Summary
DTE Energy Co. (DTE) filed an 8-K on June 15, 2020, primarily to furnish information related to upcoming investor meetings. The company reaffirmed its 2020 operating earnings guidance range of $6.47 to $6.75 per share. This guidance excludes certain items that impact reported results, such as non-recurring items, mark-to-market adjustments, and discontinued operations. DTE Energy notes that reconciliations to GAAP reported earnings are not provided for these excluded items due to the unpredictability of their impact.
Key Highlights
- 1Reaffirmed 2020 operating earnings guidance range of $6.47 - $6.75 per share.
- 2The guidance pertains to operating earnings and excludes certain items that may affect reported results.
- 3Excluded items include non-recurring items, mark-to-market adjustments, and discontinued operations.
- 4DTE Energy will not provide GAAP reconciliations for excluded items due to forecasting difficulties.
- 5The company also discussed Adjusted EBITDA in its investor presentation.
- 6Reconciliation of net income to Adjusted EBITDA for 2020 is not provided.
- 7Information furnished is not considered 'filed' for purposes of Section 18 of the Securities Exchange Act of 1934.
Frequently Asked Questions
DTE Energy reaffirmed its 2020 operating earnings guidance range of $6.47 to $6.75 per share. It's important to note that this guidance is for 'operating earnings' and excludes certain items that could impact reported GAAP earnings.
DTE Energy stated that it cannot provide a reliable forecast of specific items (like future non-recurring items, mark-to-market adjustments, or discontinued operations) that would be excluded from operating earnings. These items can fluctuate significantly and impact reported earnings, making a precise GAAP reconciliation impossible without unreasonable effort.
DTE Energy discussed Adjusted EBITDA in its investor presentation. However, a reconciliation from net income to Adjusted EBITDA is not provided for the full year 2020. The company explains that it cannot reasonably estimate or predict with certainty the components of net income (such as impairments, divestiture costs, etc.), which could significantly impact financial measures like Adjusted EBITDA. Therefore, a corresponding GAAP equivalent cannot be provided.
In accordance with General Instruction B.2 of Form 8-K, the information furnished in this report, including the referenced slide presentation, is not deemed 'filed' for the purposes of Section 18 of the Securities Exchange Act of 1934. It also will not be deemed incorporated by reference into any future SEC filings unless expressly stated.