DTE Energy 2nd-quarter profit increases 18 percent, misses forecast

MarketsAssociated Press

DTE Energy Co. (DTE) on 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.

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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

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Keywords:DTE Energy,Earnings Report