CMS Energy Announces Second Quarter Results, Reaffirms 2024 Adjusted EPS Guidance
CMS Energy reported Q2 2024 earnings per share of $0.65, down from $0.67 in Q2 2023. Adjusted EPS for Q2 2024 was $0.66, compared to $0.75 in Q2 2023. For the first half of 2024, reported EPS was $1.61, up from $1.36 in 2023, while adjusted EPS increased to $1.63 from $1.45. The company reaffirmed its 2024 adjusted earnings guidance of $3.29 to $3.35 per share and long-term adjusted EPS growth of 6 to 8 percent, with confidence towards the high end. CMS Energy's CEO, Garrick Rochow, highlighted the company's focus on electric and gas system investments to deliver value for customers, including the electric Reliability Roadmap, Natural Gas Delivery Plan, and Clean Energy Plan.
CMS Energy ha riportato un utile per azione nel secondo trimestre del 2024 di $0,65, in calo rispetto a $0,67 nel secondo trimestre del 2023. L'utile per azione rettificato per il secondo trimestre del 2024 è stato di $0,66, rispetto a $0,75 nel secondo trimestre del 2023. Per la prima metà del 2024, l'utile per azione riportato è stato di $1,61, in aumento rispetto a $1,36 nel 2023, mentre l'utile per azione rettificato è salito a $1,63 da $1,45. L'azienda ha confermato le previsioni di utili rettificati per il 2024 tra $3,29 e $3,35 per azione e una crescita dell'utile per azione rettificato a lungo termine tra il 6 e l'8 percento, mostrando fiducia verso l'interpretazione alta. Il CEO di CMS Energy, Garrick Rochow, ha sottolineato l'attenzione dell'azienda sugli investimenti nei sistemi elettrici e nel gas per offrire valore ai clienti, inclusi il Piano di Affidabilità Elettrica, il Piano di Consegna del Gas Naturale e il Piano di Energia Pulita.
CMS Energy reportó un ingreso por acción en el segundo trimestre de 2024 de $0.65, una disminución desde $0.67 en el segundo trimestre de 2023. El EPS ajustado para el segundo trimestre de 2024 fue de $0.66, comparado con $0.75 en el segundo trimestre de 2023. Para la primera mitad de 2024, el EPS reportado fue de $1.61, un aumento desde $1.36 en 2023, mientras que el EPS ajustado se incrementó a $1.63 desde $1.45. La compañía reafirmó su guía de ganancias ajustadas para 2024 de $3.29 a $3.35 por acción y un crecimiento de EPS ajustado a largo plazo del 6 al 8 por ciento, con confianza hacia el extremo alto. El CEO de CMS Energy, Garrick Rochow, destacó el enfoque de la empresa en inversiones en sistemas eléctricos y de gas para aportar valor a los clientes, incluyendo el Mapa de Confiabilidad Eléctrica, el Plan de Entrega de Gas Natural y el Plan de Energía Limpia.
CMS Energy는 2024년 2분기 주당 순이익이 $0.65로 2023년 2분기 $0.67에서 감소했다고 보고했습니다. 2024년 2분기 조정된 주당 순이익은 $0.66으로 2023년 2분기 $0.75에 비해 줄어들었습니다. 2024년 상반기 동안 보고된 주당 순이익은 $1.61로 2023년 $1.36에서 증가했으며, 조정된 주당 순이익도 $1.63으로 증가했습니다. 회사는 2024년 조정된 이익 가이던스를 주당 $3.29에서 $3.35로 재확인했습니다 및 장기 조정 EPS 성장률을 6~8%로 안내하며 높은 쪽에 대한 자신감을 보였습니다. CMS Energy의 CEO인 Garrick Rochow는 고객에게 가치를 제공하기 위해 전기 및 가스 시스템 투자에 회사의 초점을 맞추고 있음을 강조했습니다. 여기에는 전기 신뢰성 로드맵, 천연가스 공급 계획 및 청정 에너지 계획이 포함됩니다.
CMS Energy a annoncé un bénéfice par action pour le deuxième trimestre 2024 de 0,65 $, en baisse par rapport à 0,67 $ au deuxième trimestre 2023. Le BPA ajusté pour le deuxième trimestre 2024 était de 0,66 $, contre 0,75 $ au deuxième trimestre 2023. Pour le premier semestre 2024, le BPA rapporté était de 1,61 $, en hausse par rapport à 1,36 $ en 2023, tandis que le BPA ajusté a augmenté à 1,63 $ contre 1,45 $. L'entreprise a réaffirmé ses prévisions de bénéfices ajustés pour 2024 entre 3,29 $ et 3,35 $ par action et une croissance du BPA ajusté à long terme de 6 à 8 pour cent, avec une confiance vers le haut. Le PDG de CMS Energy, Garrick Rochow, a souligné l'accent mis par l'entreprise sur les investissements dans les systèmes électriques et gaziers pour apporter de la valeur aux clients, y compris la feuille de route de fiabilité électrique, le plan de livraison de gaz naturel et le plan d'énergie propre.
CMS Energy meldete im zweiten Quartal 2024 einen Gewinn je Aktie von $0,65, ein Rückgang gegenüber $0,67 im zweiten Quartal 2023. Der bereinigte Gewinn je Aktie für das zweite Quartal 2024 betrug $0,66, im Vergleich zu $0,75 im zweiten Quartal 2023. Für die erste Hälfte des Jahres 2024 lag der gemeldete Gewinn je Aktie bei $1,61, ein Anstieg von $1,36 im Jahr 2023, während der bereinigte Gewinn je Aktie auf $1,63 von $1,45 gestiegen ist. Das Unternehmen bestätigte seine Prognose für 2024 von bereinigten Erträgen zwischen $3,29 und $3,35 pro Aktie und einer langfristigen Wachstumsrate des bereinigten Gewinns je Aktie von 6 bis 8 Prozent, mit Zuversicht in Richtung des oberen Ende. Der CEO von CMS Energy, Garrick Rochow, hob die Fokussierung des Unternehmens auf Investitionen in elektrische und gasförmige Systeme hervor, um den Kunden Mehrwert zu bieten, einschließlich des Elektrizitäts-Zuverlässigkeitsplans, des Lieferplans für Erdgas und des Plans für saubere Energie.
- Reaffirmed 2024 adjusted earnings guidance of $3.29 to $3.35 per share
- Long-term adjusted EPS growth target of 6 to 8 percent, with confidence towards the high end
- Year-to-date reported EPS increased to $1.61 from $1.36 in 2023
- Year-to-date adjusted EPS rose to $1.63 from $1.45 in 2023
- Constructive regulatory outcomes and higher weather-normalized sales contributed to improved year-to-date performance
- Q2 2024 reported EPS decreased to $0.65 from $0.67 in Q2 2023
- Q2 2024 adjusted EPS declined to $0.66 from $0.75 in Q2 2023
Insights
CMS Energy's Q2 2024 results present a mixed picture. While reported EPS decreased slightly from
The reaffirmation of the 2024 adjusted earnings guidance of
Key factors driving performance include:
- Constructive regulatory outcomes
- Higher weather-normalized sales
- Investments in electric and gas systems
The focus on the Reliability Roadmap, Natural Gas Delivery Plan and Clean Energy Plan aligns with industry trends towards grid modernization and sustainability. This strategic direction could position CMS Energy favorably in the evolving energy landscape, potentially leading to long-term value creation for shareholders.
CMS Energy's latest results and strategic focus reflect broader trends in the utility sector. The emphasis on hardening and improving systems while leading the clean energy transformation is particularly significant. This approach addresses two critical challenges facing the industry:
1. Infrastructure Resilience: The Reliability Roadmap likely involves investments in grid modernization and storm hardening. Such initiatives are important in an era of increasing extreme weather events and cybersecurity threats.
2. Decarbonization: The Clean Energy Plan aligns with growing regulatory and public pressure for utilities to reduce their carbon footprint. This proactive stance could help CMS Energy navigate future policy changes more smoothly.
The Natural Gas Delivery Plan is an interesting component, given the ongoing debates about the role of natural gas in a low-carbon future. It suggests that CMS Energy sees continued value in this fuel source, possibly as a bridge in the energy transition.
From a policy perspective, the company's ability to secure constructive regulatory outcomes is crucial. It indicates effective engagement with regulators and a alignment between the company's plans and state energy policies. This regulatory rapport can be a significant advantage in a heavily regulated industry.
Investors should monitor how these strategic initiatives translate into tangible results and how they position CMS Energy in the evolving policy landscape of the energy sector.
CMS Energy reaffirmed its 2024 adjusted earnings guidance of
"We are on track to deliver our full year earnings guidance after a strong first half of the year prioritizing investments in our electric and gas systems to deliver value for customers," said Garrick Rochow, President and CEO of CMS Energy and Consumers Energy. "Our electric Reliability Roadmap, Natural Gas Delivery Plan and Clean Energy Plan will allow us to harden and improve our systems while leading the clean energy transformation."
CMS Energy (NYSE: CMS) is a
CMS Energy will hold a webcast to discuss its 2024 second quarter results and provide a business and financial outlook on Thursday, July 25 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 | ||||||||||||
In Millions, Except Per Share Amounts | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
6/30/24 | 6/30/23 | 6/30/24 | 6/30/23 | |||||||||
Operating revenue | $ | 1,607 | $ | 1,555 | $ | 3,783 | $ | 3,839 | ||||
Operating expenses | 1,324 | 1,311 | 3,088 | 3,281 | ||||||||
Operating Income | 283 | 244 | 695 | 558 | ||||||||
Other income | 113 | 146 | 199 | 202 | ||||||||
Interest charges | 173 | 160 | 350 | 307 | ||||||||
Income Before Income Taxes | 223 | 230 | 544 | 453 | ||||||||
Income tax expense | 41 | 41 | 99 | 70 | ||||||||
Income From Continuing Operations | 182 | 189 | 445 | 383 | ||||||||
Income from discontinued operations, net of tax | - | 1 | - | 1 | ||||||||
Net Income | 182 | 190 | 445 | 384 | ||||||||
Loss attributable to noncontrolling interests | (16) | (8) | (40) | (18) | ||||||||
Net Income Attributable to CMS Energy | 198 | 198 | 485 | 402 | ||||||||
Preferred stock dividends | 3 | 3 | 5 | 5 | ||||||||
Net Income Available to Common Stockholders | $ | 195 | $ | 195 | $ | 480 | $ | 397 | ||||
Diluted Earnings Per Average Common Share | $ | 0.65 | $ | 0.67 | $ | 1.61 | $ | 1.36 | ||||
CMS ENERGY CORPORATION | ||||||||
In Millions | ||||||||
As of | ||||||||
6/30/24 | 12/31/23 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 699 | $ | 227 | ||||
Restricted cash and cash equivalents | 90 | 21 | ||||||
Other current assets | 2,196 | 2,591 | ||||||
Total current assets | 2,985 | 2,839 | ||||||
Non-current assets | ||||||||
Plant, property, and equipment | 25,877 | 25,072 | ||||||
Other non-current assets | 5,493 | 5,606 | ||||||
Total Assets | $ | 34,355 | $ | 33,517 | ||||
Liabilities and Equity | ||||||||
Current liabilities (1) | $ | 1,756 | $ | 1,822 | ||||
Non-current liabilities (1) | 8,290 | 7,927 | ||||||
Capitalization | ||||||||
Debt and finance leases (excluding securitization debt) (2) | 14,996 | 14,856 | ||||||
Preferred stock and securities | 224 | 224 | ||||||
Noncontrolling interests | 538 | 581 | ||||||
Common stockholders' equity | 7,779 | 7,320 | ||||||
Total capitalization (excluding securitization debt) | 23,537 | 22,981 | ||||||
Securitization debt (2) | 772 | 787 | ||||||
Total Liabilities and Equity | $ | 34,355 | $ | 33,517 | ||||
(1) Excludes debt and finance leases. | ||||||||
(2) Includes current and non-current portions. | ||||||||
CMS ENERGY CORPORATION | ||||||||
Summarized Consolidated Statements of Cash Flows | ||||||||
(Unaudited) | ||||||||
In Millions | ||||||||
Six Months Ended | ||||||||
6/30/24 | 6/30/23 | |||||||
Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts | $ | 248 | $ | 182 | ||||
Net cash provided by operating activities | 1,663 | 1,705 | ||||||
Net cash used in investing activities | (1,246) | (2,079) | ||||||
Cash flows from operating and investing activities | 417 | (374) | ||||||
Net cash provided by financing activities | 124 | 598 | ||||||
Total Cash Flows | $ | 541 | $ | 224 | ||||
End of Period Cash and Cash Equivalents, Including Restricted Amounts | $ | 789 | $ | 406 | ||||
CMS ENERGY CORPORATION | ||||||||||||
In Millions, Except Per Share Amounts | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
6/30/24 | 6/30/23 | 6/30/24 | 6/30/23 | |||||||||
Net Income Available to Common Stockholders | $ | 195 | $ | 195 | $ | 480 | $ | 397 | ||||
Reconciling items: | ||||||||||||
Disposal of discontinued operations (gain) loss | - | (1) | - | (1) | ||||||||
Tax impact | - | * | - | * | ||||||||
Other exclusions from adjusted earnings** | 2 | 2 | 6 | 5 | ||||||||
Tax impact | (*) | (*) | (1) | (1) | ||||||||
Voluntary separation program | - | 28 | * | 28 | ||||||||
Tax impact | - | (7) | (*) | (7) | ||||||||
Adjusted net income – non-GAAP | $ | 197 | $ | 217 | $ | 485 | $ | 421 | ||||
Average Common Shares Outstanding - Diluted | 298.5 | 291.3 | 297.9 | 291.2 | ||||||||
Diluted Earnings Per Average Common Share | ||||||||||||
Reported net income per share | $ | 0.65 | $ | 0.67 | $ | 1.61 | $ | 1.36 | ||||
Reconciling items: | ||||||||||||
Disposal of discontinued operations (gain) loss | - | (*) | - | (*) | ||||||||
Tax impact | - | * | - | * | ||||||||
Other exclusions from adjusted earnings** | 0.01 | 0.01 | 0.02 | 0.02 | ||||||||
Tax impact | (*) | (*) | (*) | (*) | ||||||||
Voluntary separation program | - | 0.09 | * | 0.09 | ||||||||
Tax impact | - | (0.02) | (*) | (0.02) | ||||||||
Adjusted net income per share – non-GAAP | $ | 0.66 | $ | 0.75 | $ | 1.63 | $ | 1.45 | ||||
* Less than |
** Includes restructuring costs and business optimization initiative. |
Management views adjusted (non-Generally Accepted Accounting Principles) 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. 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. The adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for reported earnings. |
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SOURCE CMS Energy
FAQ
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