|
—
|
|
|
|
0.20
|
|
D
|
|
(0.21)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
Attributable
to DTE Energy Company
|
$
|
1.05
|
|
|
$
|
(0.04)
|
|
|
|
$
|
(0.10)
|
|
|
|
$
|
0.91
|
|
|
$
|
1.60
|
|
|
$
|
0.40
|
|
|
|
$
|
(0.74)
|
|
|
|
$
|
1.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Excluding
tax related adjustments, the amount of income taxes was calculated
using a combined federal and state income tax rate of 27% for the
three months ended December 31, 2018 and combined federal and state
income tax rate of 41% for the three months ended December 31,
2017.
|
|
(1) Per share
amounts for the adjustments are based on the after-tax effect for
each item, divided by the diluted weighted average common shares
outstanding, as noted on the Consolidated Statements of Operations
(Unaudited)
|
|
|
|
|
|
|
|
Adjustments
key — see previous page
|
|
|
|
|
|
|
DTE Energy
Company
|
Segment Net Income
(Unaudited)
|
|
|
|
Year Ended
December 31,
|
|
2018
|
|
2017
|
|
Reported
Earnings
|
|
Pre-tax
Adjustments
|
|
Income
Taxes*
|
|
Operating
Earnings
|
|
Reported
Earnings
|
|
Pre-tax
Adjustments
|
|
Income
Taxes*
|
|
Operating
Earnings
|
|
(In
millions)
|
DTE
Electric
|
$
|
664
|
|
|
$
|
—
|
|
|
|
$
|
7
|
|
A
|
|
$
|
669
|
|
|
$
|
606
|
|
|
$
|
16
|
|
F
|
|
$
|
(6)
|
|
|
|
$
|
617
|
|
|
|
|
2
|
|
B
|
|
(1)
|
|
|
|
|
|
|
|
10
|
|
B
|
|
(4)
|
|
|
|
|
|
|
|
(4)
|
|
C
|
|
1
|
|
|
|
|
|
|
|
|
|
|
(5)
|
|
G
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTE
Gas
|
150
|
|
|
—
|
|
|
|
10
|
|
A
|
|
159
|
|
|
146
|
|
|
5
|
|
B
|
|
(2)
|
|
|
|
149
|
|
|
|
|
1
|
|
B
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
|
C
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-utility
operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Storage and
Pipelines
|
235
|
|
|
—
|
|
|
|
(2)
|
|
A
|
|
233
|
|
|
275
|
|
|
—
|
|
|
|
(115)
|
|
G
|
|
160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power and
Industrial
Projects
|
161
|
|
|
—
|
|
|
|
(1)
|
|
A
|
|
163
|
|
|
138
|
|
|
—
|
|
|
|
(21)
|
|
G
|
|
124
|
|
|
|
|
(4)
|
|
C
|
|
1
|
|
|
|
|
|
|
|
12
|
|
H
|
|
(5)
|
|
|
|
|
|
|
|
8
|
|
D
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy
Trading
|
39
|
|
|
1
|
|
E
|
|
—
|
|
|
|
40
|
|
|
72
|
|
|
(88)
|
|
E
|
|
34
|
|
|
|
20
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
2
|
|
G
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-utility
operations
|
435
|
|
|
5
|
|
|
|
(4)
|
|
|
|
436
|
|
|
485
|
|
|
(76)
|
|
|
|
(105)
|
|
|
|
304
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and
Other
|
(129)
|
|
|
—
|
|
|
|
7
|
|
A
|
|
(122)
|
|
|
(103)
|
|
|
—
|
|
|
|
34
|
|
G
|
|
(69)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
Attributable
to DTE Energy Company
|
$
|
1,120
|
|
|
$
|
1
|
|
|
|
$
|
21
|
|
|
|
$
|
1,142
|
|
|
$
|
1,134
|
|
|
$
|
(45)
|
|
|
|
$
|
(88)
|
|
|
|
$
|
1,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Excluding
tax related adjustments, the amount of income taxes was calculated
using a combined federal and state income tax rate of 27% for the
year ended December 31, 2018 and combined federal and state income
tax rate of 41% for the year ended December 31, 2017.
|
Adjustments
key
|
A)
|
True-up of
remeasurement of deferred taxes as a result of the enactment of the
Tax Cuts and Jobs Act of 2017 — recorded in Income Tax
Expense
|
B)
|
Implementation costs
related to a new customer billing system, net of authorized
regulatory deferral — recorded in Operating Expenses — Operation
and maintenance
|
C)
|
One-time benefits
expense reimbursement, net of customer sharing — recorded in
Operating Expenses — Operation and maintenance
|
D)
|
Asset impairment at a
renewable power generating facility — recorded in Operating
Expenses — Asset (gains) losses and impairments, net
|
E)
|
Certain adjustments
resulting from derivatives being marked-to-market without revaluing
the underlying non-derivative contracts and assets — recorded in
Operating Expenses — Fuel, purchased power, and gas —
non-utility
|
F)
|
MPSC disallowance of
power supply recovery costs related to customer settlement —
recorded in Operating Revenues — Utility operations and Other
(Income) and Deductions — Interest Expense
|
G)
|
Remeasurement of
deferred taxes as a result of the enactment of the Tax Cuts and
Jobs Act of 2017 — recorded in Income Tax Expense
(Benefit)
|
H)
|
Impairment of assets
at a reduced emission fuel facility due to a third party plant
closure expected to occur in the second quarter of 2018 —
recorded in Operating Expenses — Asset (gains) losses and
impairments, net
|
DTE Energy
Company
|
Segment Diluted
Earnings Per Share (Unaudited)
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
2018
|
|
2017
|
|
Reported
Earnings
|
|
Pre-tax
Adjustments
|
|
Income
Taxes*
|
|
Operating
Earnings
|
|
Reported
Earnings
|
|
Pre-tax
Adjustments
|
|
Income
Taxes*
|
|
Operating
Earnings
|
|
(In
millions)
|
DTE
Electric
|
$
|
3.66
|
|
|
$
|
—
|
|
|
|
$
|
0.04
|
|
A
|
|
$
|
3.69
|
|
|
$
|
3.38
|
|
|
$
|
0.09
|
|
F
|
|
$
|
(0.03)
|
|
|
|
$
|
3.44
|
|
|
|
|
0.02
|
|
B
|
|
(0.01)
|
|
|
|
|
|
|
|
0.05
|
|
B
|
|
(0.02)
|
|
|
|
|
|
|
|
(0.03)
|
|
C
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
(0.03)
|
|
G
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTE
Gas
|
0.83
|
|
|
—
|
|
|
|
0.06
|
|
A
|
|
0.89
|
|
|
0.81
|
|
|
0.03
|
|
B
|
|
(0.01)
|
|
|
|
0.83
|
|
|
|
|
0.01
|
|
B
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.02)
|
|
C
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-utility
operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Storage and
Pipelines
|
1.30
|
|
|
—
|
|
|
|
(0.01)
|
|
A
|
|
1.29
|
|
|
1.53
|
|
|
—
|
|
|
|
(0.64)
|
|
G
|
|
0.89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power and
Industrial
Projects
|
0.89
|
|
|
—
|
|
|
|
(0.01)
|
|
A
|
|
0.89
|
|
|
0.77
|
|
|
—
|
|
|
|
(0.12)
|
|
G
|
|
0.69
|
|
|
|
|
(0.03)
|
|
C
|
|
0.01
|
|
|
|
|
|
|
|
0.07
|
|
H
|
|
(0.03)
|
|
|
|
|
|
|
|
0.04
|
|
D
|
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy
Trading
|
0.22
|
|
|
0.01
|
|
E
|
|
—
|
|
|
|
0.23
|
|
|
0.40
|
|
|
(0.49)
|
|
E
|
|
0.19
|
|
|
|
0.11
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
0.01
|
|
G
|
|
|
Total Non-utility
operations
|
2.41
|
|
|
0.02
|
|
|
|
(0.02)
|
|
|
|
2.41
|
|
|
2.70
|
|
|
(0.42)
|
|
|
|
(0.59)
|
|
|
|
1.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and
Other
|
(0.73)
|
|
|
—
|
|
|
|
0.04
|
|
A
|
|
(0.69)
|
|
|
(0.57)
|
|
|
—
|
|
|
|
0.20
|
|
G
|
|
(0.37)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
Attributable
to DTE Energy Company
|
$
|
6.17
|
|
|
$
|
—
|
|
|
|
$
|
0.13
|
|
|
|
$
|
6.30
|
|
|
$
|
6.32
|
|
|
$
|
(0.25)
|
|
|
|
$
|
(0.48)
|
|
|
|
$
|
5.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Excluding tax
related adjustments, the amount of income taxes was calculated
using a combined federal and state income tax rate of 27% for the
year ended December 31, 2018 and combined federal and state income
tax rate of 41% for the year ended December 31, 2017.
|
|
(1) Per share
amounts for the adjustments are based on the after-tax effect for
each item, divided by the diluted weighted average common shares
outstanding, as noted on the Consolidated Statements of Operations
(Unaudited)
|
|
|
|
|
|
|
|
Adjustments
key — see previous page
|
|
|
|
|
|
|
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SOURCE DTE Energy