DTE Energy Co. booked $224 million, or $1.26 per share, in fourth-quarter 2017 operating earnings, beating the S&P Capital IQ consensus normalized EPS of $1.19. The result compares to operating earnings of $144 million, or 81 cents per share, for the same quarter of 2016.
DTE Electric Co. contributed $141 million, or 79 cents per share, toward fourth-quarter operating earnings, up from $75 million, or 42 cents per share, for prior-year period. DTE Gas Co.'s contribution increased to $54 million, or 31 cents per share, from $42 million, or 23 cents per share, a year earlier, results released Feb. 16 showed.
Fourth-quarter operating earnings at DTE Energy's nonutility operations rose to $67 million, or 37 cents per share, in 2017, from $55 million, or 31 cents per share, in 2016. The nonutility operations comprise the gas storage and pipelines, power and industrial projects and energy trading businesses.
DTE Energy's fourth-quarter net income attributable to the company surged to $287 million, or $1.60 per share, from $131 million, or 73 cents per share, in the corresponding quarter of 2016, driven by strong results at the nonutility businesses.
On a full-year basis, DTE Energy's 2017 operating earnings rose to $1.0 billion, or $5.59 per share, from $948 million, or $5.28 per share, a year earlier. The S&P Capital IQ consensus normalized EPS estimate for 2017 was $5.53.
DTE Energy recorded 2017 net income attributable to the company of $1.13 billion, or $6.32 per share, compared with $868 million, or $4.83 per share, in 2016.
"DTE delivered strong 2017 financial results at both regulated and non-regulated businesses while continuing significant investment in reliability and infrastructure and we are in a great position to achieve our financial goals in 2018," said Peter Oleksiak, DTE Energy senior vice president and CFO.
The company raised its full-year 2018 operating EPS to a range of $5.57 to $5.99 from $5.48 to $5.88, as a result of the impact of the federal tax reform.