DTE Energy's quarterly profit increases on the strength of its gas and energy trading

DTE Energy, a U.S. utility company, reported an increase in profit for the first quarter on Thursday. This was largely due to its strength in gas and energy trading.

The cold weather in the first quarter of the year boosted demand for gas to fuel heating appliances. DTE, based in Detroit, Michigan provides natural gas to more than 1.3 million Michigan customers.

Gas segment posted a profit in the first quarter of $206 millions, up from $160 millions during the same period last year.

Energy trading, which includes energy marketing and trading, saw a profit jump of $67 million from $1 million in the previous year during the quarter ended March 31. This was due to a 13.4% increase in U.S. Natural Gas prices.

The increase in profit in the electric segment was partly offset by the weakness in the segment where earnings dropped 28% because of high costs and timing taxes.

DTE Energy’s net income increased to $445 millions, or $2.14 a share, for the three months ended March 31 from $313millions, or $1.51 a share, one year ago.

LSEG data shows that its adjusted profit per share was $2.10, which is higher than the Wall Street expectation of $2. (Reporting from Katha Kalia, Bengaluru. Editing by Leroy Leo.)

(source: Reuters)