CMS Energy earnings rise

JACKSON–The utility holding company CMS Energy (NYSE: CMS) announced net income of $174 million or 60 cents a share for the third quarter of 2023, up from $135 million or 56 cents a share in the same quarter of 2022.

Revenue was $1.67 billion, down from $2.02 billion a year earlier.

For the nine months, net income was $571 million or $1.96 a share, down from $659 million or $2.27 a share in the first nine months of 2022. Revenue was $5.51 billion, down from $6.32 billion a year earlier.

The company also released an “adjusted net income” figure of $2.06 per share for the first nine months of 2023, compared to $2.29 per share in 2022. The figure excludes discontinued operations, asset sales, restructuring costs, voluntary separations, and other non-recurring items.

The company also reaffirmed its 2023 adjusted net income guidance of $3.06 to $3.12 per share, and long-term adjusted earnings per share growth of 6 to 8 percent, with what company officials called “a continued confidence toward the high end.” CMS also introduced 2024 adjusted earnings guidance of $3.27 to $3.33 per share.

“CMS Energy is well positioned heading into the fourth quarter as we continue to execute on cost savings to offset weather-related headwinds,” CMS and Consumers Energy President and CEO Garrick Rochow said. “During the quarter, we were also pleased to introduce our electric Reliability Roadmap which will improve the reliability of our system and support a modernized grid for our customers,”

To listen to a webcast discussing these results, visit www.cmsenergy.com/investor-relations.

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