DTE - Earnings call transcript Q3 2017

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Operator

Good day everyone. And welcome to the DTE Energy Third Quarter Earnings Call. Today's conference is being recorded.

For opening remarks, I'll turn the call over to Barbara Tuckfield. Barbara, please go ahead.

Barbara Tuckfield

good and Debby, you, morning, everyone. Thank

statements. get to read we of presentation, to started, on I everyone remind the forward-looking reference the to like including the two would page Before Safe statement Harbor

and a Senior Our presentation also to of measure. us references CFO. today's to operating reconciliation morning Vice earnings refer the Peter net the this non-GAAP appendix presentation. which to of operating Please GAAP financial earnings, includes President is Oleksiak, income provided is in With

members over have team call also management We of now, to on the And Q&A. I'll during to the turn it Peter.

Peter Oleksiak

and and thank Barbara, you morning today. us Thanks, to good for everyone joining

going World Tigers Verlander earnings say second on would and here Tigers traded and And to most note complete without post that. am the football year, call I'm for disappointed start pitching my straight is DTE not that tonight actually with to make the veteran Detroit season did an the update of Lions First Series. I be players. Justin the away the in today

I new a the And him so wish for is every that XXXX the we has pick do good greater get ending season a news next I luck. number always, season, to The as one So look Tigers, forward for beginning. year.

the early growth our about well update questions will related EEI of providing attention the growth business current on details away. deferred last to year, longer on our outlook, and strategy is which XXXX we’re only be This detailed update and EEI, our Conference, each Like segments. onto couple on business DTE. And Gerry at to our term focused as year. Now, quarter, keeping today's update. plans the long call our will will weeks of term the The as a include Anderson

Now, I start like on to three. slide would

industrial $X.XX. guidance range from The of in range of increasing $X.XX $X.XX year-to-date to continued in mid-point we’re storage $X.XX a discuss driven more our and which is minutes. the our by Given $X.XX and I'll to strong details gas by segments, power guidance few results, increase to a a pipeline

into to want area seeing that to in is satisfaction. I shift residential I'm Before we to satisfaction where I pleased particularly the customer we which results, ranked at announce DTE get and another customer great residential Gas. DTE both second are Electric financials,

approval updates our last at Moving lateral the earnings and businesses. storage CPP and are targeting NEXUS projects. to our in-service we value gas projects on for FERC both. call, And Since for non-utility pipeline XXXX business our both received lateral

have the DTE Ford’s new industrial energy agreement energy upgrade. We earnings is at center, of the begin engineering campus news modern tell Motor new Powering own power you just Company research also great using our energy. center, green and projects last closed new we facility XXXX. Ford to industrial was is project the And finalized. will operate This on the expected late in operations and and of state efficient I part can was The on now that call businesses. project services the

announced of also we’ll EEI, great And and a you ones have investments the targeting. follow continue more give we’ll projects to of a update progress. types at as we’ve this We detailed pipeline they you are development we of description in to year, the

four. slide the to go to like would third earnings I quarter Now, results on

or were per $X.XX For quarter, DTE Energy’s $XXX operating million share. the earnings

in earnings the and reported $X.XX appendix. operating find reference, per third earnings our you reconciliation were reported can the of For a quarter share,

cooler this was the operating segment’s by quarter GAAP $XXX primarily growth our the was XXXX, DTE million share. lower expenses. quarter-over-quarter. per is $X revenue or timing by quarter, was higher which renewal of Gas quarter-over-quarter. driven earnings the This unfavorability. of were the main than million of considerably and million warmest and record, $XX on by drove O&M Electric lower segment much the one $X.XX And For was

on mentioned I be second higher previous quarters. revenue the made in lower will and full in third proportionally the affect of rates, more and with quarters expected As the revenue gas fourth was calls, to the and on base year and earnings. not renewal first And

the For gather favorability linked versus pipeline gas and were pipeline and and by segment, year. third $X earnings. the earnings quarter by last acquisition This driven higher storage million higher was

is Our power volumes industrial XXXX. $X online was new and sites REF due primarily project higher and by million to late segment higher quarter-over-quarter, coming

more talk I'll favorability Now, this about discuss increases. guidance the I when

to versus two year. years. earnings were $X due taxes quarter. trading million the $XXX trading Energy is gross And economic and standard the million of trading energy the economic review million per solid share. to Again, were year million which quarter mainly strong was both $XX at on to segment variance Overall, $XX timing operating its net loss for having last shows of income or operating segment overall had reconciliation a income for refer we economic contribution other earnings target. quarter, and our This appendix slide, corporate the is $X.XX the unfavorable Our between a in results and achieve please track performance.

our slide Let's move on this full how to year shrink to plays discuss guidance. in five out

a is guidance the to $X.XX range for $X.XX, up EPS As now $X.XX I of range mentioned from at call, Energy DTE $X.XX. of the our start to

$X.XX of our the midpoint the increasing on share based the per XXXX $X.XX are non-utility EPS continued strength share guidance by We per to segments. at $X.XX from

the additional are new two to rate P&I Longer production with normalize whether acquisition which also seeing value XXXX our we’re X% is GSP and linked to utilities growing we a of growth facilities. segment, pipeline the and And our with term, earnings. up guidance, high favorable normalized continues, the to of business gathering able X% our For as favorability our P&I REF sites. REF results capture at original from

back projects, to to discuss the overall Before get context. with REF like for guidance change value of nuances the I step I and into if set segment, just creation P&I could earnings the our the

are recall, power at reduce immediately partners. and of credit REF products our projects REF second ways of end makes As these increases generated by facilities came entering XX utilized credit are credits near-term are and program, projects that generated included risks. reduces was transactions of incentives Since the the timing to transactions the a completed These initial federal developed taxes. production, as saw of and value of Congress tax operating profile, coal entering cash life. recognized with projects projects that credit tranche projected allocation, tax the earnings, changes investor produce The And be the earnings. that increase online XXXX. the with you the fuel the plants. coal and utility partners over flow our additives cash The with and future extended cash when XXXX. that coal portion income time, investor flow in earnings year transactions be they the refined which fine can emissions to to When into transactions minimize while which from we strategic the tax received online REF decreasing end to tax their increase completed, The then brought at can fire of earned optimize

tied see they the of segment, update year where developed We're generating let's to acquisition, impact and see REF with P&I for and Now, of us we both earnings playing back last partners. this we to now move for additional some XXXX changes relocation for our a We this in out. guidance shareholders. looking projects are increased process guidance investor

of assets. is enterprise maximize a partner we driven investor when of with is run done to partners, of timing realize existing entered is a for this have and these exact units finding The on will value optimal and and of by Until of will also be we And partnerships these these to earnings. already two near-term time to our when shifts the cabinet we many higher performance; things; accretive the earnings partners Finding units. maximize projects. NPV reduce executed, maximize cash partner they We values. the are combination period one these find these cash

value higher will sites, additional line. party lives has value. Over significant to business and the our to units can line continue continue will of potential units higher maximize benefits the units volume bottom to acquisition the REF to of create the deliver we relocations third of This our line, we business where earnings cash to remaining of do or projects, and

Now, to guidance. to and move capital cash let’s six slide discuss

results, billion $X sheet $XXX we're flow includes at capital Gas, at unit, In to the balance updating in addition with investments to growth year-to-date right driven at base capital cash flow the that Based continue the year. of by solid look closer main infrastructure earnings still the long-term invest results, this remains page, distribution expenditures Electric, related million are we expect plan. $X.X by strong our we our to nearly expenditure and business in support side expenditures Taking the driven change system the by and on capital. a the our our This utility renewal. billion guidance on DTE investments DTE capital show at and to cash and and

the case this With end capital occurred Gas, over the our the by has we're investments years that past to year. of rate file likely at DTE

capital service third We NEXUS And targeting have approximately to expenditure earlier, the brings the our of this $X.X date. for for as of project. our non-utility mentioned is by decreased I the a and capital $XXX year. total NEXUS million retiming This XXXX guidance constructions the billion in we're quarter

to we this line successful street or great we're EPS Now position We looking I on meeting initial slide like original and seven, year, EPS consecutive exceeding exceed in to had years, open guidance to guidance. for the quarter, extent XX can our our and questions. wrap to up another a then

experience. Link project and heavily We’re industrial our Ford energy P&I notably and growth the NEXUS non-utility aging our utilities complex. our at the and We're by our businesses, recent investing services executing most with proving upgrading customer at at opportunities infrastructure at GSP at in

balance growth lot electric gives transform of a maintain fleet up at to strength of we’re sets conference us significant In deliver a me be strong We to remind future confidence opportunities. begin to would we Gerry of return. will with sheet, Anderson for giving to on as EEI upcoming non-utilities, Xth. like presentation that the I and our which during everyone premium November continue And for combined period utilities shareholder closing, investments, continuing the our growth that generation this our nicely a our

Web update for plan. term hope and So our investor There relations include webcast of an our there. on you to will be XXXX on his we would this many update outlook and early an and long see site, growth update

to upon to the have to mentioned and year. quarter focus your also may with would management at the it answer open of current I the up And very on for of we’d beginning me the the I I questions. call like call, as Now, questions. like I questions members

can you Debby, for the So line questions. open up

Operator

We Weinstein Thank to go sir. Suisse. today [Operator you, will Instructions] first Michael with Credit

Michael Weinstein

on $XX Maybe little one-third for you of replacement talk P&I the XXXX? you for have new bit a about projects million more far that targeted track could to you of are expected how

Peter Oleksiak

year. we’ve been that Yes, the we have we announced talking about project complex. Energy three announced quarter, services Ford details this with And projects Industrial the this this

is backfill. terms of third this sign that So are way now of we one right in real the visible there

We REF million at good of $XX backfill to portion the earnings, point of XXXX, contracts. are on REF is portion, a short for duration which targeting this a

And that portion have Industrial have opportunities detail these go long segment great a term the we’re also little EEI earnings. of have looking in types we asked of opportunities. backfill more going to of we So contracted pipeline of nature And into at. with we’re additional actually to a Power at that and

Michael Weinstein

you issues And rate do any at when point, are to be for there remaining than expect we, construction dealt NEXUS is with? FERC and need start to this

Peter Oleksiak

have business the President I unit. have Dave answer them Slater of I'll question. that here,

David Slater

the And away course actually on we plan the number right HDDs spring. over of the with of that pipeline And commencing. commencing winter and work construction out to that underway. working XXth will so we the we’re Michael, we’re play of stations, a do construction have on in October, the a mainline commence primarily it's compressor

Operator

Gordon with Evercore We next to will ISI. go Craig

Craig Gordon

outlook you since EEI, I'll and table on Industrial’s that. the future for questions Power requested

DTE we over last Electric, growth trends when at quarters. swing the seeing has know in So that in pretty the terms the big you’re earnings look weather of few outlook at the quarter, I been underlying economic

impact growth U.S. your Economist other really Chief strong across pointed outlook? looks, board Are in that this how would you economic data auto seeing or the the segments We’re the your from just out the accelerating in how industry My morning big activity territory, strong of here. industrial and globally. the service any both signs and of seeing,

Peter Oleksiak

We are within seeing for region. the a customer of accounts economic underlying the look we best indication us the at as growth take

we seeing a So steady are increase.

six about at units, good for economic them has automotives, are the over XX by a a X.X%. profitability. which to are right steady units, more say, they five it a solid would and put And it million continue now of And years a or increase seen I been think I’d level economy some pretty for the it's as now, last they say, XX level have I’d talking and years, to diversifying about is million make still automotives, we We I see solid high from performance. the Michigan very overall, Michigan. of solid characterized the

Craig Gordon

to the seeing upside? you’re So change not any

Peter Oleksiak

see to robust planning dividends efficiency and flat projecting energy for us, underlying financial a relatively on probably for it's we paying relatively that’s but happening flat really a that but efficiency still growth We’re program around we're basis. continue energy X%, have we loads,

Operator

Julien We’ll of to go Merrill Lynch. Dumoulin-Smith America next Bank with

Julien Dumoulin-Smith

So, meaningful is the amount? the Does Or you side by those out at the before? timing still a real quick of that quickly. any off all credits additional laid roll it question that all expectation projects, the and the P&I shifted on is

Peter Oleksiak

XXXX expectation as business know, great lot and be is -- for in a a line The earnings, there’ll cash. us, has this XXXX. projects, you up a These roll been of lot of then a

will right ahead lines actually But at additional and additional we’ll targeting, EEI, REF you anything end state have each us. these for targeting us investment significant a cash, we’re update business and give So we hear really will, give now, are an of non-REF, post projects than the more we program of at EEI. and

Julien Dumoulin-Smith

anything. there you in little the some we're can Obviously, the else et talk make sure change you not just But moves about anything cetera. NEXUS, to in a CapEx? missing there then bit And non-utility is

Peter Oleksiak

NEXUS, No, related. NEXUS primarily it's really

Julien Dumoulin-Smith

offering to growth that about Any electric Michigan. talking another looking green then the at? tariffs are in And some those of side on quickly, turning your real the avenue there at back guys side and utility are peers your as opportunity utility you

Peter Oleksiak

and area You have continue have a our do we’ll and work, obviously that. definitely but that’s to commission our focus us program in a to of for tariff green customer, an similar we

Operator

We’ll go to Partners. Pourreza next Guggenheim Shahriar with

Shahriar Pourreza

it as good bit you’ve you're done just, stepped down me you're earnings doesn’t know EEI. earnings from it that at the Let from a sounds sites concern gaps you're rest. prepared this that appear any growing. like little I more or going adding the is filling your additional discuss to And cliff -- of comments, But essentially very there job that that a the is fact just incremental a

tenure do concern you’re there that? EEI, how going is a So or there account that contract? Is talk you for to the of about

Peter Oleksiak

us right term. I think good at X% we but good basically to a help The that post I earnings, do this what cash, wouldn’t going for provide planned, the to is That us question. now cash. units that growth. really over it’s But is of and good it's additional had, near REF the above the REF, day additional But but we end guess, really are X% news, about actually originally targeting

and We’re or going continue value so to actually business to the deliver optimize to over to continue this year cash. next probably unit,

Shahriar Pourreza

EEI. on on update And guess to any updates do Okay, as to agreements EEI? right plan we’ll far and NEXUS, on you providing color at affirm then I more great. now commitments connection And That’s any get helpful. just as

Peter Oleksiak

opportunities there NEXUS, more new At and at how are also where sense you thorough out give the of terms a we’re We’ll potential that. terms we provide update about around contracts a in of contracts. EEI, we looking in definitely seeing around probably will

Operator

Paul KeyBanc. We’ll Ridzon go next to with

Paul Ridzon

but year? You filing this was a mentioned the rate case, that end of

Peter Oleksiak

is the our the this year that for of At end gas plan. utility,

Paul Ridzon

cash to Julian's Just producing. new don’t with I change more timing just wind-down question, at the the are think but REF of clarify, sites these

Peter Oleksiak

to way that think Yes, the about is it.

Paul Ridzon

has just, 'XX? then still 'XX. impact you XQ of kind Can -- on NEXUS it 'XX in late earnings slipped to And is power from negligible

Peter Oleksiak

AFUDC we is get we and Yes, about have the the do that to about talked that. is, think it way accounting,

pretty 'XX it impact. minor So is for

Operator

Jonathan to Bank. Arnold next with go Deutsche We’ll

Jonathan Arnold

of the so else or on behind Can there ask, I year, on is that increase P&I on the this old segment. just REF anything the going Is guidance scenes?

Peter Oleksiak

and REF guidance had all changes. two is we’ve It

The new that we was incremental sites. was first one related is well, related performance to REF really which have. capacity to and good volume as this planned really existing more And units at

Jonathan Arnold

of is P&I Or unchanged, what's just the two? has or could REF the not and rest that So more? shrunk the dynamics have actually growing is between --

Peter Oleksiak

a to normalized that original think go segment, that’s at this from way is to back way about for your a basis, best guidance this, The to point…

Jonathan Arnold

REF? all doubt And the of then is

Peter Oleksiak

Yes.

Jonathan Arnold

And focus have of potentially has question, Pretty much, doing given there getting been there any in on -- done not talk things any and been then okay. these the just tax extended, one credits, past? might that is administrations the call

Peter Oleksiak

We in do at time. that this point not anticipate

Jonathan Arnold

general, to then be you’ve about been you further I the more since what today, Ford talk beginning And know the CHP out. going more of But about just is announcing really you’re this year. deal that are I want clear talking And that then… the to deal large the just strategy

Peter Oleksiak

It's you giving new exciting the that this going That to really details of we’re… projects correct, is Jonathan.

Jonathan Arnold

Gas And announced transactions that think two the ago other two Landfill of the you quarters now? I

Peter Oleksiak

the we’ll segment. And at correct. update opportunities nature more these of for how and looking is the around new give That we’re

Jonathan Arnold

would view, just announce talk that more earlier having now. to have I in of you sense by to you year, the this had anticipating a been

opposed as to curious, for I'm on maybe this momentum comment the this you if how can So plan? gas in just and currently,

Peter Oleksiak

backfill. right do We are we track on actually now we the target that with internally,

This segment a that for XX occur. I the backfill is have overall years projects. we to few think

be portion handful projects is to a that replace. to access we’re this knew going replacing of of we So L REF P&I the segment

good pro executed So projects the are in that actually as we rata on basis, well now a are the doing really with those that pipeline. they right as

Jonathan Arnold

So you're XX, the at? universal looking things

Peter Oleksiak

current XX have just gave that of we to projects number I The actually is prospective lot that projects. you that number we have, a of but the a give that

the one of be amount not by that replace. projects it a asked on units with dozen replace the will or happen REF REF of business two, we’ve replacing maybe half handful of So to will these will

Jonathan Arnold

The last Landfill that the pretty think this. and would the And type I on talked forward the Gas deals deals. additional you skewed time towards smaller was more be idea thinking? still it Is

Peter Oleksiak

the kind All right which these day, areas to we at we’ll one looking one of give a we're at that detail in opportunities segment those them. nature end of about two the little now more this is of It’s you these of of the area ones from will but opportunities. And talk of that [indiscernible], types both hard EEI particular to that other are sense the at. the or come the say

Operator

with We’ll next Morningstar. go to Charles Fishman

Charles Fishman

the Ford. what's about -- this may you Ford be Is that with Peter, or with talks one a relationship this additional just downstream have Gerry we anticipate should CHP projects? ongoing off project, an Ford

Peter Oleksiak

-- how they future. and has for like particular then gone automotives, the do through This themselves set is through going up really allow they are Ford the

this there with redesigning and and green power in are center upgrading their engineering they particular. us. And So they they partnered wanted renewable research on one have to then was campus,

Ford, of is mentioned. a we type it do but project, as with So great relationship you one special a have

Charles Fishman

have plans, not, or provide you assembly a don’t similar recall? service but You to I

Peter Oleksiak

But their on energy, one we assembly this campus, the newly center. services water a in Yes, constructed onsite and utility of engineering at be the really type would plans. their onsite chilled power provide

Operator

Glenrock to Associates. We’ll with next go Paul Patterson

Paul Patterson

I'm again. little that to But the what doing And just was in guys if with detail. clear. that of was missing REF are of impact that bit cetera. partners. just impact completely like et sound or you could think business, I a in not This -- wondering mentioned in you what also was, what So I if describe just you was terms could thing, better clarify more but go you --

Peter Oleksiak

makes now where definitely tax credits. this process generate and are When Those clarify These a utilize into the rata of to us needed enter tax it. tax really sense and out in essentially really, the partnerships we the of it for cash us, Yes, our of of that in tax and where for for sell value taxes, looking can these units. for future projects are we position we projects for partnership partners cash some piece some these we our the credit, is the look of in terms of it. for for right at we’ll us now of pro credits. these that’s credits That’s that timing

in projects. earnings So some meantime, we’re good really be But enjoying some the will around these we entering partnerships.

cash full trade. earnings an really it’s So

temporary this this see two segment earnings and cash we or additional relocations value credits. say you’ll you may see tax related down up. next the in if those But do, we may as probably there’s bump So maximize a in year bit on a over to

Paul Patterson

the increased think a decreasing, I few is way temporary benefit be monetizing the because with these about of this REF it as next in Is years guess, it? credits, the that but to partners. you’re that will tax So

Peter Oleksiak

portfolio needed is definitely that. a Right, of and cash is this have out the us, ahead cash as we now so now, is the help significant fund determine we investment to

Paul Patterson

that is projection how think And going. REF about the we what earnings -- much

we forward As think should that REF? about little with bit? a that quantify earnings we in go how associated you this, Could

Peter Oleksiak

overall, million. about was back segment, original roughly this segment, you think which as The to guidance the look at $XX of way about

up once the to get us the best a going it. lot for monetization we guidance, units looking way out original do about the cash in a through remains it of But at the throwing next back by some REF. you get few think back over years. and this, to will normalized can are getting So cash be to These a addition that’s partnership

Paul Patterson

with is how the that? how going much And of then just that CapEx terms -- associated deal, you’re in much to Ford be of that

Peter Oleksiak

that is point backfill time. that part a this But it and for We overall again, once in of investment for strategy haven’t REF great disclosed our at us units. amount

Operator

Avon to Andy go with Capital We’ll Advisors. next Levi

Andy Levi

questions my all Actually, are asked.

Just announcement. the one Ford follow-up just on

there’s So no opportunities one that particular that’s off, project. on one extension a there

Peter Oleksiak

It’s a us engineering. onsite projects with new for significant the

But of again of with project, to type once We type very have with of projects opportunities a this this financial really other we’re and one additional with is be excited type similar Ford standalone on one. customers. working

Andy Levi

then Or will overall around numbers just on what you we is figure longer is at projects? the that all just other And EEI, that that similar get to project term out opportunity be the guidance part gave? of

Peter Oleksiak

We description this a little this in bit area will potential of we’ll opportunities, more opportunities at provide nature that and give of a additional the that area EEI.

Operator

next go Citadel. we’ll Kevin with to And Fallon

Kevin Fallon

going is a monetize, selling or on credits it stream to monetizing would a like right forward? deferred forward. you REF now earnings just Just somebody that the have Do else balance going question the basically you their

Peter Oleksiak

selling versus on into and as at balance this us that’s and do, deferred take really the on It's the what's we future at reasonable periodically balance a earnings right and why benefits our cash the and in getting We see partnership. monetizing we do stream. tax a to sheet have look value now,

Kevin Fallon

And how many you projects have? REF currently

Peter Oleksiak

now, right XX we have projects. Currently,

Kevin Fallon

base from think which the to percentage was REF to. back $XX to the there? think go I pointing What's I segment $XXX the is early we year, EEI last back or million, guidance, the REF amount And P&I if look you're in original million

Peter Oleksiak

XX of backfill majority why a last the and basically and that earnings that’s they type Currently, of it now This different go. But at for a segment years XX I projects that of the lot is the give REF projects. we projects, by moment, one a this the related supported of a right can segment disclosure. you series overall really come to of tell reasons We good have strategy. don’t is

new But we’re get the and we’ve terms backfill. with duration asked those in the portion in in earnings. earnings, of P&I we’re to earnings a So is earnings the have long-term that short-term of REF that real really my very short terms projects at out of segment excited majority going is at to this -- of point terming and contracted answer these we the short-term time

Kevin Fallon

that’s projects in were you guidance there now? year up to XX said, So last seven EEI what the and from you’re original

Peter Oleksiak

Overall, currently. we have XX

Kevin Fallon

the guidance? But in original

Peter Oleksiak

have original either the is The really this we related. and guidance, did XX

So online. we had two incremental essentially projects come

them of that may do we was relocation and One the potentially, to over near-term. continue

acquisition. one other The was an

getting in, these were is of So timing what the they this partnerships. into related to both

we're and credit earnings. benefiting stream. the be So cash near-term into we flow tax now from the when recognizing benefiting And we’ll from get partnerships,

Kevin Fallon

project the growth last and just And thing, a as off should original we the to guidance, X be what years? base that’s X using the earnings is to through out

Peter Oleksiak

Yes, I approach. would say be for now, that would the best

Kevin Fallon

And the original what guidance? is

Peter Oleksiak

It midpoint X.XX? of was a

Kevin Fallon

of X%... should midpoint we that’s X.XX, A X% to grow

Peter Oleksiak

now, normalizes REF. going an is original of as original rate that about EEI we think for And of guidance. know about the to both you at our for utilities well growth it it forward. and projection guidance be way don’t our at think think project, we to update we I our how the best We’ll the to giving terms have as here the for current in if really just -- in weather But I -- have our presentation. But you that’s back go

Operator

and that question answer session for Peter, back closing to and it Ladies today. our you gentleman, I’ll concludes remarks. turn for

Peter Oleksiak

Thank I Until you the again, rest couple tell here you then, as of in a forward earlier. mentioned the definitely we you us and day. morning. And weeks. good at message we’ll good a And number EEI give everybody seeing a have of look I this think updates, for I to have joining really of to once

Operator

Ladies and gentlemen, thank you for your participation. conference. This concludes today's

You may now disconnect.

DTE Energy (DTE) 25 Oct 172017 Q3 Earnings call transcript