JACKSON—CMS Energy, the Jackson-based utility holding company, reported net income of $243 million or 85 cents a share in the first quarter of 2020, up from $213 million or 75 cents a share in the first quarter of 2019. Revenue was $1.86 billion, down from $2.06 billion a year earlier.
The company said the increase was the product of timely recovery of customer investments and cost management, partially offset by mild winter weather. Operating expenses fell to $1.5 billion from $1.7 billion a year earlier.
“Consumers Energy is focused on the safety and health of our co-workers, customers, and the communities we serve during these unprecedented times,” said Patti Poppe, President and CEO of CMS Energy and Consumers Energy. “We are especially mindful of our duty to deliver essential services to those on the front line of the pandemic and we are working hard to deliver safe and reliable energy to Michigan’s homes and hospitals.”
Company officials said they’re not changing existing earnings guidance, issued Jan. 30, of $2.64 to $2.68 a share. Company officials said they will discuss the financial risks and sensitivities related to COVID-19 in more detail during its earnings webcast on April 27.
To listen to a conference call discussing these results, visit cmsenergy.com and select “investor meeting.”