May 1 (Reuters) - U.S. utility DTE Energy ( DTE )
reported a rise in first-quarter profit on Thursday, helped by
strength in its gas and energy trading segments.
Colder weather during the first three months of the year
helped boost demand for natural gas used to power heating
appliances. Detroit, Michigan-based DTE provides natural gas to
1.3 million customers in its home state.
The gas segment reported a profit of $206 million in the
first quarter, compared with $160 million during the
corresponding period a year ago.
At its energy trading segment, which consists of energy
marketing and trading operations, profit jumped to $67 million
during the three months ended March 31, from $1 million last
year, driven by a 13.4% rise in U.S. natural gas prices.
However, the rise in the segment's profit was partially
offset by weakness in the electric segment, when earnings fell
28% due to high costs and timing of taxes.
DTE Energy's ( DTE ) net income rose to $445 million, or $2.14 per
share, for the quarter ended March 31, from $313 million, or
$1.51 per share, a year earlier.
Its adjusted profit per share of $2.10 per share beat Wall
Street expectations of $2 per share, according to data compiled
by LSEG.