JACKSON — CMS Energy announced net income of $84 million or 30 cents a share in the second quarter, up from $81 million or 29 cents a share a year earlier. For the first half, net income was $288 million or $1.05 a share, up from $225 million or 83 cents a share a year earlier.
Revenue was $1.47 billion for the quarer, up from $1.41 billion in the
second quarter of 2013. For the first half, revenue was $3.99 billion,
up from $3.39 billion in the first half of 2013.
Based on strong results for the first half of the year, CMS Energy
raised its 2014 full year adjusted earnings per share guidance from
the previous range of $1.74 to $1.78 to a new range of $1.76 to
$1.78. This new guidance reflects adjusted earnings growth of 6
percent to 7 percent.
“Our business plan of reinvesting proceeds to strengthen and expand
our electric and gas system is benefiting customers,” said CMS
Energy president and CEO John Russell. “We’re also seeing
progress as Michigan policy makers build the framework for the
state’s energy future,” Russell said.
More than $400 million in reinvestment over the past five years in
infrastructure and enhanced technology is driving improvements in
electric reliability, including 100,000 fewer customer interruptions in
2013 compared to 2012. On the gas side, the company is investing
$150 million this year to strengthen and expand its system, including
adding 350 more skilled workers.
“Reinvesting to strengthen our energy delivery system has helped
accelerate Michigan’s economic comeback,” Russell said, noting that
Michigan’s unemployment rate has dropped from a recession-high of
more than 14 percent to its current level of 7.5 percent, and is down
to 5.4 percent in the Grand Rapids area, the company’s largest
electric service territory.
“By year-end, our $255 million Cross Winds Energy Park will be in
operation,” Russell added. “That allows us to meet Michigan’s
standard for renewable energy more than a year ahead of time. ”
He also said the company is in a good position to meet the U.S.
EPA’s new carbon reduction rule, noting the April 2016 planned
retirement of its seven oldest coal plants, more than $1 billion in
ongoing investments in clean air equipment, and its previously
announced decision to acquire a 540 megawatt natural gas plant in its hometown of Jackson.
CMS Energy (NYSE: CMS) is a Michigan-based company that has an
electric and natural gas utility, Consumers Energy, as its primary
business. CMS also owns and operates independent power
generation businesses.
A management discussion of these results is available at
www.cmsenergy.com.