Welcome!

News Feed Item

CMS Energy Announces Third Quarter Earnings Of $0.46 Per Share; Oct. 24 Analyst Day To Be Webcast At 3 pm (EDT)

JACKSON, Mich., Oct. 23, 2013 /PRNewswire/ -- CMS Energy announced today reported net income of $126 million, or $0.46 per share, for the third quarter of 2013 and $350 million, or $1.29 per share, for the first nine months of the year.  Adjusted (non-Generally Accepted Accounting Principles) net income for the third quarter and first nine months was the same as the reported amounts.   

For the first nine months of 2013, CMS Energy continued to implement its strategy of focusing on customer service, reducing costs, enhancing reliability, and investing to help strengthen Michigan's economy.  

"Customers remain our primary focus as we implement measures to provide safe, reliable and affordable service," said John Russell, CMS Energy's president and chief executive officer.  "Our plan is to avoid electric and gas base rate increases through 2014, reduce our costs and provide full support to our customers' growth and expansion efforts." 

In reviewing recent major events, Russell cited completion of a $175 million natural gas system upgrade at its Ray Compressor Station, implementation of an historic agreement with the Utility Workers Union of America to transition safety and operational training to the union, and publication of the Company's first Accountability Report.

CMS Energy will conduct a 90-minute webcast for investors on Thursday, Oct. 24 at 3 p.m. (EDT), which will include presentations by John Russell, chief financial officer Tom Webb, and other members of the management team.

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 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.  Because the company is not able to estimate the impact of these matters, the company is not providing a reconciliation to the comparable future period reported earnings.

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, 2012 and as updated in CMS Energy's and Consumers Energy's 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.

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)




















Third Quarter


Nine Months



(Unaudited)


(Unaudited)



2013


2012


2013


2012











Operating Revenue

$    1,445


$    1,507


$    4,830


$    4,583











Operating Expenses

1,128


1,164


3,952


3,792











Operating Income 

$      317


$      343


$      878


$      791











Other Income 

-


-


13


15











Interest Charges

99


96


299


293











Income before Income Taxes

$      218


$      247


$      592


$      513











Income Tax Expense 

91


98


240


203











Income from Continuing Operations

$      127


$      149


$      352


$      310











Income from Discontinued Operations

-


-


-


7











Net Income 

$      127


$      149


$      352


$      317











Income Attributable to Noncontrolling Interests

1


1


2


2











Net Income Available to Common Stockholders

$      126


$      148


$      350


$      315




















Income Per Share 









             Basic

$     0.48


$     0.56


$     1.32


$     1.21


             Diluted

0.46


0.55


1.29


1.17


 

 

CMS Energy Corporation

SUMMARIZED CONSOLIDATED BALANCE SHEETS

(In Millions)




September 30


December 31


2013


2012


(Unaudited)

Assets




Cash and cash equivalents

$           260


$           93

Restricted cash and cash equivalents

32


29

Other current assets

2,109


2,300

   Total current assets

$         2,401


$       2,422

Plant, property, and equipment

12,154


11,551

Other non-current assets

2,431


3,158

Total Assets

$       16,986


$     17,131









Liabilities and Equity




Current liabilities

$           932


$       1,146

Non-current liabilities 

4,860


5,233

Capitalization




   Debt and capital and finance leases (*)




      Long-term debt and capital leases (excluding non-recourse debt,




         finance leases and securitization debt)

7,083


6,854

      Non-recourse debt and finance leases

575


527

   Total debt and capital and finance leases

7,658


7,381

   Noncontrolling interests

37


44

   Common stockholders' equity

3,396


3,194

   Total capitalization

$       11,091


$     10,619

Securitization debt

103


133

Total Liabilities and Equity

$       16,986


$     17,131





(*) Current and long-term












CMS Energy Corporation

SUMMARIZED STATEMENTS OF CASH FLOWS

(In Millions)


Nine Months


(Unaudited)


2013


2012









Beginning of Period Cash

$             93


$         161









Cash provided by operating activities

$         1,118


$         934

Cash used in investing activities

(1,004)


(938)

Cash flow from operating and investing activities

$           114


$            (4)

Cash provided by (used in) financing activities

53


(29)

Total Cash Flow

$           167


$          (33)









End of Period Cash

$           260


$         128









 

 

CMS Energy Corporation

SUMMARY OF CONSOLIDATED EARNINGS

Reconciliations of GAAP Net Income to Non-GAAP Adjusted Net Income 

(In Millions, Except Per Share Amounts)













Third Quarter


Nine Months




(Unaudited)


(Unaudited)




2013


2012


2013


2012












Net Income Available to Common Stockholders

$      126


$      148


$      350


$       315












Reconciling Items:










Discontinued Operations Income

-


-


-


(7)













Electric Decoupling Court Order

-


-


-


36













Downsizing Program

-


-


-


7













Restructuring Costs and Other

-


(3)


-


(1)












Adjusted Net Income - Non-GAAP Basis

$      126


$      145


$      350


$       350






















Average Number of Common Shares Outstanding










Basic

265


263


264


260



Diluted

272


269


272


268












Basic Earnings Per Average Common Share



















Net Income Per Share as Reported

$     0.48


$     0.56


$     1.32


$      1.21












Reconciling Items:










Discontinued Operations Income

-


-


-


(0.03)













Electric Decoupling Court Order

-


-


-


0.14













Downsizing Program

-


-


-


0.03













Restructuring Costs and Other

-


(0.01)


-


-












Adjusted Net Income - Non-GAAP Basis

$     0.48


$     0.55


$     1.32


$      1.35






















Diluted Earnings Per Average Common Share



















Net Income Per Share as Reported

$     0.46


$     0.55


$     1.29


$      1.17












Reconciling Items:










Discontinued Operations Income

-


-


-


(0.03)













Electric Decoupling Court Order

-


-


-


0.14













Downsizing Program

-


-


-


0.03













Restructuring Costs and Other

-


(0.01)


-


-












Adjusted Net Income - Non-GAAP Basis

$     0.46


$     0.54


$     1.29


$      1.31






















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

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., will discuss how these tools can be leveraged to develop a lasting competitive advanta...
TechTarget storage websites are the best online information resource for news, tips and expert advice for the storage, backup and disaster recovery markets. By creating abundant, high-quality editorial content across more than 140 highly targeted technology-specific websites, TechTarget attracts and nurtures communities of technology buyers researching their companies' information technology needs. By understanding these buyers' content consumption behaviors, TechTarget creates the purchase inte...
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, will discuss some of the security challenges of the IoT infrastructure and relate how these aspects impact Smart Living. The material will be delivered i...
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, will provide a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services ...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...