DTE Energy Posts Lower Q4 Profit

23 February 2010 (Last Updated February 23rd, 2010 18:30)

Power company DTE has reported fourth-quarter profit in line with estimates, with a net income of $120m in the fourth quarter of last year, compared with $129m in the same quarter in 2008. The operating revenue of the firm went down by 2% to $2.12bn in the fourth quarter. Oper

Power company DTE has reported fourth-quarter profit in line with estimates, with a net income of $120m in the fourth quarter of last year, compared with $129m in the same quarter in 2008.

The operating revenue of the firm went down by 2% to $2.12bn in the fourth quarter.

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

Operating earnings for 2009 was reported at $543m compared with $471m the previous year.

DTE Energy reported 2009 earnings of $532m, compared with $546m in 2008.

DTE Energy executive vice president and chief financial officer David E Meador said the firm continues to target long-term average annual operating EPS growth of up to 6%.