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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 Reported Earnings of $0.76 Per Share and Introduces 2021 EPS Guidance

Oct 29, 2020

JACKSON, Mich., Oct. 29, 2020 /PRNewswire/ -- CMS Energy announced today reported net income of $218 million, or $0.76 per share, for the third quarter of 2020, compared to reported net income of $207 million, or $0.73 per share, for the same quarter in 2019. The company's adjusted net income for the third quarter of 2020 was $221 million, or $0.77 per share. For the first nine months of 2020, the company reported net income of $597 million, or $2.09 per share, compared to reported net income of $513 million, or $1.81 per share for the same period in 2019. Adjusted net income for the first nine months of 2020 was $605 million, or $2.11 per share.

CMS Energy reaffirmed its guidance for 2020 adjusted earnings of $2.64 - $2.68* per share (*See below for important information about non-GAAP measures). Additionally, CMS Energy introduced 2021 adjusted earnings per share guidance of $2.82 to $2.86, 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 and to continue to prioritize those who have been affected by the pandemic," said Patti Poppe, President and CEO of CMS Energy and Consumers Energy. "As we look to 2021, we will continue to focus on the triple bottom line of people, planet and profit."            

CMS Energy noted several accomplishments during the quarter:

  • Consumers Energy settled its gas rate case and will not file another gas case prior to December 2021.
  • Consumers Energy was named by Forbes Magazine as the best employer for women in the utility sector.
  • Consumers Energy committed $12 million to support Michigan residents and small businesses affected by COVID-19 with energy bills.
  • Consumers Energy joined a first-of-its-kind pledge with five other energy companies to build a vast network of electric vehicle fast charging stations across the Midwest from Michigan to Kansas.

CMS Energy (NYSE: CMS) is a Michigan-based company that has an electric and natural gas utility, Consumers Energy, as its primary business.

CMS Energy will hold a webcast to discuss its 2020 third quarter results and provide a business and financial outlook on October 29 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. 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


Nine Months Ended



9/30/20


9/30/19


9/30/20


9/30/19














Operating revenue

$

1,575


$

1,546


$

4,882


$

5,050














Operating expenses


1,206



1,195



3,872



4,122














Operating Income


369



351



1,010



928














Other income


28



31



99



81














Interest charges


143



133



421



385














Income Before Income Taxes


254



249



688



624














Income tax expense


44



42



98



110














Net Income


210



207



590



514














Income (loss) attributable to noncontrolling interests


(8)



-



(7)



1














Net Income Available to Common Stockholders

$

218


$

207


$

597


$

513



























Basic Earnings Per Average Common Share

$

0.76


$

0.73


$

2.10


$

1.81

Diluted Earnings Per Average Common Share


0.76



0.73



2.09



1.81

 

 

CMS ENERGY CORPORATION
Summarized Consolidated Balance Sheets
(Unaudited)




In Millions



As of



9/30/20


12/31/19

Assets








Current assets








Cash and cash equivalents


$

519



$

140

Restricted cash and cash equivalents



39




17

Other current assets



1,936




2,174

Total current assets



2,494




2,331

Non-current assets








Plant, property, and equipment



20,630




18,926

Other non-current assets



6,156




5,580

Total Assets


$

29,280



$

26,837










Liabilities and Equity








Current liabilities (1)


$

1,193



$

1,484

Non-current liabilities (1)



7,054




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)



11,968




10,518

Non-recourse debt



2,929




2,478

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



14,897




12,996

Noncontrolling interests



578




37

Common stockholders' equity



5,320




5,018

Total capitalization (excluding securitization debt)



20,795




18,051

Securitization debt (2)



238




251

Total Liabilities and Equity


$

29,280



$

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



Nine Months Ended



9/30/20


9/30/19










Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts


$

157



$

175










Net cash provided by operating activities (3)



1,144




1,395

Net cash used in investing activities



(2,298)




(2,212)

Cash flows from operating and investing activities



(1,154)




(817)

Net cash provided by financing activities



1,555




1,075










Total Cash Flows


$

401



$

258










End of Period Cash and Cash Equivalents, Including Restricted Amounts


$

558



$

433










(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


Nine Months Ended



9/30/20


9/30/19


9/30/20


9/30/19














Net Income Available to Common Stockholders

$

218


$

207


$

597


$

513

Reconciling items:












Other exclusions from adjusted earnings


4



1



11



1

Tax impact


(1)



(*)



(2)



(*)

Tax reform


-



-



(9)



-

Voluntary separation program


 * 



-



11



-

Tax impact


(*)



-



(3)



-














Adjusted net income – non-GAAP

$

221


$

208


$

605


$

514














Average Common Shares Outstanding












Basic


285.6



283.0



284.8



282.9

Diluted


286.9



284.6



286.3



284.2














Basic Earnings Per Average Common Share












Reported net income per share

$

0.76


$

0.73


$

2.10


$

1.81

Reconciling items:












Other exclusions from adjusted earnings


0.01



 * 



0.03



 * 

Tax impact


(*)



(*)



(0.01)



(*)

Tax reform


-



-



(0.03)



-

Voluntary separation program


 * 



-



0.04



-

Tax impact


(*)



-



(0.01)



-














Adjusted net income per share – non-GAAP

$

0.77


$

0.73


$

2.12


$

1.81














Diluted Earnings Per Average Common Share












Reported net income per share

$

0.76


$

0.73


$

2.09


$

1.81

Reconciling items:












Other exclusions from adjusted earnings


0.01



 * 



0.03



 * 

Tax impact


(*)



(*)



(0.01)



(*)

Tax reform


-



-



(0.03)



-

Voluntary separation program


 * 



-



0.04



-

Tax impact


(*)



-



(0.01)



-














Adjusted net income per share – non-GAAP

$

0.77


$

0.73


$

2.11


$

1.81














*

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-reported-earnings-of-0-76-per-share-and-introduces-2021-eps-guidance-301162304.html

SOURCE CMS Energy

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