EX-99.1 2 tm2420031d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

CMS Energy Announces Second Quarter Results, Reaffirms 2024 Adjusted EPS Guidance

 

JACKSON, Mich., July 25, 2024 – CMS Energy announced today reported earnings per share of $0.65 for the second quarter of 2024, compared to $0.67 per share for 2023. The company’s adjusted earnings per share for the second quarter were $0.66, compared to $0.75 per share for the same quarter in 2023. For the first six months of the year, the company reported $1.61 per share compared to $1.36 per share for the same timeframe in 2023. On an adjusted earnings per share basis year to date, the company reported $1.63 per share in 2024, compared to $1.45 per share in 2023, primarily due to constructive regulatory outcomes and higher weather normalized sales.

CMS Energy reaffirmed its 2024 adjusted earnings guidance of $3.29 to $3.35 per share (*See below for important information about non-GAAP measures) and long-term adjusted EPS growth of 6 to 8 percent, with continued confidence toward the high end.

“We are on track to deliver our full year earnings guidance after a strong first half of the year prioritizing investments in our electric and gas systems to deliver value for customers,” said Garrick Rochow, President and CEO of CMS Energy and Consumers Energy. “Our electric Reliability Roadmap, Natural Gas Delivery Plan and Clean Energy Plan will allow us to harden and improve our systems while leading the clean energy transformation.”  

CMS Energy (NYSE: CMS) is a Michigan-based energy provider featuring Consumers Energy as its primary business. It also owns and operates independent power generation businesses.

# # #

 

CMS Energy will hold a webcast to discuss its 2024 second quarter results and provide a business and financial outlook on Thursday, July 25 at 9:30 a.m. (EDT). To participate in the webcast, go to CMS Energy’s homepage (cmsenergy.com) and select “Events and Presentations.”

 

 

 

 

Important information for investors about non-GAAP measures and other disclosures.

This news release contains non-Generally Accepted Accounting Principles (non-GAAP) measures, such as adjusted earnings. All references to net income refer to net income available to common stockholders and references to earnings per share are on a diluted basis. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, business optimization initiative, changes in accounting principles, voluntary separation program, changes in federal tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments, or other items. Management views adjusted earnings as a key measure of the company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the company uses adjusted earnings to measure and assess performance. Because the company is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, the company's reported earnings in future periods, the company is not providing reported earnings guidance nor is it providing a reconciliation for the comparable future period earnings. The company's adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for the reported earnings.   

This news release contains "forward-looking statements." The forward-looking statements are subject to risks and uncertainties that could cause CMS Energy's and Consumers Energy's results to differ materially. All forward-looking statements should be considered in the context of the risk and other factors detailed from time to time in CMS Energy's and Consumers Energy's Securities and Exchange Commission filings. 

Investors and others should note that CMS Energy routinely posts important information on its website and considers the Investor Relations section, www.cmsenergy.com/investor-relations, a channel of distribution.

Media Contacts: Katie Carey, 517/740-1739

Investment Analyst Contact: Travis Uphaus, 517/817-9241

2 

 

 

Page 1 of 3

 

CMS ENERGY CORPORATION

Consolidated Statements of Income
(Unaudited) 

 

    In Millions, Except Per Share Amounts
    Three Months Ended   Six Months Ended
    6/30/24   6/30/23   6/30/24   6/30/23
                         
Operating revenue $       1,607   $       1,555   $       3,783   $       3,839
                         
Operating expenses         1,324           1,311           3,088           3,281
                         
Operating Income            283              244              695              558
                         
Other income            113              146              199              202
                         
Interest charges            173              160              350              307
                         
Income Before Income Taxes            223              230              544              453
                         
Income tax expense              41                41                99                70
                         
Income From Continuing Operations            182              189              445              383
                         
Income from discontinued operations, net of tax                 -                  1                   -                  1
                         
Net Income            182              190              445              384
                         
Loss attributable to noncontrolling interests            (16)                (8)              (40)              (18)
                         
Net Income Attributable to CMS Energy            198              198              485              402
                         
Preferred stock dividends                3                  3                  5                  5
                         
Net Income Available to Common Stockholders $          195   $          195   $          480   $          397
                         
Diluted Earnings Per Average Common Share $         0.65   $         0.67   $         1.61   $         1.36

 

 

 

 

Page 2 of 3

 

CMS ENERGY CORPORATION
Summarized Consolidated Balance Sheets
(Unaudited)

 

    In Millions
    As of
    6/30/24   12/31/23
Assets              
Current assets              
Cash and cash equivalents   $               699     $               227
Restricted cash and cash equivalents                     90                       21
Other current assets                2,196                  2,591
Total current assets                2,985                  2,839
Non-current assets              
Plant, property, and equipment              25,877                25,072
Other non-current assets                5,493                  5,606
Total Assets   $          34,355     $          33,517
                 
Liabilities and Equity              
Current liabilities (1)   $            1,756     $            1,822
Non-current liabilities (1)                8,290                  7,927
Capitalization              
Debt and finance leases (excluding securitization debt) (2)              14,996                14,856
Preferred stock and securities                   224                     224
Noncontrolling interests                   538                     581
Common stockholders' equity                7,779                  7,320
Total capitalization (excluding securitization debt)              23,537                22,981
Securitization debt (2)                   772                     787
Total Liabilities and Equity   $          34,355     $          33,517
                 
(1) Excludes debt and finance leases.
                 
(2) Includes current and non-current portions.
                 
CMS ENERGY CORPORATION
Summarized Consolidated Statements of Cash Flows
(Unaudited)
                 
    In Millions
    Six Months Ended
    6/30/24   6/30/23
                 
Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts   $               248      $               182 
                 
Net cash provided by operating activities                 1,663                   1,705 
Net cash used in investing activities              (1,246)                (2,079)
Cash flows from operating and investing activities                   417                    (374)
Net cash provided by financing activities                   124                      598 
                 
Total Cash Flows   $               541      $               224 
                 
End of Period Cash and Cash Equivalents, Including Restricted Amounts    $               789      $               406 

 

 

 

 

Page 3 of 3

 

CMS ENERGY CORPORATION
Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income
(Unaudited)

    In Millions, Except Per Share Amounts
    Three Months Ended   Six Months Ended
    6/30/24   6/30/23   6/30/24   6/30/23
                         
Net Income Available to Common Stockholders $          195   $          195   $          480   $          397
Reconciling items:                      
Disposal of discontinued operations (gain) loss                 -                (1)                   -                (1)
Tax impact                 -     *                    -     * 
Other exclusions from adjusted earnings**                2                  2                  6                  5
Tax impact   (*)     (*)                (1)                (1)
Voluntary separation program                 -                28     *                 28
Tax impact                 -                (7)     (*)                (7)
                         
Adjusted net income – non-GAAP $          197   $          217   $          485   $          421
                         
Average Common Shares Outstanding - Diluted         298.5           291.3           297.9           291.2
                         
Diluted Earnings Per Average Common Share                      
Reported net income per share $         0.65   $         0.67   $         1.61   $         1.36
Reconciling items:                      
Disposal of discontinued operations (gain) loss                 -     (*)                   -     (*)
Tax impact                 -     *                    -     * 
Other exclusions from adjusted earnings**           0.01             0.01             0.02             0.02
Tax impact   (*)     (*)     (*)     (*)
Voluntary separation program                 -             0.09     *              0.09
Tax impact                 -           (0.02)     (*)           (0.02)
                         
Adjusted net income per share – non-GAAP $         0.66   $         0.75   $         1.63   $         1.45
                         
* Less than $0.5 million or $0.01 per share.                      
** Includes restructuring costs and business optimization initiative.                      
                         
Management views adjusted (non-Generally Accepted Accounting Principles) earnings as a key measure of the Company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors.  Internally, the Company uses adjusted earnings to measure and assess performance.  Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, business optimization initiative, changes in accounting principles, voluntary separation program, changes in federal tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments, or other items.  The adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for reported earnings.