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CMS Energy Stock Price

63.95 -0.06 -0.09% Volume: 1,088,891 10.21.19 04:04 ET

CMS Energy Stock Price

21Oct2019 04:04 ET 63.95 -0.06 -0.09% Volume: 1,088,891

Media Contacts

MEGAN
BROWN
Senior Director of Public Relations
and Communications
517-788-6538
megan.brown@cmsenergy.com
KATIE
CAREY
Director of Media Relations
517-788-2395
katelyn.carey@cmsenergy.com
BRIAN
WHEELER
Senior Public Information Director
517-788-2394
brian.wheeler@cmsenergy.com

Disclaimer

Please note that you are now entering a website directly or indirectly maintained by a third party (the "External Site") and that you do so at your own risk.

CMS Energy, Corp. (“CMS”) has no control over the External Site, any data or other content contained therein or any additional linked websites. The link to the External Site is provided for convenience purposes only. By clicking “Accept” you acknowledge and agree that neither CMS nor third party provider Virtua Research, Inc. (“Virtua) is responsible, or accepts or assumes any responsibility or liability whatsoever for, the content, the data or the technical operation of the Linked Site. Further, by entering the External Site, you also acknowledge and agree that you completely and irrevocably waive any and all rights and claims against CMS and Virtua and further acknowledge and agree that in no event shall CMS or Virtua, its officers, employees, directors and agents be liable for any (i) indirect, consequential, incidental, special, compensatory or punitive damages, (ii) damages for loss of income, loss of business profits, business interruption, loss of data or business information, loss of or damage to property, (iii) claims of third parties, or (iv) other pecuniary loss, arising out of or related to the Legal Notice, this disclaimer or the External Site

By entering the External Site, you further acknowledge and agree that the disclaimer of warranties and limitations of liability set out in this disclaimer shall apply regardless of the causes, circumstances or form of action giving rise to the loss, damage, claim or liability, even if such loss, damage, claim or liability is based upon breach of contract (including, without limitation, a claim of fundamental breach or breach of a fundamental term), tort (including, without limitation, negligence), strict liability or any other legal or equitable theory, and even if CMS and Virtua are advised of the possibility of the loss, damage, claim or liability. The waiver and release specifically includes, without limitation, any and all rights and claims pertaining to the processing of personal data, including but not limited to any rights under any applicable data protection statute(s). If in any jurisdiction, any part of this disclaimer is held to be unenforceable by a court of competent jurisdiction, such part of this disclaimer shall be restricted or eliminated to the minimum extent and the remaining disclaimer shall otherwise remain in full force and effect.

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 Second Quarter Earnings of $0.33 Per Share; Reaffirms 2019 Earnings Guidance

Jul 25, 2019

JACKSON, Mich., July 25, 2019 /PRNewswire/ -- CMS Energy announced today reported net income of $93 million or $0.33 per share, for the second quarter of 2019, compared to $139 million or $0.49 per share for the same quarter in 2018. The company reported net income of $306 million, or $1.08 per share, for the first half of 2019 compared to $380 million or $1.35 per share for the comparable period in 2018. The key drivers of CMS' year-to-date financial performance were mild weather and storm activity.

CMS Energy Logo

CMS Energy reaffirmed its guidance for 2019 adjusted earnings of $2.47 - $2.51 per share (*See below for important information about non-GAAP measures) or 6 to 8 percent annual adjusted earnings per share growth.

"CMS Energy's strong commitment to our triple bottom line of people, planet and profit is reflected in our company's financial results for the first six months of 2019," said Patti Poppe, President and CEO of CMS Energy and Consumers Energy. "A major step forward for the company this quarter was the approval of our Integrated Resource Plan (IRP), which established our company and the state of Michigan as national clean energy leaders."

CMS Energy noted several accomplishments in the second quarter:

  • IRP SETTLEMENT APPROVAL: The IRP puts Consumers Energy on a path to eliminate coal, reduce carbon emissions by over 90 percent, and meet customers' future electricity capacity needs with 90 percent clean energy resources by 2040. The Michigan Public Service Commission approved the plan in June, which also had support from customers, environmental groups, the MPSC's technical staff, and the Michigan Attorney General.
  • Electric Vehicle Charging and Rebate Program LAUNCH: In June, we announced PowerMIDrive, a multi-year program designed to make it easier for owners of electric vehicles to charge their vehicles when and where they want.
  • G AS AUTOMATIC METER READING (AMR) INSTALLATION COMPLETE: We have now completed the deployment of gas AMR technology for our standalone gas customers. In total, we upgraded 1.1 million gas meters with communication modules on existing meters allowing us to read the meters remotely from service vehicles leading to an improved customer experience.

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

CMS Energy will hold a webcast to discuss its 2019 second quarter results and provide a business and financial outlook on July 25 at 8:30 a.m. (EDT). To participate in the webcast, go to CMS Energy's homepage ( cmsenergy.com ) and select "Investor Meeting."

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. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, regulatory items from prior years, or other items detailed in the attached summary financial statements. 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. All references to earnings per share are on a diluted basis.

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.

For more information on CMS Energy, please visit our website at cmsenergy.com . To sign up for email alert notifications , please visit the Investor Relations section of our website.


 

CMS ENERGY CORPORATION

Consolidated Statements of Income

(Unaudited)






In Millions, Except Per Share Amounts



Three Months Ended


Six Months Ended



6/30/19


6/30/18


6/30/19


6/30/18














Operating revenue

$

1,445


$

1,492


$

3,504


$

3,445














Operating expenses


1,227



1,237



2,927



2,827














Operating Income


218



255



577



618














Other income


27



22



50



51














Interest charges


131



112



252



223














Income Before Income Taxes


114



165



375



446














Income tax expense


20



25



68



65














Net Income


94



140



307



381














Income attributable to noncontrolling interests


1



1



1



1














Net Income Available to Common Stockholders

$

93


$

139


$

306


$

380



























Basic Earnings Per Average Common Share

$

0.33


$

0.49


$

1.08


$

1.35

Diluted Earnings Per Average Common Share


0.33



0.49



1.08



1.35

 


 

CMS ENERGY CORPORATION

Summarized Consolidated Balance Sheets

(Unaudited)



In Millions



As of



6/30/19


12/31/18

Assets








Current assets








Cash and cash equivalents


$

312



$

153

Restricted cash and cash equivalents



22




21

Other current assets



1,920




2,294

Total current assets



2,254




2,468

Non-current assets








Plant, property, and equipment



18,106




18,126

Other non-current assets



4,932




3,935

Total Assets


$

25,292



$

24,529










Liabilities and Equity








Current liabilities (1)


$

1,309



$

1,531

Non-current liabilities (1)



6,696




6,429

Capitalization








Debt, capital leases, and financing obligation (excluding securitization debt) (2)








Debt, capital leases, and financing obligation (excluding non-recourse and securitization debt)



9,913




9,646

Non-recourse debt



2,222




1,854

Total debt, capital leases, and financing obligation (excluding securitization debt)



12,135




11,500

Noncontrolling interests



37




37

Common stockholders' equity



4,851




4,755

Total capitalization (excluding securitization debt)



17,023




16,292

Securitization debt (2)



264




277

Total Liabilities and Equity


$

25,292



$

24,529










(1) Excludes debt, capital leases, and financing obligation.










(2) Includes current and non-current portions.



















CMS ENERGY CORPORATION

Summarized Consolidated Statements of Cash Flows

(Unaudited)












In Millions



Six Months Ended



6/30/19


6/30/18










Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts


$

175



$

204










Net cash provided by operating activities



1,185




1,416

Net cash used in investing activities



(1,410)




(1,008)

Cash flows from operating and investing activities



(225)




408

Net cash provided by (used in) financing activities



384




(111)










Total Cash Flows


$

159



$

297










End of Period Cash and Cash Equivalents, Including Restricted Amounts


$

334



$

501

 


 

CMS ENERGY CORPORATION

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

(Unaudited)



In Millions, Except Per Share Amounts



Three Months Ended


Six Months Ended



6/30/19


6/30/18


6/30/19


6/30/18














Net Income Available to Common Stockholders

$

93


$

139


$

306


$

380

Reconciling items:












Other exclusions from adjusted earnings




1





1

Tax impact


(*)



(*)



(*)



(*)

Gain on assets previously sold


-



(4)



(*)



(4)

Tax impact


-



1





1














Adjusted net income – non-GAAP

$

93


$

137


$

306


$

378














Average Common Shares Outstanding












Basic


282.9



282.1



282.9



281.8

Diluted


284.0



282.6



283.8



282.4














Basic Earnings Per Average Common Share












Reported net income per share

$

0.33


$

0.49


$

1.08


$

1.35

Reconciling items:












Other exclusions from adjusted earnings








Tax impact


(*)



(*)



(*)



(*)

Gain on assets previously sold


-



(0.01)



(*)



(0.01)

Tax impact


-




















Adjusted net income per share – non-GAAP

$

0.33


$

0.48


$

1.08


$

1.34














Diluted Earnings Per Average Common Share












Reported net income per share

$

0.33


$

0.49


$

1.08


$

1.35

Reconciling items:












Other exclusions from adjusted earnings








Tax impact


(*)



(*)



(*)



(*)

Gain on assets previously sold


-



(0.01)



(*)



(0.01)

Tax impact


-




















Adjusted net income per share – non-GAAP

$

0.33


$

0.48


$

1.08


$

1.34














*

Less than $0.5 million or $0.01 per share.

























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, regulatory items from prior years, or

other items detailed in these summary financial statements.  Adjusted earnings should be considered supplemental information to assist in understanding our business

results, rather than as a substitute for reported earnings.  

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/cms-energy-announces-second-quarter-earnings-of-0-33-per-share-reaffirms-2019-earnings-guidance-300890591.html

SOURCE CMS Energy

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