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CMS Energy
ISIN: US1258961002
WKN: 850795
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CMS Energy · ISIN: US1258961002 · PR Newswire (ID: 20241031DE44787)
31 October 2024 11:30AM

CMS Energy Announces Third Quarter Results, Introduces 2025 Guidance


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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SOURCE CMS Energy

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