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CMS Energy Stock Price

61.88 -0.15 -0.24% Volume: 727,053 12.08.21 04:03 ET

CMS Energy Stock Price

8Dec2021 04:03 ET 61.88 -0.15 -0.24% Volume: 727,053

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 Results with Confidence Toward the High End of 2021 Guidance

Oct 28, 2021

JACKSON, Mich., Oct. 28, 2021 /PRNewswire/ -- CMS Energy announced today reported earnings per share from continuing operations of $0.54 for the third quarter of 2021, compared to $0.72 per share for the same quarter in 2020, which exclude the discontinued operations of EnerBank USA. The company's adjusted earnings per share from continuing operations were $0.54 for the third quarter of 2021, compared to $0.73 per share for the same quarter in 2020, which exclude the discontinued operations of EnerBank.

"CMS Energy's strong execution in 2021, including closing the sale of EnerBank on October 1 for over $1 billion, has positioned the company well for long-term success to the benefit of customers, investors and the communities we serve. We are actively redeploying the proceeds from the transaction into our core utility business to fund key initiatives like grid hardening and our clean energy transformation," said Garrick Rochow, President and CEO of CMS Energy and Consumers Energy.

CMS Energy raised its full-year 2021 adjusted earnings from continuing operations guidance to $2.63 to $2.65 per share, from $2.61 to $2.65 per share* (*See below for important information about non-GAAP measures). CMS Energy also reaffirmed 2022 adjusted earnings guidance of $2.85 - $2.87 per share and long-term adjusted EPS growth of 6 to 8 percent, with continued confidence toward the high end of the EPS growth range.

CMS Energy (NYSE: CMS) is a Michigan-based energy company 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 2021 third quarter results and provide a business and financial outlook on October 28 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 and adjusted earnings per share from continuing operations. All references to net income refer to net income available to common stockholders. All references to reported earnings per share from continuing operations refer to Income from continuing operations per average common share available to common stockholders on a diluted basis. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, changes in accounting principles, changes in federal tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments recognized in net income related to CMS Enterprises' interest expense, 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.

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



9/30/21


9/30/20


9/30/21


9/30/20














Operating revenue

$

1,725


$

1,507


$

5,296


$

4,691














Operating expenses


1,465



1,167



4,354



3,768














Operating Income


260



340



942



923














Other income


44



28



136



99














Interest charges


125



130



374



378














Income Before Income Taxes


179



238



704



644














Income tax expense


26



40



90



88














Income From Continuing Operations


153



198



614



556














Income from discontinued operations, net of tax


30



12



82



34














Net Income


183



210



696



590














Loss attributable to noncontrolling interests


(6)



(8)



(18)



(7)














Net Income Attributable to CMS Energy


189



218



714



597














Preferred stock dividends


3



-



3



-














Net Income Available to Common Stockholders

$

186


$

218


$

711


$

597














Basic Earnings Per Average Common Share












Income from continuing operations per average common share
    available to common stockholders












$

0.54


$

0.72


$

2.18


$

1.98

Income from discontinued operations per average common share
    available to common stockholders













0.10



0.04



0.28



0.12

Basic earnings per average common share

$

0.64


$

0.76


$

2.46


$

2.10














Diluted Earnings Per Average Common Share












Income from continuing operations per average common share
    available to common stockholders












$

0.54


$

0.72


$

2.18


$

1.97

Income from discontinued operations per average common share
    available to common stockholders













0.10



0.04



0.28



0.12

Diluted earnings per average common share

$

0.64


$

0.76


$

2.46


$

2.09

 

 

CMS ENERGY CORPORATION
Summarized Consolidated Balance Sheets
(Unaudited)




In Millions



As of



9/30/21


12/31/20

Assets








Current assets








Cash and cash equivalents


$

102



$

32

Restricted cash and cash equivalents



30




17

Assets held for sale



494




429

Other current assets



1,851




1,926

Total current assets



2,477




2,404

Non-current assets








Plant, property, and equipment



21,934




21,017

Assets held for sale



2,606




2,680

Other non-current assets



3,496




3,565

Total Assets


$

30,513



$

29,666










Liabilities and Equity








Current liabilities (1)








      Liabilities held for sale


$

1,233



$

953

      Other current liabilities



1,436




1,530

Total current liabilities



2,669




2,483

Non-current liabilities (1)








      Liabilities held for sale



1,523




1,894

      Other non-current liabilities



7,008




6,821

Total non-current liabilities



8,531




8,715

Capitalization








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








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



12,370




12,083

Non-recourse debt



79




83

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



12,449




12,166

Preferred stock and securities



224




-

Noncontrolling interests



563




581

Common stockholders' equity



5,866




5,496

Total capitalization (excluding securitization debt)



19,102




18,243

Securitization debt (2)



211




225

Total Liabilities and Equity


$

30,513



$

29,666










(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



9/30/21


9/30/20










Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts


$

185



$

157










Net cash provided by operating activities (3)



1,483




1,144

Net cash used in investing activities



(1,460)




(2,298)

Cash flows from operating and investing activities



23




(1,154)

Net cash provided by financing activities



28




1,555










Total Cash Flows


$

51



$

401










End of Period Cash and Cash Equivalents, Including Restricted Amounts(4)


$

236



$

558










(3)

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








(4)

In June 2021, CMS Energy entered into an agreement for EnerBank to merge with Regions Bank.  As a result, EnerBank's cash and cash equivalents are presented as assets held for sale on CMS Energy's consolidated balance sheets at September 30, 2021 and September 30, 2020.


 

 

CMS ENERGY CORPORATION
Reconciliation of GAAP to Non-GAAP Adjusted Income from Continuing Operations
(Unaudited)




In Millions, Except Per Share Amounts



Three Months Ended


Nine Months Ended



9/30/21


9/30/20


9/30/21


9/30/20














Net Income Available to Common Stockholders

$

186


$

218


$

711


$

597

Reconciling items:












Disposal of discontinued operations (gain) loss


3



-



8



-

Tax impact


(1)



-



(2)



-

Discontinued operations income


(42)



(16)



(115)



(44)

Tax impact


10



4



27



10

Other exclusions from adjusted earnings**


(*)



4



(1)



11

Tax impact




(1)



 * 



(2)

Tax reform


-



-



-



(9)

Voluntary separation program


-





-



11

Tax impact


-



(*)



-



(3)














Adjusted income from continuing operations – non-GAAP

$

156


$

209


$

628


$

571














Average Common Shares Outstanding












Basic


289.1



285.6



288.9



284.8

Diluted


289.6



286.9



289.4



286.3














Basic Earnings Per Average Common Share












Reported net income per average common share

$

0.64


$

0.76


$

2.46


$

2.10

Reconciling items:












Disposal of discontinued operations (gain) loss


0.01



-



0.03



-

Tax impact


(*)



-



(0.01)



-

Discontinued operations income


(0.14)



(0.05)



(0.39)



(0.15)

Tax impact


0.03



0.01



0.09



0.03

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 income from continuing operations per average common share – non-GAAP

$

0.54


$

0.73


$

2.18


$

2.00














Diluted Earnings Per Average Common Share












Reported net income per average common share

$

0.64


$

0.76


$

2.46


$

2.09

Reconciling items:












Disposal of discontinued operations (gain) loss


0.01



-



0.03



-

Tax impact


(*)



-



(0.01)



-

Discontinued operations income


(0.14)



(0.05)



(0.39)



(0.15)

Tax impact


0.03



0.01



0.09



0.03

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 income from continuing operations per average common share – non-GAAP

$

0.54


$

0.73


$

2.18


$

1.99














*

Less than $0.5 million or $0.01 per share.












**

Includes restructuring costs and unrealized gains or losses from mark-to-market adjustments recognized in net income related to CMS Enterprises' interest expense.

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, changes in accounting principles, changes in federal tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments recognized in net income related to CMS Enterprises' interest expense, 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.  

 

 

CMS ENERGY CORPORATION
Reconciliation of GAAP to Non-GAAP Adjusted Income from Continuing Operations
(Unaudited)




In Millions, Except Per Share Amounts



Three Months Ended


Nine Months Ended



9/30/21


9/30/20


9/30/21


9/30/20

Income Available to Common Stockholders












Reported income from continuing operations available to common stockholders

$

156


$

206


$

629


$

563

Reconciling items:












Other exclusions from adjusted earnings**


(*)



4



(1)



11

Tax impact




(1)



 * 



(2)

Tax reform


-



-



-



(9)

Voluntary separation program


-





-



11

Tax impact


-



(*)



-



(3)














Adjusted income from continuing operations – non-GAAP

$

156


$

209


$

628


$

571














Average Common Shares Outstanding












Basic


289.1



285.6



288.9



284.8

Diluted


289.6



286.9



289.4



286.3














Basic Earnings Per Average Common Share












Reported income from continuing operations per average common share
    available to common stockholders












$

0.54


$

0.72


$

2.18


$

1.98

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 income from continuing operations per average common share – non-GAAP

$

0.54


$

0.73


$

2.18


$

2.00














Diluted Earnings Per Average Common Share












Reported income from continuing operations per average common share
    available to common stockholders












$

0.54


$

0.72


$

2.18


$

1.97

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 income from continuing operations per average common share – non-GAAP

$

0.54


$

0.73


$

2.18


$

1.99














*

Less than $0.5 million or $0.01 per share.












**

Includes restructuring costs and unrealized gains or losses from mark-to-market adjustments recognized in net income related to CMS Enterprises' interest expense.

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, changes in accounting principles, changes in federal tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments recognized in net income related to CMS Enterprises' interest expense, 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.  

 

Check out Consumers Energy on Social Media
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Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/cms-energy-announces-third-quarter-results-with-confidence-toward-the-high-end-of-2021-guidance-301410936.html

SOURCE CMS Energy

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