DTE Energy Co

DTE

Equity

ISIN US2333311072 / Valor 370527

New York Stock Exchange, Inc (2024-12-26)

USD 121.09+0.27%

DTE Energy Co
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About company

DTE Energy Co, headquartered in Detroit, is a multifaceted energy corporation engaged in the development and management of energy-related businesses and services across the United States. The company's core operations are divided into two primary units: DTE Electric and DTE Gas. DTE Electric is responsible for generating, transmitting, and distributing electricity to approximately 2.3 million customers in Southeast Michigan, utilizing a diverse mix of energy sources including coal, nuclear fuel, natural gas, hydroelectric pumped storage, and renewable sources. On the other hand, DTE Gas focuses on the purchase, storage, transmission, distribution, and sale of natural gas, serving around 1.3 million customers in Michigan. The company boasts significant natural gas storage capacity, underlining its prominence in the state's energy sector. Beyond its utility operations, DTE Energy has expanded into non-utility businesses, which include industrial energy services, renewable natural gas, and energy marketing and trading. With a history dating back to its founding years in the late 19th and early 20th centuries, DTE Energy has grown into one of Michigan's leading corporate citizens, employing over 10,000 individuals and playing a pivotal role in the economic and community development of the 450 Michigan communities it serves.

Summarized from source with an LLMView SourceSector: Energy

Third Quarter Earnings

DTE Energy Co reported third quarter 2024 earnings of $477 million, or $2.30 per diluted share. This marks an increase from the $332 million, or $1.61 per diluted share, reported in the same quarter of 2023. The company attributes this growth to strategic investments and operational improvements.

Operating Earnings

For the third quarter of 2024, DTE Energy Co's operating earnings were $460 million, or $2.22 per diluted share. This is a significant rise compared to the 2023 operating earnings of $298 million, or $1.44 per diluted share. Operating earnings exclude non-recurring items and certain adjustments, providing a clearer picture of ongoing operations.

Investment in Infrastructure

In 2024, DTE Energy Co has invested over $3 billion and is on track to exceed $4 billion by year-end. These investments are focused on building a more resilient electric grid, transitioning to cleaner energy sources, and enhancing natural gas infrastructure for improved safety and reliability.

Renewable Energy Initiatives

During the third quarter of 2024, DTE Energy Co began construction on three new solar parks, funded by the MIGreenPower program. These projects are part of the company's commitment to achieving net zero carbon emissions and supporting Michigan's clean energy goals.

2024 Financial Outlook

DTE Energy Co has confirmed its 2024 operating EPS guidance of $6.54 to $6.83. The company remains confident in meeting its financial targets while continuing to invest in infrastructure improvements to enhance energy production and delivery for its customers.

Summarized from source with an LLMView Source

Key figures

9.91%1Y

3.66%3Y

10.8%5Y

Performance

18.6%1Y

20.2%3Y

27.6%5Y

Volatility