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
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
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...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...