CMS Energy Announces Second Quarter Earnings of $0.30 Per Share and Raises Adjusted Earnings Guidance to $1.76 to $1.78 Per Sha

  CMS Energy Announces Second Quarter Earnings of $0.30 Per Share and Raises
            Adjusted Earnings Guidance to $1.76 to $1.78 Per Share

PR Newswire

JACKSON, Mich., July 24, 2014

JACKSON, Mich., July 24, 2014 /PRNewswire/ --CMS Energy announced today
reported net income of $83 million, or $0.30 per share, for the second quarter
of 2014 and $287 million, or $1.05 per share, for the first half. Adjusted
(non-Generally Accepted Accounting Principles) earnings per share for the
second quarter and first half were the same as reported amounts.

Based on strong results for the first half of the year, CMS Energy raised its
2014 full year adjusted earnings per share guidance from the previous range of
$1.74 to $1.78 to a new range of $1.76 to $1.78. This new guidance reflects
adjusted earnings growth of 6 percent to 7 percent.

In the first half of 2014, CMS Energy continued to execute its business plan
which emphasizes reinvestment in its operations with a focus on the
environment, safety, reliability, and customer service.

John Russell, CMS Energy's president and chief executive officer, said that
CMS Energy's principal subsidiary, Consumers Energy, is putting customers
first as it works to provide reliable, affordable and increasingly clean
energy.

"Our business plan of reinvesting proceeds to strengthen and expand our
electric and gas system is benefiting customers. We're also seeing progress as
Michigan policy makers build the framework for the state's energy future,"
Russell said.

More than $400 million in reinvestment over the past five years in
infrastructure and enhanced technology is driving improvements in electric
reliability, including 100,000 fewer customer interruptions in 2013 compared
to 2012. On the gas side, the company is investing $150 million this year to
strengthen and expand its system, including adding 350 more skilled workers.

"Reinvesting to strengthen our energy delivery system has helped accelerate
Michigan's economic comeback," said Russell. Michigan's unemployment rate has
dropped from a recession-high of more than 14 percent to its current level of
7.5 percent, and is down to 5.4 percent in the Grand Rapids area, the
company's largest electric service territory.

"By year-end, our $255 million Cross Winds® Energy Park will be in operation.
That allows us to meet Michigan's standard for renewable energy more than a
year ahead of time," said Russell. Separately, he said that the company is in
a good position to meet the U.S. EPA's new carbon reduction rule, noting the
April 2016 planned retirement of its seven oldest coal plants, more than $1
billion in ongoing investments in clean air equipment, and its
previously-announced decision to acquire a 540 megawatt natural gas plant in
its hometown of Jackson.

In other quarterly highlights, CMS Energy was named a NYSE Leadership Award
finalist for Best Overall Governance, Risk and Compliance program among small
and mid-cap companies. Separately, Consumers Energy was ranked the third most
trusted combination utility in the U.S., and the top utility in the Midwest on
environmental performance, according to a new survey by Market Strategies®
International.

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 will hold a webcast to discuss its 2014 second quarter results and
provide a business and financial outlook on July 24 at 8:30 AM (EDT). To
participate in the webcast, go to CMS Energy's home page (www.cmsenergy.com)
and select "Investor Meeting."

CMS Energy provides historical financial results on both a reported (Generally
Accepted Accounting Principles) and adjusted (non-GAAP) basis and provides
forward-looking guidance on an adjusted 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. These items have the potential to impact,
favorably or unfavorably, the company's reported earnings in future periods.

This news release contains "forward-looking statements" as defined in Rule
3b-6 of the Securities Exchange Act of 1934, Rule 175 of the Securities Act of
1933, and relevant legal decisions. The forward-looking statements are subject
to risks and uncertainties. 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. Forward-looking statements 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, 2013 and as updated in CMS Energy's and Consumers Energy's
subsequent Forms 10-Q.

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.

Investors and others should note that CMS Energy and Consumers Energy post
important financial information using the investor relations section of the
CMS Energy website, www.cmsenergy.com and Securities and Exchange Commission
filings.

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)
                             Second Quarter            First Half
                             (Unaudited)               (Unaudited)
                             2014         2013         2014        2013
Operating Revenue            $  1,468   $  1,406   $  3,991  $  3,385
Operating Expenses           1,233        1,174        3,348       2,824
Operating Income            $   235   $   232   $   643  $   561
Other Income (Expense)       (7)          5            (5)         13
Interest Charges             101          102          202         200
Income before Income Taxes   $   127   $   135   $   436  $   374
Income Tax Expense          43           54           148         149
Net Income                  $    84  $    81  $   288  $   225
Income Attributable to       1            1            1           1
Noncontrolling Interests
Net Income Available to      $    83  $    80  $   287  $   224
Common Stockholders
Income Per Share
 Basic           $   0.31   $   0.30   $   1.07  $   0.85
 Diluted         0.30         0.29         1.05        0.83



CMS Energy Corporation
SUMMARIZED CONSOLIDATED BALANCE SHEETS
(In Millions)
                                              June 30           December 31
                                              2014              2013
                                              (Unaudited)
Assets
Cash and cash equivalents                     $      358  $     172
Restricted cash and cash equivalents          31                32
Other current assets                          2,076             2,322
 Total current assets                       $     2,465   $    2,526
Plant, property, and equipment                12,680            12,246
Other non-current assets                      2,574             2,644
Total Assets                                  $    17,719    $   17,416
Liabilities and Equity
Current liabilities                           $     1,124   $    1,213
Non-current liabilities                      4,808             4,741
Capitalization
 Debt, capital leases, and financing
obligation (*)
 Debt, capital leases, and financing
obligation
 (excluding non-recourse and          7,305             7,227
securitization debt)
 Non-recourse debt                      729               652
 Total debt, capital leases, and financing  8,034             7,879
obligation
 Noncontrolling interests                   37                37
 Common stockholders' equity                3,645             3,454
 Total capitalization                       $    11,716    $   11,370
Securitization debt                           71                92
Total Liabilities and Equity                  $    17,719    $   17,416
(*) Current and long-term



CMS Energy Corporation
SUMMARIZED STATEMENTS OF CASH FLOWS
(In Millions)
                                              First Half
                                              (Unaudited)
                                              2014             2013
Beginning of Period Cash                      $      172  $      93
Cash provided by operating activities         $      937  $    1,095
Cash used in investing activities             (783)            (616)
Cash flow from operating and investing        $      154  $     479
activities
Cash provided by (used in) financing          32               (35)
activities
Total Cash Flow                               $      186  $     444
End of Period Cash                            $      358  $     537



CMS Energy Corporation
SUMMARY OF CONSOLIDATED EARNINGS
Reconciliations of GAAP Net Income to Non-GAAP Adjusted Net Income
(In Millions, Except Per Share Amounts)
                                     Second Quarter              First Half
                                     (Unaudited)                 (Unaudited)
                                     2014             2013       2014   2013
Net Income Available to Common       $    83      $       $    $  
Stockholders                                          80        287   224
Reconciling Items:
        Discontinued Operations      *              *        (*)  *
        (Income) Loss
        Restructuring Costs and      *              *        *    *
        Other
Adjusted Net Income - Non-GAAP Basis $    83      $       $    $  
                                                      80        287   224
Average Number of Common Shares
Outstanding
        Basic                        268              265        267    264
        Diluted                      275              272        274    272
Basic Earnings Per Average Common
Share
Net Income Per Share as Reported     $   0.31       $        $    $  
                                                      0.30       1.07   0.85
Reconciling Items:
        Discontinued Operations      *              *        (*)  *
        (Income) Loss
        Restructuring Costs and      *              *        *    *
        Other
Adjusted Net Income - Non-GAAP Basis $   0.31       $        $    $  
                                                      0.30       1.07   0.85
Diluted Earnings Per Average Common
Share
Net Income Per Share as Reported     $   0.30       $        $    $  
                                                      0.29       1.05   0.83
Reconciling Items:
        Discontinued Operations      *              *        (*)  *
        (Income) Loss
        Restructuring Costs and      *              *        *    *
        Other
Adjusted Net Income - Non-GAAP Basis $   0.30       $        $    $  
                                                      0.29       1.05   0.83
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.
* Less than $500 thousand or $0.01
per share.

SOURCE CMS Energy

Website: http://www.cmsenergy.com
Contact: Media Contacts: Dan Bishop, 517/788-2395 or Brian Wheeler,
517/788-2394, Investment Analyst Contact: CMS Energy Investor Relations,
517/788-2590
 
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