JACKSON,
Mich., Oct. 31, 2024 /PRNewswire/ -- CMS Energy
announced today reported earnings per share of $0.84 for the third quarter of 2024, compared to
$0.60 per share for the same quarter
in 2023. The company's adjusted earnings per share for the third
quarter were $0.84, compared to
$0.61 per share for the same quarter
in 2023. For the first nine months of the year, the company
reported $2.45 per share compared to
$1.96 per share for the same
timeframe in 2023. The company's adjusted earnings per share on a
year-to-year basis were $2.47 in
2024, compared to $2.06 per share in
2023, largely due to constructive regulatory outcomes and solid
performance at NorthStar Clean Energy.
CMS Energy reaffirmed its 2024 adjusted earnings guidance of
$3.29 to $3.35 per share (*See below for important
information about non-GAAP measures) and long-term adjusted EPS
growth of 6 to 8 percent, with continued confidence toward the high
end. The Company also introduced 2025 adjusted earnings guidance of
$3.52 to $3.58 per share.
"We continue to make needed investments as outlined in our
electric Reliability Roadmap by burying wires, installing sensors
and adding other technology to build a smarter and stronger grid.
We are committed in our efforts to shorten the length and impact of
power outages for our customers and are well positioned to deliver
for all stakeholders in 2024 and beyond," 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 2024 third quarter
results and provide a business and financial outlook on
Thursday, October 31 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, 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.
|
CMS ENERGY CORPORATION
Consolidated Statements of
Income
(Unaudited)
|
|
|
|
|
In Millions, Except Per Share
Amounts
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
9/30/24
|
|
9/30/23
|
|
9/30/24
|
|
9/30/23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenue
|
$
|
1,743
|
|
$
|
1,673
|
|
$
|
5,526
|
|
$
|
5,512
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
1,376
|
|
|
1,402
|
|
|
4,464
|
|
|
4,683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
367
|
|
|
271
|
|
|
1,062
|
|
|
829
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
|
|
84
|
|
|
77
|
|
|
283
|
|
|
279
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
charges
|
|
178
|
|
|
164
|
|
|
528
|
|
|
471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes
|
|
273
|
|
|
184
|
|
|
817
|
|
|
637
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
26
|
|
|
11
|
|
|
125
|
|
|
81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income From Continuing
Operations
|
|
247
|
|
|
173
|
|
|
692
|
|
|
556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
discontinued operations, net of tax
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
247
|
|
|
173
|
|
|
692
|
|
|
557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss attributable to
noncontrolling interests
|
|
(6)
|
|
|
(3)
|
|
|
(46)
|
|
|
(21)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable to CMS
Energy
|
|
253
|
|
|
176
|
|
|
738
|
|
|
578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock
dividends
|
|
2
|
|
|
2
|
|
|
7
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Available to Common
Stockholders
|
$
|
251
|
|
$
|
174
|
|
$
|
731
|
|
$
|
571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Average Common
Share
|
$
|
0.84
|
|
$
|
0.60
|
|
$
|
2.45
|
|
$
|
1.96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CMS ENERGY CORPORATION
Summarized Consolidated Balance
Sheets
(Unaudited)
|
|
|
|
|
In Millions
|
|
|
As of
|
|
|
9/30/24
|
|
12/31/23
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
412
|
|
|
$
|
227
|
|
Restricted cash and
cash equivalents
|
|
|
55
|
|
|
|
21
|
|
Other current
assets
|
|
|
2,236
|
|
|
|
2,591
|
|
Total current
assets
|
|
|
2,703
|
|
|
|
2,839
|
|
Non-current
assets
|
|
|
|
|
|
|
|
|
Plant, property, and
equipment
|
|
|
26,671
|
|
|
|
25,072
|
|
Other non-current
assets
|
|
|
5,443
|
|
|
|
5,606
|
|
Total Assets
|
|
$
|
34,817
|
|
|
$
|
33,517
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
Current liabilities
(1)
|
|
$
|
1,684
|
|
|
$
|
1,822
|
|
Non-current
liabilities (1)
|
|
|
8,325
|
|
|
|
7,927
|
|
Capitalization
|
|
|
|
|
|
|
|
|
Debt and finance
leases (excluding securitization debt) (2)
|
|
|
15,451
|
|
|
|
14,856
|
|
Preferred stock and
securities
|
|
|
224
|
|
|
|
224
|
|
Noncontrolling
interests
|
|
|
530
|
|
|
|
581
|
|
Common stockholders'
equity
|
|
|
7,887
|
|
|
|
7,320
|
|
Total capitalization
(excluding securitization debt)
|
|
|
24,092
|
|
|
|
22,981
|
|
Securitization debt
(2)
|
|
|
716
|
|
|
|
787
|
|
Total Liabilities and Equity
|
|
$
|
34,817
|
|
|
$
|
33,517
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
9/30/24
|
|
9/30/23
|
|
|
|
|
|
|
|
|
|
|
Beginning of Period Cash and Cash Equivalents,
Including Restricted Amounts
|
|
$
|
248
|
|
|
$
|
182
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
|
1,967
|
|
|
|
1,904
|
|
Net cash used in
investing activities
|
|
|
(2,101)
|
|
|
|
(2,737)
|
|
Cash flows from
operating and investing activities
|
|
|
(134)
|
|
|
|
(833)
|
|
Net cash provided by
financing activities
|
|
|
353
|
|
|
|
835
|
|
|
|
|
|
|
|
|
|
|
Total Cash Flows
|
|
$
|
219
|
|
|
$
|
2
|
|
|
|
|
|
|
|
|
|
|
End of Period Cash and Cash Equivalents, Including
Restricted Amounts
|
|
$
|
467
|
|
|
$
|
184
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
9/30/24
|
|
9/30/23
|
|
9/30/24
|
|
9/30/23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Available to Common
Stockholders
|
$
|
251
|
|
$
|
174
|
|
$
|
731
|
|
$
|
571
|
|
Reconciling items:
|
|
|
|
|
|
|
|
|
|
|
|
|
Disposal of
discontinued operations (gain) loss
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1)
|
|
Tax impact
|
|
-
|
|
|
-
|
|
|
-
|
|
|
*
|
|
Other exclusions from
adjusted earnings**
|
|
*
|
|
|
1
|
|
|
6
|
|
|
6
|
|
Tax impact
|
|
(*)
|
|
|
(1)
|
|
|
(1)
|
|
|
(2)
|
|
Voluntary separation
program
|
|
-
|
|
|
5
|
|
|
*
|
|
|
33
|
|
Tax impact
|
|
-
|
|
|
(1)
|
|
|
(*)
|
|
|
(8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income –
non-GAAP
|
$
|
251
|
|
$
|
178
|
|
$
|
736
|
|
$
|
599
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares Outstanding -
Diluted
|
|
298.8
|
|
|
291.4
|
|
|
298.2
|
|
|
291.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Average Common
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported net income per
share
|
$
|
0.84
|
|
$
|
0.60
|
|
$
|
2.45
|
|
$
|
1.96
|
|
Reconciling items:
|
|
|
|
|
|
|
|
|
|
|
|
|
Disposal of
discontinued operations (gain) loss
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(*)
|
|
Tax impact
|
|
-
|
|
|
-
|
|
|
-
|
|
|
*
|
|
Other exclusions from
adjusted earnings**
|
|
*
|
|
|
*
|
|
|
0.02
|
|
|
0.02
|
|
Tax impact
|
|
(*)
|
|
|
(*)
|
|
|
(*)
|
|
|
(*)
|
|
Voluntary separation
program
|
|
-
|
|
|
0.01
|
|
|
*
|
|
|
0.11
|
|
Tax impact
|
|
-
|
|
|
(*)
|
|
|
(*)
|
|
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income per
share – non-GAAP
|
$
|
0.84
|
|
$
|
0.61
|
|
$
|
2.47
|
|
$
|
2.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Less than $0.5 million
or $0.01 per share.
|
|
|
|
|
|
|
|
|
|
|
|
|
**
|
Includes restructuring
costs and business optimization initiative.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 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.
|
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multimedia:https://www.prnewswire.com/news-releases/cms-energy-announces-third-quarter-results-introduces-2025-guidance-302292131.html
SOURCE CMS Energy