8-KEarnings & ResultsRegulation FDExhibits & Filings

DTE ENERGY CO 8-K Report, Financial Results (Apr 28, 2020)

Filed April 28, 2020For Securities:DTEDTKDTBDTGDTW

Summary

DTE Energy Co. filed an 8-K on April 28, 2020, to furnish its first-quarter 2020 earnings release and slide presentation. The company reaffirmed its 2020 operating earnings guidance range of $6.47 to $6.75 per share. This guidance excludes potential future non-recurring items, mark-to-market adjustments, and discontinued operations, which could significantly impact reported earnings and are not reconcilable to a reliable forecast. Additionally, DTE Energy discussed its projected Adjusted EBITDA for 2020. The company noted that it is not providing a reconciliation of net income to Adjusted EBITDA for the full year because it cannot reasonably forecast certain components like impairments, divestiture costs, or acquisition costs, which could materially affect net income. Investors should note that the provided guidance and Adjusted EBITDA are non-GAAP measures and may differ from reported GAAP earnings.

Key Highlights

  • 1Reaffirmed 2020 operating earnings guidance range of $6.47 - $6.75 per share.
  • 2Earnings release and slide presentation for the quarter ended March 31, 2020, were furnished to the SEC.
  • 3Guidance excludes certain items like non-recurring events, mark-to-market adjustments, and discontinued operations.
  • 4Company is not providing a reconciliation for guidance to reported earnings due to the inability to forecast specific volatile items.
  • 5Discussed projected Adjusted EBITDA for 2020 in the slide presentation.
  • 6No reconciliation of Net Income to Adjusted EBITDA is provided due to the difficulty in forecasting specific components.
  • 7The information furnished is not considered 'filed' for certain legal purposes as per General Instruction B.2 of Form 8-K.

Frequently Asked Questions

DTE Energy reaffirmed its 2020 operating earnings guidance range of $6.47 to $6.75 per share. This guidance is presented as a non-GAAP measure and excludes certain items that are difficult to forecast.

The company stated that it is not possible to provide a reliable forecast of specific line items such as future non-recurring items, certain mark-to-market adjustments, and discontinued operations. These items can fluctuate significantly and materially impact reported earnings.

Adjusted EBITDA is a non-GAAP financial measure discussed by DTE Energy. The company is not providing a reconciliation from Net Income to Adjusted EBITDA for the full year 2020 because it cannot reasonably estimate or predict the components of Net Income, such as impairments, divestiture costs, or acquisition costs, which could significantly impact financial results.

The 2020 operating earnings guidance excludes items that are likely to impact the company's reported results, such as future non-recurring items, certain mark-to-market adjustments, and discontinued operations. These excluded items can cause significant fluctuations in reported earnings.