JACKSON — CMS Energy Corp., the Jackson-based utility holding company, reported net income of $241 million or 86 cents a share in the first quarter of 2018, up from $199 million or 71 per share for the same quarter in 2017.
The company said the improvement was driven largely by a harsh winter, leading to more energy sales, and cost savings.
Revenue was $1.95 billion for the quarter, up from $1.83 billion a year earlier.
The company also reaffirmed its 2018 earnings guidance of $2.30 to $2.34 a share, or 6 to 8 percent growth from 2017.
“CMS Energy is committed to the triple bottom line – focusing our efforts to the benefit of people, planet, and profit,” said Patti Poppe, President and CEO of CMS Energy and Consumers Energy. “This was clearly evident in the first quarter when we took a stand for our planet, in the form of our new Clean Energy Breakthrough Goal, and continued our commitment to care for our customers, – all while delivering strong financial results.”
CMS Energy noted several accomplishments in this quarter:
* The company announced its Clean Energy Breakthrough Goal, which entails reducing carbon emissions by 80 percent; no longer using coal to generate electricity; and using more than 40 percent renewable energy and energy storage all by 2040.
* General Motors and Switch became the first participants in a new company program to help large businesses use more renewable energy sources. Both companies are now matching 100 percent of their electric use at key locations in Michigan with wind power from Consumers Energy.
* Consumers Energy filed its five-year electric distribution plan with the Michigan Public Service Commission.
* Consumers Energy submitted its proposal to the MPSC to pass savings from federal tax reform by reducing energy bills to customers, which is expected to lower bills by up to 4 percent.
To listen to a replay of the conference call discussing these results, visit www.cmsenergy.com/investor-relations.