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
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SOURCE CMS Energy