4th Quarter Highlights
- Operating earnings for the 4th quarter 2001 were $1.43 per share* (excluding goodwill amortization and merger-related restructuring costs). Reported earnings for the quarter were $1.34 per share.
- Performance was up $0.43 per share from comparable 4th quarter 2000 levels.
- This performance was led by:
- Strong non-regulated earnings led by increases at Energy Marketing and Trading and Energy Gas.
- Targeted cost reduction efforts and cost synergies.
- Favorable power supply costs.
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- The fourth quarter performance was negatively impacted by the continued weak economy and mild weather.
- Highlights at the consolidated level include:
- Overall share dilution from MCN merger issuance, partially offset by stock buyback from securitization proceeds.
- Retiming of tax credit related earnings to better reflect the seasonality of DTE Energy’s earnings profile.
* Throughout this presentation, ‘operating earnings’ exclude goodwill amortization and merger-related restructuring costs