DETROIT (AP) — DTE Energy Co. said Friday that its profit rose 12.3 percent in the third quarter on strong results from its energy trading business.
The Detroit power company reported earnings of $183 million, or $1.07 per share, for the three months ended Sept. 30. That compares with $163 million, or 96 cents per share, for the same part of last year. Revenue increased 5.9 percent to $2.27 billion.
Analysts were expecting earnings of $1 per share, according to FactSet.
DTE includes The Detroit Edison Co., which delivers power to about 2.1 million customers in southeastern Michigan, and Michigan Consolidated Gas Co., which provides natural gas to about 1.2 million customers throughout Michigan.
The company said income fell 4.8 percent at its electric utility business and losses widened in its natural gas utility business. However, DTE's energy trading business, which manages pipelines, power transmission, power generation and natural gas storage houses, reported earnings of $22 million in the quarter after posting a $12 million loss in the same part of 2010.
DTE said electricity demand fell in the quarter for its residential customers, while lifting 1 percent for commercial businesses and 11 percent for its industrial customers. Natural gas demand rose 18 percent for residential customers and 3 percent for commercial customers, while falling 8 percent for industrial customers.
The company also raised the low end of its 2011 operating profit forecast. It now expects between $3.50 and $3.70 per share, from $3.40 to $3.70 per share.