DTE Energy Co.raised its full-year 2016 operating EPS guidance to $4.91 to $5.19 from$4.80 to $5.05 afterreporting a year-over-year increase in second-quarter operating earnings.
"We feel confident in raising our 2016 earningsguidance from a midpoint of $4.93 to $5.05 per share based on our strongongoing performance," DTE Energy Senior Vice President and CFO Peter Oleksiaksaid in the company's July 26 earnings release.
The company booked $177 million, or 98 cents per share, insecond quarter 2016, compared with $137 million, or 76 cents per share, in thecorresponding quarter of 2015. The result also beats the second-quarter S&PCapital IQ consensus estimate for normalized EPS of 89 cents.
DTE ElectricCo. reported second-quarter operating earnings of $135 million, or75 cents per share, compared with $111 million, or 62 cents per share, in thesame quarter of 2015. DTE Gas Co.posted second-quarter operating earnings of $13 million, or 7 cents per share,compared with an operating loss of $7 million, or a loss of 4 cents per share, inthe year-ago period.
DTE Energy's non-utility operations contributed $52 million,or 29 cents per share, toward second-quarter 2016 operating earnings, up from$46 million, or 25 cents per share, in the second quarter of 2015.
Operating revenues for the quarter were flat year over yearat $2.26 billion, while operating income increased $52 million year over yearto $256 million.
On a GAAP basis, DTE Energy posted net income attributableto the company of $152 million, or 84 cents per share, compared with $109million, or 61 cents per share, a year ago.