DTE Energy (DTE) has reported a 63.75 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $131 million, or $0.73 a share in the quarter, compared with $80 million, or $0.45 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $144 million, or $0.81 a share compared with $180 million or $1.01 a share, a year ago. Revenue during the quarter grew 15.56 percent to $2,874 million from $2,487 million in the previous year period. Gross margin for the quarter expanded 52 basis points over the previous year period to 47.08 percent. Total expenses were 89.53 percent of quarterly revenues, down from 94.61 percent for the same period last year. This has led to an improvement of 509 basis points in operating margin to 10.47 percent.
Operating income for the quarter was $301 million, compared with $134 million in the previous year period.
"2016 was a great year for DTE. We had solid financial performance and made significant progress on many other fronts. Legislation was passed that secures Michigan’s energy future, we had the safest year in our more than 150-year history, and we added a major new acquisition to our Gas Storage & Pipelines business. These events are significant for our company, our customers and our state’s future," said Gerry Anderson, DTE Energy chairman and chief executive officer.
For financial year 2017, DTE Energy projects diluted earnings per share to be in the range of $5.15 to $5.46.
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