DTE Energy Co. (DTE) reported sales that missed expectations, while earnings per share were in-line with the Street’s view.
The Michigan-based energy company said it expects 2010 operating earnings in the range of $3.35 to $3.75 a share, in-line with analyst expectations for $3.41 a share, according to a poll by Thomson Reuters.
For the fourth quarter, the company reported earnings fell to $120 million or 72 cents a share, compared to profit of $129 million or 79 cents a share one year ago.
Revenue fell to $2.12 billion, compared to year-ago sales of $2.17 billion. Analysts had projected earnings of 72 cents a share on revenue of $2.54 billion.
"During 2010 our focus on continuous improvement will allow us to efficiently invest capital to meet renewable and environmental regulations,” said Anthony F. Earley Jr., DTE Energy chairman and CEO, in a statement. These investments will be a catalyst for bringing new jobs to Michigan while ensuring clean, reliable and affordable energy for our customers."
Shares of DTE rose 2 cents or 0.04% to close Monday’s session at $44.62 a share; the stock was up another 38 cents in after-hours trading.