8-KRegulation FDExhibits & Filings

DTE ENERGY CO 8-K Report, Regulation FD Disclosure (May 26, 2020)

Filed May 26, 2020For Securities:DTEDTKDTBDTGDTW

Summary

DTE Energy Company (DTE) filed an 8-K on May 26, 2020, to disclose information provided during investor meetings held on May 27, 2020. The primary purpose of this filing was to furnish a slide presentation (Exhibit 99.1) containing forward-looking information. A key takeaway for investors is that DTE Energy reaffirmed its previously issued 2020 operating earnings guidance range of $6.47 to $6.75 per share. The filing also details the company's approach to reporting financial results. DTE Energy noted that certain items impacting reported earnings will likely be excluded from its 'operating earnings' results for 2020. However, reconciliations to GAAP reported earnings are not provided due to the inability to reliably forecast specific volatile items like non-recurring events, mark-to-market adjustments, and discontinued operations. Similarly, while Adjusted EBITDA is discussed in the presentation, a reconciliation to GAAP net income is also not provided, as predicting the precise impact of various potential charges and changes in accounting principles is not feasible without undue effort.

Key Highlights

  • 1Reaffirmed 2020 operating earnings guidance range of $6.47 - $6.75 per share.
  • 2Investor meetings were held on May 27, 2020, with a slide presentation furnished as Exhibit 99.1.
  • 3DTE Energy will exclude certain items from reported results when presenting 2020 'operating earnings'.
  • 4Reconciliations to GAAP reported earnings are not provided for 2020 operating earnings due to forecasting difficulties of volatile items.
  • 5Adjusted EBITDA is discussed in the investor presentation.
  • 6Reconciliation of Adjusted EBITDA to GAAP net income is not provided due to inability to reliably forecast specific components.
  • 7The information furnished is subject to forward-looking statement disclaimers and is not deemed 'filed' under Section 18 of the Securities Exchange Act.

Frequently Asked Questions

The main purpose of this 8-K filing is to furnish a slide presentation (Exhibit 99.1) that DTE Energy used in investor meetings on May 27, 2020. This presentation contains forward-looking information, including reaffirmed financial guidance.

No, DTE Energy reaffirmed its previously issued 2020 operating earnings guidance range of $6.47 to $6.75 per share. This filing does not indicate a change to that forecast.

DTE Energy excludes certain items that are expected to impact reported results from its 'operating earnings' calculations. These exclusions typically involve items that may fluctuate significantly and are not considered part of the company's core ongoing operations, such as non-recurring events, mark-to-market adjustments, or discontinued operations.

No, this filing (and the accompanying presentation) states that reconciliations to GAAP reported earnings for operating earnings and reconciliations of Adjusted EBITDA to GAAP net income are not provided. This is because DTE Energy cannot reliably forecast the specific line items that would be required for such a reconciliation without undue effort, due to the potential variability and impact of items like impairments, divestiture costs, or changes in accounting principles.