For the first nine months of 2015,
'We are transitioning to a cleaner energy portfolio, which benefits our customers and
'We'll be buying competitively priced renewable energy from a new 100 megawatt wind park in
The Company's work to lower industrial electric rates and keep residential bills low is helping to stimulate job growth and economic development in
These expansions are in addition to recent announcements of new facilities in
On the natural gas side of the business, Consumers Energy reduced fuel costs to the lowest level since 2001, due to abundant supplies and the Company's investment of more than
The Company expects to double investments in its gas business over the next decade. Those investments include expansion of its pipeline and storage system, adding new customers who formerly used higher-cost propane, and strengthening pipeline integrity in a multi-year line replacement program.
The Company maintained its focus on sustainability as Consumers Energy was ranked as a 'Top 2015 Environmental Champion' by MSI Cogent Reports in the Midwest Combination category.
Investors and others should note that
This news release contains non-Generally Accepted Accounting Principles (non-GAAP) measures, such as adjusted earnings. 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.
This news release contains 'forward-looking statements.' The forward-looking statements are subject to risks and uncertainties that could cause
For more information on
CMS Energy Corporation | ||||||||
SUMMARIZED CONSOLIDATED STATEMENTS OF INCOME | ||||||||
(In Millions, Except Per Share Amounts) | ||||||||
Third Quarter | Nine Months | |||||||
(Unaudited) | (Unaudited) | |||||||
2015 | 2014 | 2015 | 2014 | |||||
Operating Revenue | $ 1,486 | $ 1,430 | $ 4,947 | $ 5,421 | ||||
Operating Expenses | 1,169 | 1,194 | 4,029 | 4,542 | ||||
Operating Income | $ 317 | $ 236 | $ 918 | $ 879 | ||||
Other Income | 7 | 6 | 16 | 1 | ||||
Interest Charges | 101 | 101 | 305 | 303 | ||||
Income before Income Taxes | $ 223 | $ 141 | $ 629 | $ 577 | ||||
Income Tax Expense | 75 | 47 | 211 | 195 | ||||
Net Income | $ 148 | $ 94 | $ 418 | $ 382 | ||||
Income Attributable to Noncontrolling Interests | - | - | 1 | 1 | ||||
Net Income Available to Common Stockholders | $ 148 | $ 94 | $ 417 | $ 381 | ||||
Income Per Share | ||||||||
Basic | $ 0.53 | $ 0.34 | $ 1.51 | $ 1.41 | ||||
Diluted | 0.53 | 0.34 | 1.51 | 1.39 |
CMS Energy Corporation | |||
SUMMARIZED CONSOLIDATED BALANCE SHEETS | |||
(In Millions) | |||
September 30 | December 31 | ||
2015 | 2014 | ||
(Unaudited) | |||
Assets | |||
Cash and cash equivalents | $ 150 | $ 207 | |
Restricted cash and cash equivalents | 52 | 37 | |
Other current assets | 1,921 | 2,353 | |
Total current assets | $ 2,123 | $ 2,597 | |
Plant, property, and equipment | 14,160 | 13,412 | |
Other non-current assets | 3,169 | 3,176 | |
Total Assets | $ 19,452 | $ 19,185 | |
Liabilities and Equity | |||
Current liabilities | $ 979 | $ 1,414 | |
Non-current liabilities | 5,711 | 5,325 | |
Capitalization | |||
Debt, capital leases, and financing obligation (*) | |||
Debt, capital leases, and financing obligation | |||
(excluding non-recourse and securitization debt) | 7,427 | 7,428 | |
Non-recourse debt | 1,018 | 884 | |
Total debt, capital leases, and financing obligation | 8,445 | 8,312 | |
Noncontrolling interests | 37 | 37 | |
Common stockholders' equity | 3,902 | 3,670 | |
Total capitalization | $ 12,384 | $ 12,019 | |
Securitization debt | 378 | 427 | |
Total Liabilities and Equity | $ 19,452 | $ 19,185 | |
(*) Current and long-term | |||
CMS Energy Corporation | |||
SUMMARIZED STATEMENTS OF CASH FLOWS | |||
(In Millions) | |||
Nine Months | |||
(Unaudited) | |||
2015 | 2014 | ||
Beginning of Period Cash | $ 207 | $ 172 | |
Cash provided by operating activities | $ 1,420 | $ 962 | |
Cash used in investing activities | (1,340) | (1,347) | |
Cash flow from operating and investing activities | $ 80 | $ (385) | |
Cash provided by (used in) financing activities | (137) | 706 | |
Total Cash Flow | $ (57) | $ 321 | |
End of Period Cash | $ 150 | $ 493 | |
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) | ||||||||
2015 | 2014 | 2015 | 2014 | ||||||
Net Income Available to Common Stockholders | $ 148 | $ 94 | $ 417 | $ 381 | |||||
Reconciling Items: | |||||||||
Discontinued Operations (Income) Loss | (*) | * | (*) | (*) | |||||
Restructuring Costs and Other | * | 9 | * | 9 | |||||
Adjusted Net Income - Non-GAAP Basis | $ 148 | $ 103 | $ 417 | $ 390 | |||||
Average Number of Common Shares Outstanding | |||||||||
Basic | 276 | 274 | 275 | 269 | |||||
Diluted | 277 | 275 | 276 | 274 | |||||
Basic Earnings Per Average Common Share | |||||||||
Net Income Per Share as Reported | $ 0.53 | $ 0.34 | $ 1.51 | $ 1.41 | |||||
Reconciling Items: | |||||||||
Discontinued Operations (Income) Loss | (*) | * | (*) | (*) | |||||
Restructuring Costs and Other | * | 0.03 | * | 0.03 | |||||
Adjusted Net Income - Non-GAAP Basis | $ 0.53 | $ 0.37 | $ 1.51 | $ 1.44 | |||||
Diluted Earnings Per Average Common Share | |||||||||
Net Income Per Share as Reported | $ 0.53 | $ 0.34 | $ 1.51 | $ 1.39 | |||||
Reconciling Items: | |||||||||
Discontinued Operations (Income) Loss | (*) | * | (*) | (*) | |||||
Restructuring Costs and Other | * | 0.03 | * | 0.03 | |||||
Adjusted Net Income - Non-GAAP Basis | $ 0.53 | $ 0.37 | $ 1.51 | $ 1.42 | |||||
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. | ||||||||
* Less than $500 thousand or $0.01 per share. |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cms-energy-announces-third-quarter-earnings-of-053-per-share-raises-low-end-of-adjusted-earnings-guidance-to-187-to-189-per-share-300168127.html
SOURCE
Media Contacts: Dan Bishop, 517/788-2395 or Brian Wheeler, 517/788-2394 ; Investment Analyst Contact: CMS Energy Investor Relations, 517/788-2590
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