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DTE Energy(DTE) - 2024 Q4 - Annual Results
DTEDTE Energy(DTE)2025-02-28 21:15

Financial Performance - DTE Energy reported 2024 earnings of 1.4billion,or1.4 billion, or 6.77 per diluted share, compared to 1.4billion,or1.4 billion, or 6.76 per diluted share in 2023[3]. - Operating earnings for 2024 were 1.4billion,or1.4 billion, or 6.83 per diluted share, up from 1.2billion,or1.2 billion, or 5.73 per diluted share in 2023[3]. - DTE Energy Company's net income attributable to the company for Q4 2024 was 292million,comparedto292 million, compared to 314 million in Q4 2023, reflecting a decrease of 7%[15]. - The diluted earnings per share for Q4 2024 was 1.41,downfrom1.41, down from 1.51 in Q4 2023, representing a decline of 7%[17]. - For the full year 2024, net income attributable to DTE Energy Company was 1.404billion,aslightincreasefrom1.404 billion, a slight increase from 1.397 billion in 2023, reflecting a growth of 0.5%[20]. - The diluted earnings per share for the full year 2024 was 6.77,comparedto6.77, compared to 6.76 in 2023, showing a marginal increase of 0.1%[22]. Infrastructure Investment - The company invested a record 4billioninutilityinfrastructurein2024,resultinginanearly704 billion in utility infrastructure in 2024, resulting in a nearly 70% reduction in time spent without power for customers[2][4]. - DTE Electric invested over 2.5 billion in infrastructure improvements and 1.1billionincleanergenerationin2024[2].−DTEGasinvested1.1 billion in cleaner generation in 2024[2]. - DTE Gas invested 740 million to upgrade its natural gas system and expand service to rural communities[2]. - The company invested a record 3.3billioninlocalbusinessesin2024,creatingandsustainingnearly14,000jobsacrossMichigan[5][7].RenewableEnergyInitiatives−DTE′sinitiativesaimtoachievenetzerocarbonemissionsby2050andmeetMichigan′srenewableenergystandardof603.3 billion in local businesses in 2024, creating and sustaining nearly 14,000 jobs across Michigan[5][7]. Renewable Energy Initiatives - DTE's initiatives aim to achieve net zero carbon emissions by 2050 and meet Michigan's renewable energy standard of 60% by 2035[6]. - DTE launched its largest solar park, Sauk Solar, a 150-megawatt facility capable of powering approximately 40,000 homes[6]. Segment Performance - The DTE Electric segment reported operating earnings of 195 million in Q4 2024, a decrease from 244millioninQ42023,indicatingadeclineof20244 million in Q4 2023, indicating a decline of 20%[15]. - The DTE Gas segment maintained consistent operating earnings of 104 million for both Q4 2024 and Q4 2023[15]. - The DTE Vantage segment's operating earnings for the full year 2024 were 133million,downfrom133 million, down from 153 million in 2023, a decrease of 13%[20]. - The Energy Trading segment reported a significant drop in operating earnings from 336millionin2023to336 million in 2023 to 100 million in 2024, a decline of 70%[20]. Future Outlook - DTE Energy's 2025 operating EPS guidance is set at 7.09−7.09 - 7.23[8]. - DTE Energy Company plans to continue focusing on market expansion and new technology development to enhance operational efficiency and profitability[15]. Customer Support - The company provided 144millioninenergyassistancetovulnerablecustomers,connectingthemtoover144 million in energy assistance to vulnerable customers, connecting them to over 660 million in financial aid over the last five years[6]. Operational Changes - The company has implemented a voluntary separation incentive program, which resulted in one-time costs impacting operating expenses[21].