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CMS Energy Announces First Quarter Earnings Of $0.53 Per Share And Reaffirms Adjusted Earnings Guidance Of $1.63 To $1.66 Per



 CMS Energy Announces First Quarter Earnings Of $0.53 Per Share And Reaffirms
            Adjusted Earnings Guidance Of $1.63 To $1.66 Per Share

PR Newswire

JACKSON, Mich., April 25, 2013

JACKSON, Mich., April 25, 2013 /PRNewswire/ -- CMS Energy announced today
reported net income of $144 million, or $0.53 per share, for the first quarter
of 2013, compared to reported net income of $67 million, or $0.25 per share,
for the same quarter of 2012. 

The company's first quarter net income was $144 million, or $0.53 per share
(adjusted and reported) compared to adjusted (non-Generally Accepted
Accounting Principles) net income of $97 million, or $0.37 per share, for the
same quarter in 2012.

CMS Energy reaffirmed its guidance for 2013 adjusted earnings of $1.63 to
$1.66 per share, consistent with the company's long-term plan of 5 percent to
7 percent annual earnings per share growth. The company's reported earnings
could vary from adjusted earnings because of several factors, such as legacy
issues associated with prior asset sales and regulatory items from prior
years. Because of those uncertainties, the company isn't providing reported
earnings guidance.

The company's first quarter results reflect the effects of colder-than-normal
weather which sharply increased natural gas deliveries, compared to much
warmer first quarter weather in 2012.

The company also reported that it recently received credit rating upgrades
from Moody's and Standard & Poor's for CMS Energy and Consumers Energy. This
action moved CMS Energy's long-term debt rating to investment grade for the
first time in company history.

John Russell, CMS Energy's president and chief executive officer, said that
CMS Energy's principal subsidiary, Consumers Energy, is helping to create jobs
in Michigan through its plans to invest about $7 billion in its operations
through 2017. 

"Working with the State of Michigan, we're helping to create jobs by investing
in renewable energy, environmental quality, energy efficiency, energy
reliability and our natural gas and electric infrastructure. We're seeing
improvements in Michigan's economy and we're pleased that our investments are
having a positive impact.  At the same time, we continue to work hard to hold
down our operating costs while creating customer value," Russell said. 

Russell noted Consumers Energy's leadership participation in Pure Michigan
Business Connect (PMBC), an initiative developed by the Michigan Economic
Development Corporation.  The company has signed $600 million in multi-year
contracts with other Michigan businesses as part of its PMBC commitment. These
contracts are in addition to the $2.4 billion a year that Consumers Energy now
spends with Michigan companies.

Russell said that the company is reducing its operating costs through previous
initiatives on workforce restructuring and benefit plans, and ongoing
productivity improvements. He noted the company's long-term plan calls for
holding average base rate increases for its 2.9 million customers at or below
the rate of inflation for the next five years.

"We're constantly looking for ways to ensure the safety, reliability and
affordability of service to customers," said Russell.  The company recently
reduced natural gas fuel prices by about 15 percent, to the lowest level in a
decade.  This allows the company, as part of its long-term plan, to increase
investments to strengthen and expand its natural gas system. The company plans
to invest $160 million over the next five years on new gas customers who elect
to switch from other fuel sources.

CMS Energy (NYSE: CMS) is a Michigan-based company that has an electric and
natural gas utility, Consumers Energy, as its primary business and also owns
and operates independent power generation businesses.

CMS Energy provides financial results on both a reported (Generally Accepted
Accounting Principles) and adjusted (non-GAAP) basis. Management views
adjusted earnings as a key measure of the company's present operating
financial performance, unaffected by discontinued operations, asset sales,
impairments, regulatory items from prior years, or other items detailed in the
attached summary financial statements. Certain of these items have the
potential to impact, favorably or unfavorably, the company's reported earnings
in 2013.  The company is not able to estimate the impact of these matters and
is not providing reported earnings guidance.

This news release contains "forward-looking statements" as defined in Rule
3b-6 of the Securities Exchange Act of 1934, as amended, Rule 175 of the
Securities Act of 1933, as amended, and relevant legal decisions. The
forward-looking statements are subject to risks and uncertainties. They should
be read in conjunction with "FORWARD-LOOKING STATEMENTS AND INFORMATION" and
"RISK FACTORS" sections of CMS Energy's Form 10-K and Consumers Energy's Form
10-K each for the Year Ended December 31, 2012.

CMS Energy's and Consumers Energy's "FORWARD-LOOKING STATEMENTS AND
INFORMATION" and "RISK FACTORS" sections are incorporated herein by reference
and discuss important factors that could cause CMS Energy's and Consumers
Energy's results to differ materially from those anticipated in such
statements.

For more information on CMS Energy, please visit our web site at: 
www.cmsenergy.com

 

CMS Energy Corporation
SUMMARIZED CONSOLIDATED STATEMENTS OF INCOME 
(In Millions, Except Per Share Amounts)
                                             First Quarter
                                             (Unaudited)
                                             2013        2012
Operating Revenue                            $    1,979  $    1,743
Operating Expenses                           1,650       1,555
Operating Income                             $      329  $      188
Other Income                                 8           9
Interest Charges                             98          99
Income before Income Taxes                   $      239  $        98
Income Tax Expense                           95          38
Income from Continuing Operations            $      144  $        60
Income from Discontinued Operations          -           7
Net Income Available to Common Stockholders  $      144  $        67
Income Per Share 
             Basic                           $     0.55  $     0.26
             Diluted                         0.53        0.25

 

CMS Energy Corporation
SUMMARIZED CONSOLIDATED BALANCE SHEETS
(In Millions)
                                  March 31                      December 31
                                  2013                          2012
                                  (Unaudited)
Assets
Cash and cash equivalents         $           586               $           93
Restricted cash and cash          29                            29
equivalents
Other current assets              1,913                         2,300
   Total current assets           $        2,528                $       2,422
Plant, property and equipment     11,667                        11,551
Other non-current assets          3,074                         3,158
Total Assets                      $       17,269                $     17,131
Liabilities and Equity
Current liabilities               $           913               $       1,146
Non-current liabilities           5,384                         5,233
Capitalization
   Debt and capital and finance
leases (*)
      Long-term debt and capital
leases (excluding non-recourse
debt,
         finance leases and       6,989                         6,854
securitization debt)
      Non-recourse debt and       511                           527
finance leases
   Total debt and capital and     7,500                         7,381
finance leases
   Noncontrolling interests       44                            44
   Common stockholders' equity    3,306                         3,194
   Total capitalization           $      10,850                 $     10,619
Securitization debt               122                           133
Total Liabilities and Equity      $      17,269                 $     17,131
(*) Current and long-term
CMS Energy Corporation
SUMMARIZED STATEMENTS OF CASH FLOWS
(In Millions)
                                                  First Quarter
                                                  (Unaudited)
                                  2013                          2012
Beginning of Period Cash          $                             $         161
                                  93
Cash provided by operating        $           725               $         635
activities
Cash used in investing activities (293)                         (313)
Cash flow from operating and      $           432               $         322
investing activities
Cash provided by (used in)        61                            (125)
financing activities
Total Cash Flow                   $           493               $         197
End of Period Cash                $           586               $         358

 

CMS Energy Corporation
SUMMARY OF CONSOLIDATED EARNINGS
Reconciliations of GAAP Net Income to Non-GAAP Adjusted Net Income 
(In Millions, Except Per Share Amounts)
                                                   First Quarter
                                                   (Unaudited)
                                       2013                      2012
Net Income Available to Common         $      144                $        67
Stockholders
Reconciling Items:
         Discontinued Operations       -                         (7)
         Income
         Electric Decoupling Court     -                         36
         Order
         Restructuring Costs           -                         1
Adjusted Net Income - Non-GAAP Basis   $      144                $        97
Average Number of Common Shares
Outstanding
         Basic                         264                       256
         Diluted                       271                       267
Basic Earnings Per Average Common
Share
Net Income Per Share as Reported       $     0.55                $     0.26
Reconciling Items:
         Discontinued Operations       -                         (0.03)
         Income
         Electric Decoupling Court     -                         0.14
         Order
         Restructuring Costs           -                         0.01
Adjusted Net Income - Non-GAAP Basis   $     0.55                $     0.38
Diluted Earnings Per Average Common
Share
Net Income Per Share as Reported       $     0.53                $     0.25
Reconciling Items:
         Discontinued Operations       -                         (0.03)
         Income
         Electric Decoupling Court     -                         0.14
         Order
         Restructuring Costs           -                         0.01
Adjusted Net Income - Non-GAAP Basis   $     0.53                $     0.37
Note:    Management views adjusted (non-Generally Accepted Accounting
         Principles) earnings as a  
         key measure of the Company's present operating financial
         performance, unaffected by 
         discontinued operations, asset sales, impairments, regulatory items
         from prior years, 
         or other items detailed in these summary
         financial statements.

 

 

SOURCE CMS Energy

Website: http://www.cmsenergy.com
Contact: Media Contacts: Dan Bishop, 517/788-2395 or Debra McIntyre-Dodd,
517/545-8711; Investment Analyst Contact: CMS Energy Investor Relations,
517/788-2590
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