CMS Energy earnings dip on jump in operating expenses

JACKSON—CMS Energy Corp. (NYSE: CMS), the Jackson-based utility holding company, reported net income of $183 million or 64 cents a share in the third quarter, down from $210 million or 76 cents a share a year earlier. Revenue was $1.73 billion, up from $1.51 billion a year earlier.

Behind the decline in profitability—a sharp jump in operating expenses, to $1.47 billion for the quarter, from $1.17 billion a year earlier.

For the nine months, net income was $590 million or $2.09 a share a year earlier. Revenue was $5.3 billion, up from $4.7 billion a year earlier.

“CMS Energy’s strong execution in 2021, including closing the sale of EnerBank on October 1 for over $1 billion, has positioned the company well for long-term success to the benefit of customers, investors and the communities we serve,” CMS President and CEO Garrick Rochow said in a news release. “We are actively redeploying the proceeds from the transaction into our core utility business to fund key initiatives like grid hardening and our clean energy transformation.”

CMS also raised its full-year 2021 adjusted earnings from continuing operations guidance to $2.63 to $2.65 per share, from $2.61 to $2.65 per share previously. CMS also reaffirmed 2022 adjusted earnings guidance of $2.85 to $2.87 per share and long-term adjusted EPS growth of 6 to 8 percent, with continued confidence toward the high end of the EPS growth range.

To listen to a webcast discussing these results, visit cmsenergy.com and select “Events and Presentations.”

 

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.