JACKSON,
Mich., May 3, 2022 /PRNewswire/ -- CMS Energy
announced today reported earnings per share of $1.21 for the first quarter of 2022, compared to
$1.21 per share for the same quarter
in 2021. The company's adjusted earnings per share for the first
quarter of 2022 were $1.20, compared
to $1.09 per share for the same
quarter in 2021.
CMS Energy reaffirmed its 2022 adjusted earnings guidance of
$2.85 to $2.89* per share (*See below for important
information about non-GAAP measures) and reaffirmed long-term
adjusted EPS growth of 6 to 8 percent, with continued confidence
toward the high end of the adjusted EPS growth range.
"The settlement agreement recently filed for our 2021 Integrated
Resource Plan strengthens our financial outlook and serves as a
proof point of our plan for net zero carbon emissions by 2040 in
our electric business. As one of the first utilities in the country
to eliminate coal generation by 2025, we are leading the clean
energy transformation," said Garrick
Rochow, President and CEO of CMS Energy and Consumers
Energy.
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 2022 first quarter
results and provide a business and financial outlook on
Tuesday, May 3 at 9:00 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, changes in accounting principles, changes in federal tax
policy, regulatory items from prior years, unrealized gains or
losses from mark-to-market adjustments recognized in net income
related to CMS Enterprises' interest expense, 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.
For more information on CMS Energy, please visit our
website at cmsenergy.com.
To sign up for email alert notifications,
please visit the Investor Relations section of our
website.
CMS ENERGY
CORPORATION
|
Consolidated
Statements of Income
|
(Unaudited)
|
|
|
|
In Millions,
Except Per Share Amounts
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
3/31/22
|
|
3/31/21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenue
|
|
|
|
|
|
|
$
|
2,374
|
|
$
|
2,013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
1,918
|
|
|
1,583
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
|
|
|
|
|
456
|
|
|
430
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
|
|
|
|
|
|
|
|
48
|
|
|
44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
charges
|
|
|
|
|
|
|
|
124
|
|
|
124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income
Taxes
|
|
|
|
|
|
|
|
380
|
|
|
350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
|
|
|
|
|
39
|
|
|
42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income From
Continuing Operations
|
|
|
|
|
|
|
|
341
|
|
|
308
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
discontinued operations, net of tax
|
|
|
|
|
|
|
|
4
|
|
|
34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
|
|
|
|
|
|
345
|
|
|
342
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss attributable to
noncontrolling interests
|
|
|
|
|
|
|
|
(8)
|
|
|
(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
Attributable to CMS Energy
|
|
|
|
|
|
|
|
353
|
|
|
349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock
dividends
|
|
|
|
|
|
|
|
2
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Available
to Common Stockholders
|
|
|
|
|
|
|
$
|
351
|
|
$
|
349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per
Average Common Share
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations per average common share
available to common stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1.20
|
|
$
|
1.09
|
Income from
discontinued operations per average common share
available to common stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.01
|
|
|
0.12
|
Diluted earnings per
average common share
|
|
|
|
|
|
|
$
|
1.21
|
|
$
|
1.21
|
CMS ENERGY CORPORATION
|
Summarized Consolidated Balance
Sheets
|
(Unaudited)
|
|
|
In
Millions
|
|
|
As of
|
|
|
3/31/22
|
|
12/31/21
|
Assets
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
446
|
|
|
$
|
452
|
Restricted cash and
cash equivalents
|
|
|
28
|
|
|
|
24
|
Other current
assets
|
|
|
1,985
|
|
|
|
2,151
|
Total current
assets
|
|
|
2,459
|
|
|
|
2,627
|
Non-current
assets
|
|
|
|
|
|
|
|
Plant, property, and
equipment
|
|
|
22,540
|
|
|
|
22,352
|
Other non-current
assets
|
|
|
3,741
|
|
|
|
3,774
|
Total
Assets
|
|
$
|
28,740
|
|
|
$
|
28,753
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
|
Current liabilities
(1)
|
|
$
|
1,432
|
|
|
$
|
1,822
|
Non-current liabilities
(1)
|
|
|
7,430
|
|
|
|
7,269
|
Capitalization
|
|
|
|
|
|
|
|
Debt, finance leases,
and other financing (excluding securitization debt)
(2)
|
|
|
|
|
|
|
|
Debt, finance leases,
and other financing (excluding non-recourse and securitization
debt)
|
|
|
12,201
|
|
|
|
12,200
|
Non-recourse
debt
|
|
|
74
|
|
|
|
76
|
Total debt, finance
leases, and other financing (excluding securitization
debt)
|
|
|
12,275
|
|
|
|
12,276
|
Preferred stock and
securities
|
|
|
224
|
|
|
|
224
|
Noncontrolling
interests
|
|
|
551
|
|
|
|
557
|
Common stockholders'
equity
|
|
|
6,630
|
|
|
|
6,407
|
Total capitalization
(excluding securitization debt)
|
|
|
19,680
|
|
|
|
19,464
|
Securitization debt
(2)
|
|
|
198
|
|
|
|
198
|
Total Liabilities
and Equity
|
|
$
|
28,740
|
|
|
$
|
28,753
|
|
|
|
|
|
|
|
|
|
(1)
|
Excludes debt, finance
leases, and other financing.
|
|
|
|
|
|
|
|
|
|
(2)
|
Includes current and
non-current portions.
|
CMS ENERGY CORPORATION
|
Summarized Consolidated Statements of Cash Flows
|
(Unaudited)
|
|
|
|
In
Millions
|
|
|
Three Months
Ended
|
|
|
3/31/22
|
|
3/31/21
|
|
|
|
|
|
|
|
|
|
Beginning of Period
Cash and Cash Equivalents, Including Restricted
Amounts
|
|
$
|
476
|
|
|
$
|
185
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
|
707
|
|
|
|
832
|
Net cash used in
investing activities
|
|
|
(539)
|
|
|
|
(283)
|
Cash flows from
operating and investing activities
|
|
|
168
|
|
|
|
549
|
Net cash used in
financing activities
|
|
|
(170)
|
|
|
|
(210)
|
|
|
|
|
|
|
|
|
|
Total Cash
Flows
|
|
$
|
(2)
|
|
|
$
|
339
|
|
|
|
|
|
|
|
|
|
End of Period Cash
and Cash Equivalents, Including Restricted Amounts
|
|
$
|
474
|
|
|
$
|
524
|
CMS ENERGY CORPORATION
|
Reconciliation of GAAP Net Income
to Non-GAAP Adjusted Net
Income
|
(Unaudited)
|
|
|
|
In Millions,
Except Per Share Amounts
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
3/31/22
|
|
3/31/21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Available
to Common Stockholders
|
|
|
|
|
|
|
$
|
351
|
|
$
|
349
|
Reconciling
items:
|
|
|
|
|
|
|
|
|
|
|
|
Disposal of
discontinued operations gain
|
|
|
|
|
|
|
|
(5)
|
|
|
-
|
Tax impact
|
|
|
|
|
|
|
|
1
|
|
|
-
|
Discontinued operations
income
|
|
|
|
|
|
|
|
-
|
|
|
(43)
|
Tax impact
|
|
|
|
|
|
|
|
-
|
|
|
9
|
Other exclusions from
adjusted earnings**
|
|
|
|
|
|
|
|
(1)
|
|
|
(1)
|
Tax impact
|
|
|
|
|
|
|
|
*
|
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income –
non-GAAP
|
|
|
|
|
|
|
$
|
346
|
|
$
|
314
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common
Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
289.9
|
|
|
289.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per
Average Common Share
|
|
|
|
|
|
|
|
|
|
|
|
Reported net income per
share
|
|
|
|
|
|
|
$
|
1.21
|
|
$
|
1.21
|
Reconciling
items:
|
|
|
|
|
|
|
|
|
|
|
|
Disposal of
discontinued operations gain
|
|
|
|
|
|
|
|
(0.01)
|
|
|
-
|
Tax impact
|
|
|
|
|
|
|
|
*
|
|
|
-
|
Discontinued operations
income
|
|
|
|
|
|
|
|
-
|
|
|
(0.15)
|
Tax impact
|
|
|
|
|
|
|
|
-
|
|
|
0.03
|
Other exclusions from
adjusted earnings**
|
|
|
|
|
|
|
|
(*)
|
|
|
(*)
|
Tax impact
|
|
|
|
|
|
|
|
*
|
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income per
share – non-GAAP
|
|
|
|
|
|
|
$
|
1.20
|
|
$
|
1.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Less than $0.5 million
or $0.01 per share.
|
|
|
|
|
|
|
|
|
|
|
|
**
|
Includes restructuring
costs and unrealized gains or losses, recognized in net income,
from mark-to-market adjustments related to CMS Enterprises'
interest expense.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, changes in
accounting principles, changes in federal tax policy, regulatory
items from prior years, unrealized gains or losses from
mark-to-market adjustments, recognized in net income related to CMS
Enterprises' interest expense, 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.
|
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SOURCE CMS Energy