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
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, provided an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data professionals...
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, gave users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion with b...
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, contrasted how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He showed how the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He also demoed building immutable pipelines in the cloud ...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Onalytica. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, discussed using predictive analytics to mon...
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...