DTE Energy second quarter profit climbs 18 percent

DETROIT (AP) - DTE Energy Co. (DTE) last Friday reported net income that increased by 18 percent in its second quarter, and fell short of analysts' expectations. The Detroit-based company said earnings increased to $124 million, or 70 cents per share, from $105 million, or 60 cents per share, in the same quarter a year earlier. Earnings, adjusted for non-recurring costs, were 73 cents per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of 77 cents. The company said revenue rose 21 percent to $2.7 billion from $2.23 billion in the same quarter a year earlier, and beat Wall Street forecasts. Analysts expected $2.33 billion, according to Zacks. DTE Energy shares have climbed $10.87, or 16 percent, to $77.26 since the beginning of the year, while the Standard & Poor's 500 index has climbed 7.6 percent. The stock has risen $7.24, or 10 percent, in the last 12 months. -------- This story was generated automatically by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Full DTE report: http://www.zacks.com/ap/DTE Published: Tue, Jul 29, 2014