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CMS Energy Stock Price

57.70 +0.56 +0.98% Volume: 2,084,759 02.23.24 04:00 ET

CMS Energy Stock Price

23Feb2024 04:00 ET 57.70 +0.56 +0.98% Volume: 2,084,759

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 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.

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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 Results, Introduces 2024 Guidance

Oct 26, 2023

JACKSON, Mich., Oct. 26, 2023 /PRNewswire/ -- CMS Energy announced today reported earnings per share of $0.60 for the third quarter of 2023, compared to $0.56 per share for the same quarter in 2022. The company's adjusted earnings per share for the third quarter of 2023 were $0.61, compared to $0.56 per share for the same quarter in 2022.  For the first nine months of the year, the company reported $1.96 per share compared to $2.27 per share for the same timeframe in 2022. On an adjusted earnings per share basis year to date, the company reported $2.06 per share in 2023, compared to $2.29 per share in 2022.

CMS Energy reaffirmed its 2023 adjusted earnings guidance of $3.06 to $3.12* per share (*See below for important information about non-GAAP measures) and the long-term adjusted EPS growth of 6 to 8 percent, with a continued confidence toward the high end. The Company also introduced 2024 adjusted earnings guidance of $3.27 to $3.33 per share.

"CMS Energy is well positioned heading into the fourth quarter as we continue to execute on cost savings to offset weather-related headwinds. During the quarter, we were also pleased to introduce our electric Reliability Roadmap which will improve the reliability of our system and support a modernized grid for our customers," said Garrick Rochow, President and CEO of CMS Energy and Consumers Energy.

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 2023 third quarter results and provide a business and financial outlook on Thursday, October 26 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, business optimization initiative, changes in accounting principles, voluntary separation program, 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 NorthStar Clean Energy's 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



9/30/23


9/30/22


9/30/23


9/30/22














Operating revenue

$

1,673


$

2,024


$

5,512


$

6,318














Operating expenses


1,402



1,766



4,683



5,365














Operating Income


271



258



829



953














Other income


77



54



279



145














Interest charges


164



130



471



380














Income Before Income Taxes


184



182



637



718














Income tax expense


11



19



81



72














Income From Continuing Operations


173



163



556



646














Income from discontinued operations, net of tax


-



-



1



4














Net Income


173



163



557



650














Loss attributable to noncontrolling interests


(3)



(2)



(21)



(16)














Net Income Attributable to CMS Energy


176



165



578



666














Preferred stock dividends


2



2



7



7














Net Income Available to Common Stockholders

$

174


$

163


$

571


$

659














Diluted Earnings Per Average Common Share












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












$

0.60


$

0.56


$

1.96


$

2.26

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













-



-



-



0.01

Diluted earnings per average common share

$

0.60


$

0.56


$

1.96


$

2.27

 

CMS ENERGY CORPORATION
Summarized Consolidated Balance Sheets
(Unaudited)




In Millions



As of



9/30/23


12/31/22

Assets








Current assets








Cash and cash equivalents


$

157



$

164

Restricted cash and cash equivalents



27




18

Other current assets



2,265




3,251

Total current assets



2,449




3,433

Non-current assets








Plant, property, and equipment



24,694




22,713

Other non-current assets



5,370




5,207

Total Assets


$

32,513



$

31,353










Liabilities and Equity








Current liabilities (1)


$

1,429



$

1,866

Non-current liabilities (1)



7,859




7,583

Capitalization








Debt and finance leases (excluding securitization debt) (2)



15,311




14,139

Preferred stock and securities



224




224

Noncontrolling interests



572




580

Common stockholders' equity



6,962




6,791

Total capitalization (excluding securitization debt)



23,069




21,734

Securitization debt (2)



156




170

Total Liabilities and Equity


$

32,513



$

31,353










(1)

Excludes debt and finance leases.










(2)

Includes current and non-current portions.

 

CMS ENERGY CORPORATION

Summarized Consolidated Statements of Cash Flows

(Unaudited)












In Millions



Nine Months Ended



9/30/23


9/30/22










Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts


$

182



$

476










Net cash provided by operating activities 



1,904




667

Net cash used in investing activities



(2,737)




(1,808)

Cash flows from operating and investing activities



(833)




(1,141)

Net cash provided by financing activities



835




860










Total Cash Flows


$

2



$

(281)










End of Period Cash and Cash Equivalents, Including Restricted Amounts 


$

184



$

195










 


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



9/30/23


9/30/22


9/30/23


9/30/22














Net Income Available to Common Stockholders

$

174


$

163


$

571


$

659

Reconciling items:












Disposal of discontinued operations gain


-



-



(1)



(5)

Tax impact


-



-





1

Other exclusions from adjusted earnings**


1





6



(1)

Tax impact


(1)



(*)



(2)



 * 

Voluntary separation program


5



(*)



33



11

Tax impact


(1)





(8)



(3)














Adjusted net income – non-GAAP

$

178


$

163


$

599


$

662














Average Common Shares Outstanding - Diluted


291.4



290.1



291.3



290.0














Diluted Earnings Per Average Common Share












Reported net income per share

$

0.60


$

0.56


$

1.96


$

2.27

Reconciling items:












Disposal of discontinued operations gain


-



-



(*)



(0.01)

Tax impact


-



-





Other exclusions from adjusted earnings**






0.02



(*)

Tax impact


(*)



(*)



(*)



Voluntary separation program


0.01



(*)



0.11



0.04

Tax impact


(*)





(0.03)



(0.01)














Adjusted net income per share – non-GAAP

$

0.61


$

0.56


$

2.06


$

2.29


*

Less than $0.5 million or $0.01 per share.












**

Includes restructuring costs, business optimization initiative, and unrealized gains or losses from mark-to-market adjustments, recognized in net income related to NorthStar Clean Energy's 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, business optimization initiative, changes in accounting principles, voluntary separation program, 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 NorthStar Clean Energy's 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
Facebook: https://www.facebook.com/consumersenergymichigan
Twitter: https://twitter.com/consumersenergy
LinkedIn: https://linkedin.com/company/consumersenergy  
Instagram: https://www.instagram.com/consumersenergy

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/cms-energy-announces-third-quarter-results-introduces-2024-guidance-301967904.html

SOURCE CMS Energy

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