JACKSON,
Mich., April 25, 2024 /PRNewswire/ -- CMS Energy
announced today reported earnings per share of $0.96 for the first quarter of 2024, compared to
$0.69 per share for 2023. The
company's adjusted earnings per share for the first quarter were
$0.97, compared to $0.70 per share for 2023 primarily due to higher
weather-normalized sales and lower storm restoration costs.
CMS Energy reaffirmed its 2024 adjusted earnings guidance to
$3.29 to $3.35 per share (*See below for important
information about non-GAAP measures) and long-term adjusted EPS
growth of 6 to 8 percent, with continued confidence toward the high
end.
"We experienced a warmer than normal winter but remain on track
to deliver our full year earnings guidance," said Garrick Rochow, President and CEO of CMS Energy
and Consumers Energy. "I continue to be pleased with our
performance, namely in the progress of our electric Reliability
Roadmap and economic development efforts while continuing to lead
the clean energy transformation, which will be further supported by
Michigan's new clean energy
law."
CMS Energy (NYSE: CMS) is a Michigan-based energy provider featuring
Consumers Energy as its primary business. It also owns and operates
independent power generation businesses.
CMS Energy will hold a webcast to discuss its 2024 first
quarter results and provide a business and financial outlook on
Thursday, April 25 at 9:30 a.m. (EDT). To participate in the webcast,
go to CMS Energy's homepage (cmsenergy.com) and select "Events and
Presentations."
Important information for investors about non-GAAP measures
and other disclosures.
This news release contains non-Generally Accepted Accounting
Principles (non-GAAP) measures, such as adjusted earnings. All
references to net income refer to net income available to common
stockholders and references to earnings per share are on a diluted
basis. Adjustments could include items such as discontinued
operations, asset sales, impairments, restructuring costs, business
optimization initiative, changes in accounting principles,
voluntary separation program, changes in federal tax policy,
regulatory items from prior years, unrealized gains or losses from
mark-to-market adjustments, or other items. 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. 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. The company's adjusted earnings should be
considered supplemental information to assist in understanding our
business results, rather than as a substitute for the 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.
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.
|
CMS ENERGY CORPORATION
Consolidated Statements of Income
(Unaudited)
|
|
|
|
In Millions,
Except Per Share Amounts
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
3/31/24
|
|
3/31/23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenue
|
|
|
|
|
|
|
$
|
2,176
|
|
$
|
2,284
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
1,764
|
|
|
1,970
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
|
|
|
|
|
412
|
|
|
314
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
|
|
|
|
|
|
|
|
86
|
|
|
56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
charges
|
|
|
|
|
|
|
|
177
|
|
|
147
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income
Taxes
|
|
|
|
|
|
|
|
321
|
|
|
223
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
|
|
|
|
|
58
|
|
|
29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
|
|
|
|
|
|
263
|
|
|
194
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss attributable to
noncontrolling interests
|
|
|
|
|
|
|
|
(24)
|
|
|
(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
Attributable to CMS Energy
|
|
|
|
|
|
|
|
287
|
|
|
204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock
dividends
|
|
|
|
|
|
|
|
2
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Available
to Common Stockholders
|
|
|
|
|
|
|
$
|
285
|
|
$
|
202
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per
Average Common Share
|
|
|
|
|
|
|
$
|
0.96
|
|
$
|
0.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CMS ENERGY CORPORATION
Summarized Consolidated Balance Sheets
(Unaudited)
|
|
|
|
|
|
In
Millions
|
|
|
As of
|
|
|
3/31/24
|
|
12/31/23
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
802
|
|
|
$
|
227
|
|
Restricted cash and
cash equivalents
|
|
|
59
|
|
|
|
21
|
|
Other current
assets
|
|
|
2,230
|
|
|
|
2,591
|
|
Total current
assets
|
|
|
3,091
|
|
|
|
2,839
|
|
Non-current
assets
|
|
|
|
|
|
|
|
|
Plant, property, and
equipment
|
|
|
25,280
|
|
|
|
25,072
|
|
Other non-current
assets
|
|
|
5,530
|
|
|
|
5,606
|
|
Total
Assets
|
|
$
|
33,901
|
|
|
$
|
33,517
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
|
|
Current liabilities
(1)
|
|
$
|
1,523
|
|
|
$
|
1,822
|
|
Non-current liabilities
(1)
|
|
|
8,066
|
|
|
|
7,927
|
|
Capitalization
|
|
|
|
|
|
|
|
|
Debt and finance leases
(excluding securitization debt) (2)
|
|
|
15,019
|
|
|
|
14,856
|
|
Preferred stock and
securities
|
|
|
224
|
|
|
|
224
|
|
Noncontrolling
interests
|
|
|
560
|
|
|
|
581
|
|
Common stockholders'
equity
|
|
|
7,722
|
|
|
|
7,320
|
|
Total capitalization
(excluding securitization debt)
|
|
|
23,525
|
|
|
|
22,981
|
|
Securitization debt
(2)
|
|
|
787
|
|
|
|
787
|
|
Total Liabilities
and Equity
|
|
$
|
33,901
|
|
|
$
|
33,517
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Excludes debt and
finance leases.
|
|
|
(2)
|
Includes current and
non-current portions.
|
|
CMS ENERGY
CORPORATION
|
|
Summarized
Consolidated Statements of Cash Flows
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
In
Millions
|
|
|
Three Months
Ended
|
|
|
3/31/24
|
|
3/31/23
|
|
|
|
|
|
|
|
|
|
|
Beginning of Period
Cash and Cash Equivalents, Including Restricted
Amounts
|
|
$
|
248
|
|
|
$
|
182
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
|
956
|
|
|
|
1,040
|
|
Net cash used in
investing activities
|
|
|
(637)
|
|
|
|
(651)
|
|
Cash flows from
operating and investing activities
|
|
|
319
|
|
|
|
389
|
|
Net cash provided by
financing activities
|
|
|
294
|
|
|
|
27
|
|
|
|
|
|
|
|
|
|
|
Total Cash
Flows
|
|
$
|
613
|
|
|
$
|
416
|
|
|
|
|
|
|
|
|
|
|
End of Period Cash
and Cash Equivalents, Including Restricted Amounts
|
|
$
|
861
|
|
|
$
|
598
|
|
CMS ENERGY CORPORATION
Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net
Income
(Unaudited)
|
|
|
|
|
|
In Millions,
Except Per Share Amounts
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
3/31/24
|
|
3/31/23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Available
to Common Stockholders
|
|
|
|
|
|
|
$
|
285
|
|
$
|
202
|
|
Reconciling
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
Other exclusions from
adjusted earnings**
|
|
|
|
|
|
|
|
4
|
|
|
3
|
|
Tax impact
|
|
|
|
|
|
|
|
(1)
|
|
|
(1)
|
|
Voluntary separation
program
|
|
|
|
|
|
|
|
*
|
|
|
-
|
|
Tax impact
|
|
|
|
|
|
|
|
(*)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income –
non-GAAP
|
|
|
|
|
|
|
$
|
288
|
|
$
|
204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common
Shares Outstanding - Diluted
|
|
|
|
|
|
|
|
297.2
|
|
|
291.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per
Average Common Share
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported net income per
share
|
|
|
|
|
|
|
$
|
0.96
|
|
$
|
0.69
|
|
Reconciling
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
Other exclusions from
adjusted earnings**
|
|
|
|
|
|
|
|
0.01
|
|
|
0.01
|
|
Tax impact
|
|
|
|
|
|
|
|
(*)
|
|
|
(*)
|
|
Voluntary separation
program
|
|
|
|
|
|
|
|
*
|
|
|
-
|
|
Tax impact
|
|
|
|
|
|
|
|
(*)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income per
share – non-GAAP
|
|
|
|
|
|
|
$
|
0.97
|
|
$
|
0.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Less than $0.5 million
or $0.01 per share.
|
|
|
|
|
|
|
|
|
|
|
|
|
**
|
Includes restructuring
costs and business optimization initiative.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management views
adjusted (non-Generally Accepted Accounting Principles) 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, business
optimization initiative, changes in accounting principles,
voluntary separation program, changes in federal tax policy,
regulatory items from prior years, unrealized gains or losses from
mark-to-market adjustments, or other items. The adjusted
earnings should be considered supplemental information to assist in
understanding our business results, rather than as a substitute for
reported earnings.
|
View original
content:https://www.prnewswire.com/news-releases/cms-energy-announces-first-quarter-results-for-2024-reaffirms-2024-adjusted-eps-guidance-302126828.html
SOURCE CMS Energy