CMS Energy Announces Third Quarter Results, Introduces 2025 Guidance
CMS Energy reported Q3 2024 earnings per share of $0.84, up from $0.60 in Q3 2023. For the first nine months of 2024, earnings were $2.45 per share versus $1.96 in 2023. The company reaffirmed its 2024 adjusted earnings guidance of $3.29 to $3.35 per share and introduced 2025 guidance of $3.52 to $3.58 per share. Growth was attributed to regulatory outcomes and NorthStar Clean Energy performance. The company maintains its long-term adjusted EPS growth target of 6 to 8 percent, with confidence toward the higher end.
CMS Energy ha riportato un utile per azione di $0,84 nel terzo trimestre del 2024, rispetto a $0,60 nel terzo trimestre del 2023. Nei primi nove mesi del 2024, l'utile è stato di $2,45 per azione rispetto a $1,96 nel 2023. L'azienda ha confermato la sua guida sui risultati rettificati per il 2024, stimata tra $3,29 e $3,35 per azione, e ha introdotto una guida per il 2025 tra $3,52 e $3,58 per azione. La crescita è stata attribuita a risultati normativi e performance di NorthStar Clean Energy. L'azienda mantiene il suo obiettivo di crescita dell'utile per azione rettificato a lungo termine del 6-8%, con fiducia verso l'estremità più alta.
CMS Energy reportó ganancias por acción de $0,84 en el tercer trimestre de 2024, un aumento con respecto a $0,60 en el tercer trimestre de 2023. Durante los primeros nueve meses de 2024, las ganancias fueron de $2,45 por acción frente a $1,96 en 2023. La compañía reafirmó su guía de ganancias ajustadas para 2024, que se estima entre $3,29 y $3,35 por acción, e introdujo una guía para 2025 de $3,52 a $3,58 por acción. El crecimiento se atribuyó a resultados regulatorios y al rendimiento de NorthStar Clean Energy. La compañía mantiene su objetivo de crecimiento del EPS ajustado a largo plazo del 6 al 8 por ciento, con confianza hacia el extremo superior.
CMS Energy는 2024년 3분기 주당 순이익이 $0.84로, 2023년 3분기의 $0.60에서 증가했다고 보고했습니다. 2024년의 처음 9개월 동안 주당 순이익은 $2.45로, 2023년의 $1.96과 비교되었습니다. 회사는 2024년 조정된 순이익 가이던스를 주당 $3.29에서 $3.35로 재확인하고, 2025년 가이던스를 주당 $3.52에서 $3.58로 도입했습니다. 성장은 규제 결과와 NorthStar Clean Energy 성과에 기인했습니다. 회사는 장기 조정 EPS 성장 목표를 6%에서 8%로 유지하며, 높은 쪽에 대한 자신감을 보이고 있습니다.
CMS Energy a annoncé un bénéfice par action de 0,84 $ pour le troisième trimestre 2024, contre 0,60 $ pour le troisième trimestre 2023. Au cours des neuf premiers mois de 2024, le bénéfice s'élevait à 2,45 $ par action, contre 1,96 $ en 2023. L'entreprise a réaffirmé sa prévision de bénéfice ajusté pour 2024, qui se situe entre 3,29 $ et 3,35 $ par action, et a introduit des prévisions pour 2025 de 3,52 $ à 3,58 $ par action. La croissance a été attribuée aux résultats réglementaires et à la performance de NorthStar Clean Energy. L'entreprise maintient son objectif de croissance du BPA ajusté à long terme de 6 à 8 %, avec une confiance accrue vers la limite supérieure.
CMS Energy hat im dritten Quartal 2024 einen Gewinn pro Aktie von $0,84 gemeldet, verglichen mit $0,60 im dritten Quartal 2023. In den ersten neun Monaten 2024 betrug der Gewinn $2,45 pro Aktie im Vergleich zu $1,96 im Jahr 2023. Das Unternehmen bestätigte seine angepasste Gewinnprognose für 2024 von $3,29 bis $3,35 pro Aktie und führte eine Prognose für 2025 von $3,52 bis $3,58 pro Aktie ein. Das Wachstum wurde den regulatorischen Ergebnissen und der Leistung von NorthStar Clean Energy zugeschrieben. Das Unternehmen hält an seinem langfristigen Ziel für das angepasste EPS-Wachstum von 6 bis 8 Prozent fest, mit Vertrauen in den oberen Bereich.
- Q3 2024 EPS increased 40% to $0.84 from $0.60 in Q3 2023
- Nine-month EPS grew 25% to $2.45 from $1.96 year-over-year
- Positive 2025 guidance of $3.52-$3.58 EPS introduced
- Strong performance from NorthStar Clean Energy segment
- Maintaining 6-8% long-term EPS growth target with confidence toward high end
- None.
Insights
The Q3 earnings report shows strong performance with EPS of
The utility's investment in grid reliability through infrastructure upgrades and smart technology implementation supports its long-term
CMS Energy reaffirmed its 2024 adjusted earnings guidance of
"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
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 | ||||||||
Loss attributable to noncontrolling interests | (6) | (3) | (46) | (21) | ||||||||
Net Income Attributable to CMS Energy | 253 | 176 | 738 | 578 | ||||||||
Preferred stock dividends | 2 | 2 | 7 | 7 | ||||||||
Net Income Available to Common Stockholders | $ | 251 | $ | 174 | $ | 731 | $ | 571 | ||||
Diluted Earnings Per Average Common Share | $ | 0.84 | $ | 0.60 | $ | 2.45 | $ | 1.96 | ||||
CMS ENERGY CORPORATION Summarized Consolidated Balance Sheets (Unaudited) | ||||||||
In Millions | ||||||||
As of | ||||||||
9/30/24 | 12/31/23 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 412 | $ | 227 | ||||
Restricted cash and cash equivalents | 55 | 21 | ||||||
Other current assets | 2,236 | 2,591 | ||||||
Total current assets | 2,703 | 2,839 | ||||||
Non-current assets | ||||||||
Plant, property, and equipment | 26,671 | 25,072 | ||||||
Other non-current assets | 5,443 | 5,606 | ||||||
Total Assets | $ | 34,817 | $ | 33,517 | ||||
Liabilities and Equity | ||||||||
Current liabilities (1) | $ | 1,684 | $ | 1,822 | ||||
Non-current liabilities (1) | 8,325 | 7,927 | ||||||
Capitalization | ||||||||
Debt and finance leases (excluding securitization debt) (2) | 15,451 | 14,856 | ||||||
Preferred stock and securities | 224 | 224 | ||||||
Noncontrolling interests | 530 | 581 | ||||||
Common stockholders' equity | 7,887 | 7,320 | ||||||
Total capitalization (excluding securitization debt) | 24,092 | 22,981 | ||||||
Securitization debt (2) | 716 | 787 | ||||||
Total Liabilities and Equity | $ | 34,817 | $ | 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 | ||||||||
Nine Months Ended | ||||||||
9/30/24 | 9/30/23 | |||||||
Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts | $ | 248 | $ | 182 | ||||
Net cash provided by operating activities | 1,967 | 1,904 | ||||||
Net cash used in investing activities | (2,101) | (2,737) | ||||||
Cash flows from operating and investing activities | (134) | (833) | ||||||
Net cash provided by financing activities | 353 | 835 | ||||||
Total Cash Flows | $ | 219 | $ | 2 | ||||
End of Period Cash and Cash Equivalents, Including Restricted Amounts | $ | 467 | $ | 184 | ||||
CMS ENERGY CORPORATION Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net 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 | |||||||||
Net Income Available to Common Stockholders | $ | 251 | $ | 174 | $ | 731 | $ | 571 | ||||
Reconciling items: | ||||||||||||
Disposal of discontinued operations (gain) loss | - | - | - | (1) | ||||||||
Tax impact | - | - | - | * | ||||||||
Other exclusions from adjusted earnings** | * | 1 | 6 | 6 | ||||||||
Tax impact | (*) | (1) | (1) | (2) | ||||||||
Voluntary separation program | - | 5 | * | 33 | ||||||||
Tax impact | - | (1) | (*) | (8) | ||||||||
Adjusted net income – non-GAAP | $ | 251 | $ | 178 | $ | 736 | $ | 599 | ||||
Average Common Shares Outstanding - Diluted | 298.8 | 291.4 | 298.2 | 291.3 | ||||||||
Diluted Earnings Per Average Common Share | ||||||||||||
Reported net income per share | $ | 0.84 | $ | 0.60 | $ | 2.45 | $ | 1.96 | ||||
Reconciling items: | ||||||||||||
Disposal of discontinued operations (gain) loss | - | - | - | (*) | ||||||||
Tax impact | - | - | - | * | ||||||||
Other exclusions from adjusted earnings** | * | * | 0.02 | 0.02 | ||||||||
Tax impact | (*) | (*) | (*) | (*) | ||||||||
Voluntary separation program | - | 0.01 | * | 0.11 | ||||||||
Tax impact | - | (*) | (*) | (0.03) | ||||||||
Adjusted net income per share – non-GAAP | $ | 0.84 | $ | 0.61 | $ | 2.47 | $ | 2.06 | ||||
* | 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
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