CMS Energy Announces Strong First Quarter Results, Reaffirms 2022 Adjusted EPS Guidance
"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
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
This news release contains "forward-looking statements." The forward-looking statements are subject to risks and uncertainties that could cause
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CMS ENERGY CORPORATION |
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Consolidated Statements of Income |
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(Unaudited) |
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In Millions, Except Per Share Amounts |
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Three Months Ended |
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Operating revenue |
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$ |
2,374 |
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$ |
2,013 |
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Operating expenses |
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1,918 |
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1,583 |
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Operating Income |
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456 |
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430 |
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Other income |
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48 |
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44 |
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Interest charges |
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124 |
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124 |
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Income Before Income Taxes |
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380 |
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350 |
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Income tax expense |
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39 |
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42 |
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Income From Continuing Operations |
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341 |
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308 |
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Income from discontinued operations, net of tax |
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4 |
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34 |
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Net Income |
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345 |
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342 |
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Loss attributable to noncontrolling interests |
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(8) |
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(7) |
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Net Income Attributable to |
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353 |
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349 |
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Preferred stock dividends |
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2 |
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- |
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Net Income Available to Common Stockholders |
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$ |
351 |
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$ |
349 |
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Diluted Earnings Per Average Common Share |
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Income from continuing operations per average common share |
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$ |
1.20 |
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$ |
1.09 |
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Income from discontinued operations per average common share |
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0.01 |
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0.12 |
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Diluted earnings per average common share |
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$ |
1.21 |
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$ |
1.21 |
CMS ENERGY CORPORATION |
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Summarized Consolidated Balance Sheets |
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(Unaudited) |
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In Millions |
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As of |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
446 |
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$ |
452 |
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Restricted cash and cash equivalents |
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28 |
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24 |
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Other current assets |
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1,985 |
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2,151 |
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Total current assets |
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2,459 |
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2,627 |
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Non-current assets |
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Plant, property, and equipment |
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22,540 |
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22,352 |
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Other non-current assets |
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3,741 |
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3,774 |
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Total Assets |
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$ |
28,740 |
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$ |
28,753 |
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Liabilities and Equity |
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Current liabilities (1) |
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$ |
1,432 |
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$ |
1,822 |
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Non-current liabilities (1) |
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7,430 |
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7,269 |
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Capitalization |
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Debt, finance leases, and other financing (excluding securitization debt) (2) |
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Debt, finance leases, and other financing (excluding non-recourse and securitization debt) |
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12,201 |
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12,200 |
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Non-recourse debt |
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74 |
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76 |
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Total debt, finance leases, and other financing (excluding securitization debt) |
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12,275 |
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12,276 |
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Preferred stock and securities |
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224 |
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224 |
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Noncontrolling interests |
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551 |
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557 |
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Common stockholders' equity |
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6,630 |
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6,407 |
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Total capitalization (excluding securitization debt) |
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19,680 |
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19,464 |
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Securitization debt (2) |
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198 |
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198 |
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Total Liabilities and Equity |
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$ |
28,740 |
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$ |
28,753 |
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(1) |
Excludes debt, finance leases, and other financing. |
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(2) |
Includes current and non-current portions. |
CMS ENERGY CORPORATION |
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Summarized Consolidated Statements of Cash Flows |
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(Unaudited) |
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In Millions |
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Three Months Ended |
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Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts |
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$ |
476 |
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$ |
185 |
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Net cash provided by operating activities |
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707 |
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832 |
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Net cash used in investing activities |
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(539) |
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(283) |
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Cash flows from operating and investing activities |
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168 |
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549 |
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Net cash used in financing activities |
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(170) |
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(210) |
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Total Cash Flows |
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$ |
(2) |
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$ |
339 |
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End of Period Cash and Cash Equivalents, Including Restricted Amounts |
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$ |
474 |
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$ |
524 |
CMS ENERGY CORPORATION |
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Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income |
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(Unaudited) |
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In Millions, Except Per Share Amounts |
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Three Months Ended |
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Net Income Available to Common Stockholders |
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$ |
351 |
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$ |
349 |
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Reconciling items: |
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Disposal of discontinued operations gain |
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(5) |
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- |
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Tax impact |
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1 |
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- |
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Discontinued operations income |
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- |
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(43) |
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Tax impact |
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- |
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9 |
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Other exclusions from adjusted earnings** |
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(1) |
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(1) |
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Tax impact |
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* |
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* |
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Adjusted net income – non-GAAP |
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$ |
346 |
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$ |
314 |
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Average Common Shares Outstanding |
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Diluted |
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289.9 |
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289.1 |
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Diluted Earnings Per Average Common Share |
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Reported net income per share |
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$ |
1.21 |
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$ |
1.21 |
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Reconciling items: |
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Disposal of discontinued operations gain |
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(0.01) |
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- |
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Tax impact |
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* |
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- |
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Discontinued operations income |
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- |
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(0.15) |
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Tax impact |
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- |
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0.03 |
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Other exclusions from adjusted earnings** |
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(*) |
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(*) |
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Tax impact |
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* |
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* |
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Adjusted net income per share – non-GAAP |
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$ |
1.20 |
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$ |
1.09 |
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* |
Less than |
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** |
Includes restructuring costs and unrealized gains or losses, recognized in net income, from mark-to-market adjustments related to |
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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 |
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