DTE blames lower 1Q profit on mild winter weather

DETROIT (AP) -- DTE Energy Co. said last Friday that mild winter weather held down demand for heating energy and its first-quarter earnings fell 11 percent, missing expectations.

The company, based in Detroit, operates the Detroit Edison electric utility, which serves 2.1 million customers, natural gas utility MichCon and an energy-trading business.

Net income was $156 million, or 91 cents per share, compared with $176 million, or $1.04 per share, a year earlier.

Revenue fell 7 percent to $2.25 billion.

Analysts expected earnings of $1.08 per share on $2.43 billion, according to FactSet.

"The extremely warm weather this winter translated into lower heating bills for customers. At the same time, it created clear challenges for us," said David E. Meador, DTE's chief financial officer.

DTE left unchanged its forecast of full-year operating earnings between $3.65 and $3.95 per share. Analysts expect $3.78 per share.

Published: Tue, May 1, 2012