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DTE Energy Company Reports Operating Results (10-K)

February 16, 2012 | About:

DTE Energy Company (NYSE:DTE) filed Annual Report for the period ended 2011-12-31.

Dte Energy Company has a market cap of $9.13 billion; its shares were traded at around $54 with a P/E ratio of 14.5 and P/S ratio of 1.1. The dividend yield of Dte Energy Company stocks is 4.4%. Dte Energy Company had an annual average earning growth of 4.7% over the past 10 years.

Highlight of Business Operations:

The increase in 2011 Net income attributable to DTE Energy as compared to 2010 was driven by higher earnings in Energy Trading, partially offset by lower earnings in the Electric and Gas Utilities and in the Power and Industrial Projects segment. The 2011 increase is also due to an income tax benefit of $87 million in the Corporate and Other segment related to the enactment of the MCIT in the second quarter of 2011. The increase in 2010 Net income attributable to DTE Energy as compared to 2009 was primarily due to improved results in the Electric and Gas Utilities and in the Power and Industrial Projects segment, partially offset by lower earnings in Energy Trading.

Net income attributable to DTE Energy increased $6 million and $2 million in 2011 and 2010, respectively. The 2011 increase was primarily driven by earnings from subsidiaries that were transferred from Gas Utility, increased earnings from our pipeline equity investments, and a settlement for customer gas treating services performed in prior years. The 2010 increase was driven by higher gas storage revenues and lower project development costs.

Outlook — The Company has constructed and placed in service nine reduced emission fuel facilities. The Company has sold a membership interest in two of these facilities that are located at the Detroit Edison sites. Additionally, the Company has constructed two facilities located at third party owned coal-fired power plants. We continue to optimize these facilities by seeking tax investors for facilities operating at Detroit Edison and other utility sites. Additionally, we intend to relocate four underutilized facilities, located at Detroit Edison sites, to alternative coal-fired power plants which may provide increased production and emission reduction opportunities in 2012 and future years. The executed and planned sales of membership interests in the reduced emission fuel facilities represent, in substance, the sale of production tax credits. The proceeds from these sales are expected to be received by the Company on an installment basis, and the Company will recognize the related income as production tax credits are generated by the respective facilities.

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