UPDATE: DTE Energy Posts Downbeat Q2 Earnings, Revenue Beats View

DTE Energy

reported weaker-than-expected profit for the second quarter. The Detroit, Michigan-based company posted a quarterly profit of $124 million, or $0.70 per share, up from $105 million, or $0.60 per share, in the year-ago period. Its operating earnings rose to $128 million, or $0.73 per share, versus $109 million, or $0.62 per share. Its operating revenue climbed 21% to $2.7 billion. However, analysts were expecting earnings of $0.76 per share on revenue of $2.3 billion. DTE Energy's earnings from electric utility rose to $0.73 per share from $0.51 per share, while gas utility posted a loss of $0.02 per share versus a year-ago profit of $0.05 per share. Gerard M. Anderson, DTE Energy chairman and CEO said, "Our financial performance for the first six months of 2014 has provided a solid foundation for achieving our financial goals for the year." DTE also reaffirmed its operating earnings forecast of $4.20 to $4.40 per share for the year. DTE Energy shares gained 0.90% to close at $77.26 yesterday.