DTE Energy Company DTE reported first-quarter 2016 operating earnings per share of $1.52, in line with the Zacks Consensus Estimate. Reported earnings, however, dropped 7.9% from the year-ago figure of $1.65.On a GAAP basis, earnings came in at $1.37 per share, compared with $1.53 earned in the prior-year quarter. The variance between GAAP and pro forma earnings was due to certain non-recurring items, mark-to-market adjustments and discontinued operations. Total RevenueTotal revenue came in at $2,566 million, down 14% year over year.Operating UpdateOperation and maintenance expenses in the reported quarter were $516 million, down 1.9% year over year.Total operating expenses decreased 13.4% to $2,185 million. This was primarily due to lower fuel, purchased power and gas expenses – utility (18.5%) and non-utility (22.8%), and a decrease in operation and maintenance expenses.Due to a decline in quarterly revenues, operating income tumbled 17.4% to $381 million.Segmental HighlightsUtility OperationsDTE Electric: Segment earnings were $127 million, down 6.6%.DTE Gas: The segment reported operating income of $87 million, down 21.6%.Non-Utility OperationsGas Storage and Pipelines: The segment generated profits of $30 million, up from $27 million a year ago.Power and Industrial Projects: The segment posted profits of $21 million, down 36.4%.Energy Trading: The segment reported profits of $16 million, up from the prior-year figure of $12 million.Corporate and Other: The segment incurred a loss of $7 million, significantly narrower than the year-ago loss of $25 million.Financial UpdateCash from operations in the first quarter of 2016 was $0.7 billion, with free cash flow of $0.2 billion.Also, the company utilized $0.1 billion to pay dividends and another $0.1 billion to redeem existing debts during the quarter.GuidanceDTE Energy maintained its operating earnings per share guidance for 2016 in the range of $4.80 to $5.05.Upcoming Utility ReleasesCMS Energy Corp. CMS is scheduled to report first-quarter 2016 results on Apr 28.American Electric Power Co., Inc. AEP is scheduled to report first-quarter 2016 results on Apr 28.Public Service Enterprise Group Inc. PEG is scheduled to report first-quarter 2016 results on Apr 29.Zacks RankDTE Energy currently has a Zacks Rank #4 (Sell).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AMER ELEC PWR (AEP): Free Stock Analysis Report CMS ENERGY (CMS): Free Stock Analysis Report DTE ENERGY CO (DTE): Free Stock Analysis Report PUBLIC SV ENTRP (PEG): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research