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
