By Chris O’Malley

Extreme cold helped drive first-quarter earnings at two of Michigan’s largest gas-electric utilities, though neither DTE Energy nor CMS Energy enjoyed quite the bump it did during the polar vortex last year.

Moreover, operating revenue at DTE Energy fell 24% on losses in its energy trading business. DTE’s first-quarter earnings of $273 million ($1.53/share) compare to $326 million ($1.84/share) in the first quarter of 2014. Per-share earnings exceeded a $1.52 forecast by analysts polled by Thomson Reuters.

Operating revenue of $2.98 billion was down from $3.93 billion a year earlier and less than the $3.53 billion analysts had forecast.

In the first quarter, DTE’s energy trading unit lost $9 million, versus a profit of $42 million in early 2014. The company cited mark-to-market adjustments.

Operating earnings for DTE Electric were flat, at $136 million. DTE Gas earnings of $111 million were down 14%, from $129 million during the first quarter 2014 polar vortex.

During a conference call with analysts, DTE Energy executives held firm on full-year earnings-per-share estimates of $4.48 to $4.72.

“We’re off to a strong start across our portfolio of businesses,” Chief Financial Officer Peter Oleksiak said.

First-quarter net income of Jackson, Mich.-based CMS Energy fell nearly 1% to $202 million ($0.73/share). That compares with $204 million ($0.75/share) in the first quarter of 2014.

On a weather-normalized basis, however, earnings per share were 7% more than last year’s first quarter, CFO Tom Webb told analysts during a conference call.

CMS said it was holding to its 2015 earnings-per-share guidance of $1.86 to $1.89, in line with the company’s annual adjusted growth goal.