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CMS Energy Stock Price

61.40 +0.06 +0.1% Volume: 1,047,018 09.28.20 04:02 ET

CMS Energy Stock Price

28Sep2020 04:02 ET 61.40 +0.06 +0.1% Volume: 1,047,018

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 First Quarter Earnings Results of $0.85 Per Share Reported and $0.86 Per Share Adjusted

Apr 27, 2020

JACKSON, Mich., April 27, 2020 /PRNewswire/ -- CMS Energy announced today reported net income of $243 million or $0.85 per share, for the first quarter of 2020, compared to $213 million or $0.75 per share for the same quarter in 2019. The company's adjusted earnings per share for the first quarter of 2020 were $245 million or $0.86 per share. The primary drivers of CMS Energy's quarterly financial performance were timely recovery of customer investments and cost management, partially offset by mild winter weather.

"Consumers Energy is focused on the safety and health of our co-workers, customers, and the communities we serve during these unprecedented times," said Patti Poppe, President and CEO of CMS Energy and Consumers Energy. "We are especially mindful of our duty to deliver essential services to those on the front line of the pandemic and we are working hard to deliver safe and reliable energy to Michigan's homes and hospitals."

As the ultimate impacts of the pandemic on Michigan's economy and our business remain uncertain, at this time CMS Energy is not changing guidance for 2020 adjusted earnings of $2.64 - $2.68* per share, as announced on January 30th (*See below for important information about non-GAAP measures). CMS Energy will discuss the financial risks and sensitivities related to COVID-19 in more detail during its earnings webcast on April 27.          

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 2020 first quarter results and provide a business and financial outlook on April 27 at 9:00 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 net income refer to net income available to common stockholders and 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







3/31/20


3/31/19














Operating revenue







$

1,864


$

2,059














Operating expenses








1,496



1,700














Operating Income








368



359














Other income








39



23














Interest charges








137



121














Income Before Income Taxes








270



261














Income tax expense








27



48














Net Income Available to Common Stockholders







$

243


$

213



























Basic Earnings Per Average Common Share







$

0.86


$

0.75

Diluted Earnings Per Average Common Share








0.85



0.75

 

 

CMS ENERGY CORPORATION
Summarized Consolidated Balance Sheets
(Unaudited)






In Millions



As of



3/31/20


12/31/19

Assets








Current assets








Cash and cash equivalents


$

834



$

140

Restricted cash and cash equivalents



27




17

Other current assets



1,956




2,174

Total current assets



2,817




2,331

Non-current assets








Plant, property, and equipment



19,144




18,926

Other non-current assets



5,486




5,580

Total Assets


$

27,447



$

26,837










Liabilities and Equity








Current liabilities (1)


$

1,219



$

1,484

Non-current liabilities (1)



6,669




7,051

Capitalization








Debt, finance leases, and other financing (excluding securitization debt) (2)








Debt, finance leases, and other financing (excluding non-recourse and securitization debt)



11,617




10,518

Non-recourse debt



2,469




2,478

Total debt, finance leases, and other financing (excluding securitization debt)



14,086




12,996

Noncontrolling interests



37




37

Common stockholders' equity



5,185




5,018

Total capitalization (excluding securitization debt)



19,308




18,051

Securitization debt (2)



251




251

Total Liabilities and Equity


$

27,447



$

26,837










(1)  Excludes debt, finance leases, and other financing.










(2)  Includes current and non-current portions.



















CMS ENERGY CORPORATION

Summarized Consolidated Statements of Cash Flows

(Unaudited)












In Millions



Three Months Ended



3/31/20


3/31/19










Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts


$

157



$

175










Net cash provided by operating activities (3)



201




617

Net cash used in investing activities



(559)




(675)

Cash flows from operating and investing activities



(358)




(58)

Net cash provided by financing activities



1,062




150










Total Cash Flows


$

704



$

92










End of Period Cash and Cash Equivalents, Including Restricted Amounts


$

861



$

267










(3)  Includes the impact of a $531 million pension contribution in 2020.

 

 

CMS ENERGY CORPORATION
Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income
(Unaudited)






In Millions, Except Per Share Amounts





Three Months Ended







3/31/20


3/31/19














Net Income Available to Common Stockholders







$

243


$

213

Reconciling items:












Restructuring costs and other

Other exclusions from adjusted earnings








3



(*)

Tax impact








(*)



Tax reform








(9)



-

Voluntary separation program








11



-

Tax impact








(3)



-














Adjusted net income – non-GAAP







$

245


$

213














Average Common Shares Outstanding












Basic








283.3



282.8

Diluted








285.2



283.6














Basic Earnings Per Average Common Share












Reported net income per share







$

0.86


$

0.75

Reconciling items:












Restructuring costs and other

Other exclusions from adjusted earnings








0.01



(*)

Tax impact








(*)



Tax reform








(0.03)



-

Voluntary separation program








0.04



-

Tax impact








(0.01)



-














Adjusted net income per share – non-GAAP







$

0.87


$

0.75














Diluted Earnings Per Average Common Share












Reported net income per share







$

0.85


$

0.75

Reconciling items:












Restructuring costs and other

Other exclusions from adjusted earnings








0.01



(*)

Tax impact








(*)



Tax reform








(0.03)



-

Voluntary separation program








0.04



-

Tax impact








(0.01)



-














Adjusted net income per share – non-GAAP







$

0.86


$

0.75














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-first-quarter-earnings-results-of-0-85-per-share-reported-and-0-86-per-share-adjusted-301046825.html

SOURCE CMS Energy

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