8-KRegulation FDExhibits & Filings

DTE ENERGY CO 8-K Report, Regulation FD Disclosure (Nov 6, 2020)

Filed November 6, 2020For Securities:DTEDTKDTBDTGDTW

Summary

DTE Energy Co. (DTE) filed an 8-K on November 6, 2020, to furnish a slide presentation provided to investors on November 9, 2020. The primary focus of this filing is to reiterate DTE's financial guidance for both the 2020 and 2021 fiscal years. The company reaffirmed its 2020 operating earnings guidance to be in the range of $6.90 to $7.10 per share. For 2021, an early outlook was provided, projecting operating earnings between $6.88 and $7.26 per share. It's important for investors to note that the company explicitly states that reconciliations of these operating earnings guidance figures to GAAP reported earnings are not provided. This is due to the unpredictable nature and potential significant impact of non-recurring items, mark-to-market adjustments, and discontinued operations. DTE Energy also discussed Adjusted EBITDA, but a reconciliation to net income was not provided for 2020, citing similar difficulties in forecasting specific components that could significantly affect reported earnings.

Key Highlights

  • 1DTE Energy reaffirmed its 2020 operating earnings guidance range of $6.90 - $7.10 per share.
  • 2The company provided an early outlook for 2021 operating earnings guidance, ranging from $6.88 - $7.26 per share.
  • 3A slide presentation furnished with the 8-K details these guidance ranges for investor meetings.
  • 4DTE Energy will not provide reconciliations of operating earnings guidance to GAAP reported earnings due to the unpredictability of certain items.
  • 5Items that may impact GAAP reported earnings include non-recurring items, mark-to-market adjustments, and discontinued operations.
  • 6Adjusted EBITDA was discussed, but a reconciliation to net income was not provided for 2020.
  • 7The company stated that it cannot reliably forecast specific line items that could significantly impact reported earnings or the GAAP equivalent for Adjusted EBITDA without unreasonable effort.

Frequently Asked Questions

The main purpose of this 8-K filing is to furnish investors with a slide presentation that DTE Energy Company used in meetings on November 9, 2020. This presentation primarily reaffirms the company's financial guidance for operating earnings for both 2020 and 2021.

For 2020, DTE Energy reaffirmed its operating earnings guidance to be in the range of $6.90 to $7.10 per share. For 2021, the company provided an early outlook projecting operating earnings between $6.88 and $7.26 per share.

DTE Energy states that it cannot provide reliable forecasts for specific line items that are excluded from operating earnings (such as non-recurring items, mark-to-market adjustments, and discontinued operations). These items can fluctuate significantly and have a material impact on reported earnings, making a GAAP reconciliation difficult without unreasonable effort.

No, a reconciliation of Adjusted EBITDA to net income for the projected full-year 2020 is not provided in this filing. DTE Energy cites similar difficulties in forecasting the specific components of net income that could significantly impact the measure.