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CMS Energy Stock Price

60.34 +0.42 +0.7% Volume: 2,363,553 03.28.24 04:00 ET

CMS Energy Stock Price

28Mar2024 04:00 ET 60.34 +0.42 +0.7% Volume: 2,363,553

Media Contacts

KATIE
CAREY
Director of External Relations
517-788-2395
katelyn.carey@cmsenergy.com
BRIAN
WHEELER
Media Relations Manager
517-788-2394
brian.wheeler@cmsenergy.com

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Please note the information presented is deemed representative at the time of its original release. Changes in historical information may occur due to adjustments in accounting and reporting standards & procedures.

Non-GAAP Information

In addition to disclosing results determined in accordance with GAAP, CMS may also disclose certain non-GAAP and pro forma non-GAAP results of operations, including net income, earnings per share, and operating income that make certain adjustments or exclude certain charges and gains that are outlined in the schedules included in this website. CMS provides historical financial results on both a GAAP and non-GAAP basis. Management views adjusted earnings as a key measure of the company’s present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the company uses adjusted earnings to measure and assess performance. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, regulatory items from prior years, or other items. Because the company is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, the company’s reported earnings in future periods, the company is not providing reported earnings guidance nor is it providing a reconciliation for the comparable future period earnings.

CMS and Virtua also take no responsibility for third party pricing data provided for informational purposes and certain ratio results formulated from the provided third party pricing data. The non-GAAP information is not prepared in accordance with GAAP and may not be comparable to non-GAAP information used by other companies. The non-GAAP information should be considered supplemental information to assist in fully understanding our business results, rather than as a substitute for the reported earnings.

A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included as a separate link and also posted on the CMS website at www.cmsenergy.com.

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News Releases

CMS Energy Announces Third Quarter Earnings Of $0.53 Per Share; Raises Low End Of Adjusted Earnings Guidance To $1.87 To $1.89 Per Share

Oct 29, 2015

JACKSON, Mich., Oct. 29, 2015 /PRNewswire/ -- CMS Energy announced today reported net income of $148 million, or $0.53 per share, for the third quarter of 2015 and $417 million,  or $1.51 per share, for the first nine months of the year. Adjusted earnings per share for the third quarter and first nine months were the same as reported amounts.

CMS Energy raised the low end of its 2015 adjusted earnings per share guidance by a penny from $1.86-$1.89 to $1.87-$1.89, consistent with performance at the high end of its long-term plan to grow earnings per share at 5% to 7%.

For the first nine months of 2015, CMS Energy achieved high marks for customer satisfaction as it focused on reinvestments in its electric and natural gas operations, affordability and transitioning to cleaner energy sources. 

"We are transitioning to a cleaner energy portfolio, which benefits our customers and Michigan as it develops a compliance strategy for the federal Clean Power Plan," said John Russell, president and chief executive officer for CMS Energy and its principal subsidiary, Consumers Energy.

"We'll be buying competitively priced renewable energy from a new 100 megawatt wind park in Huron County, allowing us to exceed the renewable energy requirements in Michigan's current law. We're building two new community solar gardens, the largest program in the state, in collaboration with Grand Valley State University and Western Michigan University," said Russell. "We're also adding the clean-burning Jackson Gas Plant to our generating portfolio in the next few months as we retire our seven oldest coal plants by the second quarter of 2016 in April."

The Company's work to lower industrial electric rates and keep residential bills low is helping to stimulate job growth and economic development in Michigan. In part due to the Company's efforts, Chilean-based Arauco announced during the quarter a new particle board manufacturing facility in Grayling, creating 250 jobs. Separately, General Motors announced upgrade and expansion plans for its manufacturing facilities in Flint and Grand Rapids, adding 300 jobs.

These expansions are in addition to recent announcements of new facilities in Michigan by Italian-based Brembo, and Dicastal, a Chinese company. Meanwhile, Michigan's economy continues to make progress as the state's unemployment rate fell below the U.S. average for the first time since 2000.

On the natural gas side of the business, Consumers Energy reduced fuel costs to the lowest level since 2001, due to abundant supplies and the Company's investment of more than $400 million over the last five years in its gas delivery and storage system. The lower costs are driving a 15 percent expected reduction this winter in heating costs for an average residential customer, along with savings for business customers.

The Company expects to double investments in its gas business over the next decade. Those investments include expansion of its pipeline and storage system, adding new customers who formerly used higher-cost propane, and strengthening pipeline integrity in a multi-year line replacement program.

The Company maintained its focus on sustainability as Consumers Energy was ranked as a "Top 2015 Environmental Champion" by MSI Cogent Reports in the Midwest Combination category.

CMS Energy (NYSE: CMS) is a Michigan-based company that has an electric and natural gas utility, Consumers Energy, as its primary business and also owns and operates independent power generation businesses.

CMS Energy will hold a webcast to discuss its 2015 third quarter results and provide a business and financial outlook on October 29 at 9:00 AM (EDT).  To participate in the Webcast, go to CMS Energy's home page (www.cmsenergy.com) and select "Investor Meeting."

Investors and others should note that CMS Energy routinely posts important information on its website and considers the Investor Relations section, www.cmsenergy.com/investor-relations, a channel of distribution.

This news release contains non-Generally Accepted Accounting Principles (non-GAAP) measures, such as adjusted earnings. Management views adjusted earnings as a key measure of the company's present operating financial performance, unaffected by discontinued operations, asset sales, impairments, regulatory items from prior years, or other items detailed in the attached summary financial statements. These items have the potential to impact, favorably or unfavorably, the company's reported earnings.  

This news release contains "forward-looking statements." The forward-looking statements are subject to risks and uncertainties that could cause CMS Energy's and Consumers Energy's results to differ materially. All forward-looking statements should be considered in the context of the risk and other factors detailed from time to time in CMS Energy's and Consumers Energy's Securities and Exchange Commission filings. 

For more information on CMS Energy, please visit our web site at: www.cmsenergy.com

 

CMS Energy Corporation

SUMMARIZED CONSOLIDATED STATEMENTS OF INCOME 

(In Millions, Except Per Share Amounts)






































Third Quarter


Nine Months



(Unaudited)


(Unaudited)



2015


2014


2015


2014











Operating Revenue

$    1,486


$    1,430


$    4,947


$    5,421











Operating Expenses

1,169


1,194


4,029


4,542











Operating Income 

$      317


$      236


$      918


$      879











Other Income 

7


6


16


1











Interest Charges

101


101


305


303











Income before Income Taxes

$      223


$      141


$      629


$      577











Income Tax Expense 

75


47


211


195











Net Income 

$      148


$        94


$      418


$      382











Income Attributable to Noncontrolling Interests

-


-


1


1











Net Income Available to Common Stockholders

$      148


$        94


$      417


$      381




















Income Per Share 









             Basic

$     0.53


$     0.34


$     1.51


$     1.41


             Diluted

0.53


0.34


1.51


1.39


 

CMS Energy Corporation

SUMMARIZED CONSOLIDATED BALANCE SHEETS

(In Millions)




September 30


December 31


2015


2014


(Unaudited)

Assets




Cash and cash equivalents

$           150


$         207

Restricted cash and cash equivalents

52


37

Other current assets

1,921


2,353

   Total current assets

$         2,123


$       2,597

Plant, property, and equipment

14,160


13,412

Other non-current assets

3,169


3,176

Total Assets

$       19,452


$     19,185









Liabilities and Equity




Current liabilities

$           979


$       1,414

Non-current liabilities 

5,711


5,325

Capitalization




   Debt, capital leases, and financing obligation (*)




      Debt, capital leases, and financing obligation 




         (excluding non-recourse and securitization debt)

7,427


7,428

      Non-recourse debt 

1,018


884

   Total debt, capital leases, and financing obligation

8,445


8,312

   Noncontrolling interests

37


37

   Common stockholders' equity

3,902


3,670

   Total capitalization

$       12,384


$     12,019

Securitization debt

378


427

Total Liabilities and Equity

$       19,452


$     19,185





(*) Current and long-term












CMS Energy Corporation

SUMMARIZED STATEMENTS OF CASH FLOWS

(In Millions)


Nine Months


(Unaudited)


2015


2014





Beginning of Period Cash

$           207


$         172





Cash provided by operating activities

$         1,420


$         962

Cash used in investing activities

(1,340)


(1,347)

Cash flow from operating and investing activities

$             80


$        (385)

Cash provided by (used in) financing activities

(137)


706

Total Cash Flow

$            (57)


$         321





End of Period Cash

$           150


$         493









 

CMS Energy Corporation

SUMMARY OF CONSOLIDATED EARNINGS

Reconciliations of GAAP Net Income to Non-GAAP Adjusted Net Income 

(In Millions, Except Per Share Amounts)













Third Quarter


Nine Months




(Unaudited)


(Unaudited)




2015


2014


2015


2014












Net Income Available to Common Stockholders

$      148


$        94


$      417


$      381












Reconciling Items:










Discontinued Operations (Income) Loss

 (*) 


 * 


 (*) 


 (*) 













Restructuring Costs and Other

 * 


9


 * 


9












Adjusted Net Income - Non-GAAP Basis

$      148


$      103


$      417


$      390






















Average Number of Common Shares Outstanding










Basic

276


274


275


269



Diluted

277


275


276


274












Basic Earnings Per Average Common Share



















Net Income Per Share as Reported

$     0.53


$     0.34


$     1.51


$     1.41












Reconciling Items:










Discontinued Operations (Income) Loss

 (*) 


 * 


 (*) 


 (*) 













Restructuring Costs and Other

 * 


0.03


 * 


0.03












Adjusted Net Income - Non-GAAP Basis

$     0.53


$     0.37


$     1.51


$     1.44






















Diluted Earnings Per Average Common Share



















Net Income Per Share as Reported

$     0.53


$     0.34


$     1.51


$     1.39












Reconciling Items:










Discontinued Operations (Income) Loss

 (*) 


 * 


 (*) 


 (*) 













Restructuring Costs and Other

 * 


0.03


 * 


0.03












Adjusted Net Income - Non-GAAP Basis

$     0.53


$     0.37


$     1.51


$     1.42






















Note:

Management views adjusted (non-Generally Accepted Accounting Principles) earnings as a key measure of the Company's present operating financial performance, unaffected by discontinued operations, asset sales, impairments, regulatory items from prior years, or other items detailed in these summary financial statements.






















* Less than $500 thousand or $0.01 per share.








 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cms-energy-announces-third-quarter-earnings-of-053-per-share-raises-low-end-of-adjusted-earnings-guidance-to-187-to-189-per-share-300168127.html

SOURCE CMS Energy

Media Contacts: Dan Bishop, 517/788-2395 or Brian Wheeler, 517/788-2394 ; Investment Analyst Contact: CMS Energy Investor Relations, 517/788-2590

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