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CMS Energy Stock Price

60.79 +0.30 +0.49% Volume: 652,320 11.14.19 02:37 ET

CMS Energy Stock Price

14Nov2019 02:37 ET 60.79 +0.30 +0.49% Volume: 652,320

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 Third Quarter Earnings of $0.73 Per Share, Introduces 2020 Earnings Guidance and New $25 Billion 10-Year Capital Plan

Oct 24, 2019

JACKSON, Mich., Oct. 24, 2019 /PRNewswire/ -- CMS Energy announced today reported net income of $207 million or $0.73 per share, for the third quarter of 2019, compared to $169 million or $0.59 per share for the same quarter in 2018. For the first nine months of 2019, the company reported net income of $513 million or $1.81 per share, compared to $549 million or $1.94 for the comparable period in 2018. The key drivers of CMS Energy's year-to-date financial performance were unfavorable weather and storm activity, partially offset by investment recovery and favorable sales mix.

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. Additionally, CMS Energy introduced 2020 adjusted earnings per share guidance of $2.63 to $2.68, reflecting continued strong growth of 6 to 8 percent.

"The company's third quarter results confirm our commitment to finish the year strong both operationally and financially," said Patti Poppe, President and CEO of CMS Energy and Consumers Energy. "As we look to 2020, we will continue to focus on the triple bottom line of people, planet and profit."

CMS Energy noted several accomplishments during the quarter:

  • Received a gas rate case order, supporting $1.2 billion of gas infrastructure investment to improve safety and reliability
  • Issued a Request for Proposal to acquire 300 MW of solar projects as part of the Clean Energy Plan
  • Ranked #1 in J.D. Power Midwest Large Residential Gas Study
  • Committed to net-zero methane emissions by 2030 for our natural gas distribution system

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 third quarter results and provide a business and financial outlook on October 24 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


Nine Months Ended



9/30/19


9/30/18


9/30/19


9/30/18














Operating revenue

$

1,546


$

1,599


$

5,050


$

5,044














Operating expenses


1,195



1,305



4,122



4,132














Operating Income


351



294



928



912














Other income


31



22



81



73














Interest charges


133



114



385



337














Income Before Income Taxes


249



202



624



648














Income tax expense


42



33



110



98














Net Income


207



169



514



550














Income attributable to noncontrolling interests


-



-



1



1














Net Income Available to Common Stockholders

$

207


$

169


$

513


$

549



























Basic Earnings Per Average Common Share

$

0.73


$

0.60


$

1.81


$

1.95

Diluted Earnings Per Average Common Share


0.73



0.59



1.81



1.94

 

CMS ENERGY CORPORATION

Summarized Consolidated Balance Sheets

(Unaudited)




In Millions



As of



9/30/19


12/31/18

Assets








Current assets








Cash and cash equivalents


$

403



$

153

Restricted cash and cash equivalents



29




21

Other current assets



1,873




2,294

Total current assets



2,305




2,468

Non-current assets








Plant, property, and equipment



18,524




18,126

Other non-current assets



5,180




3,935

Total Assets


$

26,009



$

24,529










Liabilities and Equity








Current liabilities (1)


$

1,091



$

1,531

Non-current liabilities (1)



6,729




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)



10,460




9,646

Non-recourse debt



2,471




1,854

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



12,931




11,500

Noncontrolling interests



37




37

Common stockholders' equity



4,957




4,755

Total capitalization (excluding securitization debt)



17,925




16,292

Securitization debt (2)



264




277

Total Liabilities and Equity


$

26,009



$

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



Nine Months Ended



9/30/19


9/30/18










Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts


$

175



$

204










Net cash provided by operating activities



1,395




1,565

Net cash used in investing activities



(2,212)




(1,815)

Cash flows from operating and investing activities



(817)




(250)

Net cash provided by financing activities



1,075




412










Total Cash Flows


$

258



$

162










End of Period Cash and Cash Equivalents, Including Restricted Amounts


$

433



$

366

 

CMS ENERGY CORPORATION

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

(Unaudited)




In Millions, Except Per Share Amounts



Three Months Ended


Nine Months Ended



9/30/19


9/30/18


9/30/19


9/30/18














Net Income Available to Common Stockholders

$

207


$

169


$

513


$

549

Reconciling items:












Other exclusions from adjusted earnings


1





1



1

Tax impact


(*)



(*)



(*)



(*)

Gain on assets previously sold


-



-



(*)



(4)

Tax impact


-



-





1














Adjusted net income – non-GAAP

$

208


$

169


$

514


$

547














Average Common Shares Outstanding












Basic


283.0



282.5



282.9



282.1

Diluted


284.6



283.2



284.2



282.8














Basic Earnings Per Average Common Share












Reported net income per share

$

0.73


$

0.60


$

1.81


$

1.95

Reconciling items:












Other exclusions from adjusted earnings








Tax impact


(*)



(*)



(*)



(*)

Gain on assets previously sold


-



-



(*)



(0.01)

Tax impact


-



-


















Adjusted net income per share – non-GAAP

$

0.73


$

0.60


$

1.81


$

1.94














Diluted Earnings Per Average Common Share












Reported net income per share

$

0.73


$

0.59


$

1.81


$

1.94

Reconciling items:












Other exclusions from adjusted earnings








Tax impact


(*)



(*)



(*)



(*)

Gain on assets previously sold


-



-



(*)



(0.01)

Tax impact


-



-


















Adjusted net income per share – non-GAAP

$

0.73


$

0.59


$

1.81


$

1.93














*

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-third-quarter-earnings-of-0-73-per-share-introduces-2020-earnings-guidance-and-new-25-billion-10-year-capital-plan-300944356.html

SOURCE CMS Energy

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