(Reuters) – Utility firm DTE Energy forecast higher operating profit for 2024 on Friday, as it expects strong revenue from its electric, gas, renewable energy and energy trading business segments next year.
The company expects its full-year operating earnings per share (EPS) for 2024 to be in the range of $6.54 to $6.83.
DTE Energy cut its 2023 operating EPS outlook to between $5.65 and $5.85 from $6.09 to $6.40 on storm-related expenses and operating and maintenance charges in the previous quarter.
The company also said it intended to increase its five year utility capital spend investment by $2 billion to approximately $25 billion.
The Detroit, Michigan-based firm had previously announced plans to retire its coal plants by 2032 and invest $11 billion towards a transition to clean energy, as U.S. utility companies take steps to reduce fossil fuel use and cut greenhouse gas emissions from operations.
DTE beat Street profit estimates for the first two quarters before the impact of thunderstorms in key operating region Michigan and weak electricity demand resulted in a miss in the third quarter.
(Reporting by Kabir Dweit; Editing by Krishna Chandra Eluri)
