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CMS Energy Stock Price

67.61 -1.00 -1.46% Volume: 2,037,186 08.05.22 04:03 ET

CMS Energy Stock Price

5Aug2022 04:03 ET 67.61 -1.00 -1.46% Volume: 2,037,186

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

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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

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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 Strong Second Quarter Results, Reaffirms 2022 Adjusted EPS Guidance

Jul 28, 2022

JACKSON, Mich., July 28, 2022 /PRNewswire/ -- CMS Energy announced today reported earnings per share of $0.50 for the second quarter of 2022, compared to $0.61 per share for the same quarter in 2021. The company's adjusted earnings per share for the second quarter of 2022 were $0.53, compared to $0.55 per share for the same quarter in 2021. For the first six months of the year, the company reported $1.71 per share compared to $1.82 per share for the same timeframe in 2021. On an adjusted earnings per share basis year to date, the company reported $1.73 per share in 2022, compared to $1.64 per share in 2021.

CMS Energy reaffirmed its 2022 adjusted earnings guidance of $2.85 to $2.89* per share (*See below for important information about non-GAAP measures) and reaffirmed long-term adjusted EPS growth of 6 to 8 percent, with continued confidence toward the high end of the adjusted EPS growth range.

"Our company took a major step forward with the regulatory approvals of our natural gas rate case settlement and the Integrated Resource Plan, eliminating coal generation by 2025 and leading the clean energy transformation by adding more solar and battery storage, while increasing reliability," said Garrick Rochow, President and CEO of CMS Energy and Consumers Energy. "These approvals strengthen our financial outlook for investors while driving the decarbonatization of our electric and gas systems at affordable prices for our customers and the communities we serve."  

CMS Energy (NYSE: CMS) is a Michigan-based energy provider 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 2022 second quarter results and provide a business and financial outlook on Thursday, July 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. All references to net income refer to net income available to common stockholders and references to earnings per share are 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


Six Months Ended



6/30/22


6/30/21


6/30/22


6/30/21














Operating revenue

$

1,920


$

1,558


$

4,294


$

3,571














Operating expenses


1,681



1,306



3,599



2,889














Operating Income


239



252



695



682














Other income


43



48



91



92














Interest charges


126



125



250



249














Income Before Income Taxes


156



175



536



525














Income tax expense


14



22



53



64














Income From Continuing Operations


142



153



483



461














Income from discontinued operations, net of tax


-



18



4



52














Net Income


142



171



487



513














Loss attributable to noncontrolling interests


(6)



(5)



(14)



(12)














Net Income Attributable to CMS Energy


148



176



501



525














Preferred stock dividends


3



-



5



-














Net Income Available to Common Stockholders

$

145


$

176


$

496


$

525














Diluted Earnings Per Average Common Share












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












$

0.50


$

0.55


$

1.70


$

1.64

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













-



0.06



0.01



0.18

Diluted earnings per average common share

$

0.50


$

0.61


$

1.71


$

1.82

 

 

CMS ENERGY CORPORATION
Summarized Consolidated Balance Sheets
(Unaudited)




In Millions











As of











6/30/22


12/31/21









Assets
















Current assets
















Cash and cash equivalents


$

77



$

452









Restricted cash and cash equivalents



19




24









Other current assets



2,297




2,151









Total current assets



2,393




2,627









Non-current assets
















Plant, property, and equipment



21,627




22,352









Other non-current assets



5,020




3,774









Total Assets


$

29,040



$

28,753


























Liabilities and Equity
















Current liabilities (1)


$

1,670



$

1,822









Non-current liabilities (1)



7,469




7,269









Capitalization
















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
















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



12,246




12,200









Non-recourse debt



-




76









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



12,246




12,276









Preferred stock and securities



224




224









Noncontrolling interests



593




557









Common stockholders' equity



6,654




6,407









Total capitalization (excluding securitization debt)



19,717




19,464









Securitization debt (2)



184




198









Total Liabilities and Equity


$

29,040



$

28,753


























(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











Six Months Ended











6/30/22


6/30/21


























Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts


$

476



$

185


























Net cash provided by operating activities 



1,059




1,367









Net cash used in investing activities



(1,139)




(851)









Cash flows from operating and investing activities



(80)




516









Net cash used in financing activities



(300)




(409)


























Total Cash Flows


$

(380)



$

107


























End of Period Cash and Cash Equivalents, Including Restricted Amounts 


$

96



$

292


























 

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



6/30/22


6/30/21


6/30/22


6/30/21














Net Income Available to Common Stockholders

$

145


$

176


$

496


$

525

Reconciling items:












Disposal of discontinued operations (gain) loss




5



(5)



5

Tax impact


(*)



(1)



1



(1)

Discontinued operations income


-



(30)



-



(73)

Tax impact


-



8



-



17

Other exclusions from adjusted earnings**


(*)





(1)



(1)

Tax impact




(*)



 * 



 * 

Voluntary separation program


11



-



11



-

Tax impact


(3)



-



(3)



-














Adjusted net income – non-GAAP

$

153


$

158


$

499


$

472














Average Common Shares Outstanding












Diluted


290.1



289.4



290.0



289.3














Diluted Earnings Per Average Common Share












Reported net income per share

$

0.50


$

0.61


$

1.71


$

1.82

Reconciling items:












Disposal of discontinued operations (gain) loss




0.02



(0.01)



0.02

Tax impact


(*)



(0.01)





(0.01)

Discontinued operations income


-



(0.10)



-



(0.25)

Tax impact


-



0.03



-



0.06

Other exclusions from adjusted earnings**


(*)





(*)



(*)

Tax impact




(*)





Voluntary separation program


0.04



-



0.04



-

Tax impact


(0.01)



-



(0.01)



-














Adjusted net income per share – non-GAAP

$

0.53


$

0.55


$

1.73


$

1.64


*

Less than $0.5 million or $0.01 per share.












**

Includes restructuring costs and unrealized gains or losses, recognized in net income, from mark-to-market adjustments 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.  

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/cms-energy-announces-strong-second-quarter-results-reaffirms-2022-adjusted-eps-guidance-301594920.html

SOURCE CMS Energy

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