Printer Friendly

DETROIT EDISON ANNOUNCES EARNINGS INCREASE

 DETROIT EDISON ANNOUNCES EARNINGS INCREASE
 DETROIT, July 27 /PRNewswire/ -- The Detroit Edison Company


(NYSE: DTE) today announced earnings for common stock for the three months ended June 30 of $118.1 million, or 80 cents per share, down 7.2 percent from the $127.2 million, or 87 cents per share, for the same period a year ago.
 Total and per-share earnings for common stock for the second quarter decreased due to lower operating revenues, partially offset by continued reductions in fuel and purchased power expenses, and interest savings associated with the early redemption and refinancing of high-cost debt. The decrease in operating revenues for the three-month period resulted from lower system sales due primarily to much cooler weather which was partially offset by previously approved rate increases.
 For the six months ended June 30, earnings for common stock were $266.4 million, or $1.81 per share, up 5.8 percent from the $251.9 million, or $1.71 per share, for the same period a year ago.
 For the 12 months ended June 30, earnings for common stock totaled $549.7 million, or $3.74 per share, compared with $494.7 million, or $3.37 per share, for the same period a year ago.
 For the six- and 12-month-ended periods, total and per-share earnings for common stock increased due to higher operating revenues, continued reductions in fuel and purchased power expenses, and interest savings associated with the early redemption and refinancing of high- cost debt. The increase in operating revenues for the six- and 12-month periods resulted from previously approved rate increases and higher system sales in southeastern Michigan. Those sales, however, were substantially offset by decreased interconnection sales. Interconnection sales represent sales between utilities to meet short- and long-term energy needs as a result of demand and/or generating unit availability.
 Total system sales (excluding interconnection sales) for the three months ended June 30 were down 3.9 percent from the same period a year ago. Residential sales declined 8.3 percent and commercial sales declined 2.3 percent, but industrial sales were up 0.4 percent.
 The decline in residential and commercial sales for the three-month period was due primarily to significantly cooler weather during the second quarter of 1992, which resulted in reduced air-conditioning and cooling-related loads.
 Total system sales (excluding interconnection sales) for the six months ended June 30 were up 0.4 percent from the same period a year ago. Declines in residential sales of 4.1 percent and commercial sales of 0.6 percent were more than offset by a 3.3-percent increase in industrial sales.
 The decrease in residential sales for the six-month period was due primarily to the significantly cooler weather during the second quarter of 1992. The increase in industrial sales resulted primarily from higher sales to automotive, steel and other manufacturing customers, reflecting improving economic conditions.
 Total system sales (excluding interconnection sales) for the 12 months ended June 30 were up 1 percent from the same period a year ago. Residential sales were up 1.6 percent, commercial sales were up 1.3 percent and industrial sales rose 1.1 percent.
 The increases in residential and commercial sales for the 12-month period were due primarily to warmer weather during the third quarter of 1991, resulting in increased air-conditioning and cooling-related loads. In addition, cooler weather in the fourth quarter of 1991 resulted in increased heating-related loads.
 The increase in industrial sales for the 12-month period reflects higher sales to non-automotive customers, partially offset by reduced sales to steel customers.
 Interconnection sales were up 27.3 percent for the three-month period, and down 44.1 percent and 35.3 percent for the six- and 12-month periods, respectively.
 THE DETROIT EDISON COMPANY
 CONSOLIDATED INCOME DATA
 (Thousands of dollars)
 Three Months Ended
 June 30 Percent
 1992 1991 Change
 Operating revenues $864,902 $886,561 -2.4
 Net income 125,774 135,525 -7.2
 Preferred and preference stock
 dividend requirements 7,702 8,339 -7.6
 Earnings for common stock $118,072 $127,186 -7.2
 Weighted avg. no. of shares
 of common stock outstanding 146,996,162 146,938,901 ---
 Earnings per share $0.80 $0.87 -8.0
 Six Months Ended
 June 30 Percent
 1992 1991 Change
 Operating revenues $1,760,729 $1,751,258 +0.5
 Net income 281,879 268,618 +4.9
 Preferred and preference stock
 dividend requirements 15,454 16,683 -7.4
 Earnings for common stock $266,425 $251,935 +5.8
 Weighted avg. no. of shares
 of common stock outstanding 146,991,391 146,932,073 ---
 Earnings per share $1.81 $1.71 +5.8
 12 Months Ended
 June 30 Percent
 1992 1991 Change
 Operating revenues $3,601,007 $3,544,928 +1.6
 Net income 581,299 528,767 +9.9
 Preferred and preference stock
 dividend requirements 31,604 34,055 -7.2
 Earnings for common stock $549,695 $494,712 +11.1
 Weighted avg. no. of shares
 of common stock outstanding 146,975,391 146,919,221 ---
 Earnings per share $3.74 $3.37 +11.0
 -0- 7/27/92
 /CONTACT: Lorie N. Kessler, 313-237-8807, or Scott L. Simons, 313-237-8808, both of Detroit Edison/
 (DTE) CO: The Detroit Edison Company ST: Michigan IN: UTI SU: ERN


ML-JG -- DE017 -- 3533 07/27/92 12:49 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 27, 1992
Words:884
Previous Article:GROWTH COMPANIES' CONTINUED CONFIDENCE IN ECONOMY TEMPERED BY DECREASED NEAR-TERM GROWTH ESTIMATES FOR THEMSELVES: COOPERS & LYBRAND SURVEY
Next Article:NATIONWIDE HEALTH PROPERTIES DECLARES INCREASED DIVIDEND AND AN INCREASE IN ITS DIVIDEND GROWTH
Topics:


Related Articles
DETROIT EDISON ANNOUNCES EARNINGS
DETROIT EDISON ANNOUNCES EARNINGS
THE DETROIT EDISON COMPANY REPORTS EARNINGS
DETROIT EDISON REPORTS RESULTS
DETROIT EDISON ANNOUNCES RESULTS
DETROIT EDISON REPORTS THIRD-QUARTER EARNINGS
DETROIT EDISON REPORTS FIRST-QUARTER EARNINGS INCREASE
DETROIT EDISON REPORTS SECOND-QUARTER EARNINGS INCREASE
DETROIT EDISON REPORTS NEARLY 21 PERCENT RISE IN THIRD-QUARTER EARNINGS
DTE Energy Reports Higher First-Quarter Earnings, Non-Regulated Earnings Up 67 Percent.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters