DTE Energy Company (NYSE:DTZ) Q1 2016 Earnings Conference Call - Final Transcript

Apr 26, 2016 • 09:00 am ET


DTE Energy Company (NYSE:DTZ) Q1 2016 Earnings Conference Call - Final Transcript


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Good day and welcome to the DTE Energy First Quarter 2016 Earnings Release Conference Call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Barb Tuckfield. Please go ahead.

Barb Tuckfield

Thank you, Cynthia, and good morning, everyone. Welcome to our 2016 first quarter earnings call. Before we get started, I would like to remind you to read the Safe Harbor statement on page 2 of the presentation, including the reference to forward-looking statements. Our presentation also includes references to operating earnings, which is a non-GAAP financial measure. Please refer to the reconciliation of GAAP reported earnings to operating earnings provided in the appendix of today's presentation.

With us today are Gerry Anderson, our Chairman and CEO; Peter Oleksiak, our Senior Vice President and CFO; and Jerry Norcia, our President and COO. We also have members of the management team to call on during the question-and-answer session.

I'll now turn it over to Gerry.

Gerry Anderson

Thank you, Barb, and thanks to all of you for joining us here this morning. I should take just a minute and recognize that this is Jerry Norcia's first time on this call as President and COO. Jerry was promoted into that position early in April. I think many of you know Jerry or have met him on visits, but Jerry, just a brief history, came in as president of our gas storage and pipelines business and really helped to build that business. Then took over as president of our gas utility, along with his role at GSP. Most recently was president of our electric operations, and then as I mentioned, moved into his role as President and COO just about a month ago.

Well, I am going to start the discussion today with an overview of our results in the first quarter as well as a number of key developments at the Company. Then I'll turn things over to Peter to give you a financial update, and then we will wrap up and take your questions.

So moving on to slide 5, we continue to make good progress on a number of fronts. With one quarter behind us in 2016, I feel very good about our year-to-date financial results and our ability to deliver or exceed our full-year guidance. Energy legislation continues to move forward in Lansing. In fact, this is a key week, as it turns out and I will describe that in a minute. And our NEXUS gas pipeline project continued to move forward toward its 2017 in-service date, and I will give you an update on progress on that front in a few minutes as well. So concerning our financial performance, moving on to slide 6.

As I mentioned, we are off to a very good start. We delivered first-quarter operating earnings of $1.52, which I feel great about relative to our plan for the year. We came into 2016 expecting a warm winter. We were talking about that prior to the call. We started last July