10-KPeriod: FY2013

CMS ENERGY CORP Annual Report, Year Ended Dec 31, 2013

Filed February 6, 2014For Securities:CMSCMS-PCCMSACMSCCMSD

Summary

CMS Energy Corporation (CMS) and its principal subsidiary, Consumers Energy Company, reported fiscal year 2013 results reflecting continued operations in Michigan's electric and gas utility sectors, alongside non-utility energy-related businesses. The company generated consolidated operating revenue of $6.6 billion in 2013. Key financial highlights included net income available to common stockholders of $452 million, translating to diluted EPS of $1.66. Consumers Energy, the core utility, saw increased gas deliveries due to colder weather and benefited from rate increases, contributing to improved overall performance. The company is navigating a dynamic regulatory environment, with ongoing focus on capital investments in infrastructure, environmental compliance, and customer value initiatives, including the Smart Energy program.

Financial Highlights

46 data points
Beta

Revenue

$6.57B

Net Income

$454.00M

6.9% Net Margin

EPS (Diluted)

$1.66

Total Assets

$17.29B

Cash & Equivalents

$172.00M

Free Cash Flow

$96.00M

Financial Statements
Beta
Revenue$6.57B
Operating Expenses$5.42B
Operating Income$1.14B
Interest Expense$398.00M
Net Income$454.00M
EPS (Basic)$1.71
EPS (Diluted)$1.66
Shares Outstanding (Diluted)271.90M

Key Highlights

  • 1CMS Energy reported total operating revenue of $6.6 billion for the fiscal year ended December 31, 2013.
  • 2Net income available to common stockholders was $452 million, resulting in diluted EPS of $1.66.
  • 3Consumers Energy's electric utility operations generated $4.2 billion in revenue, serving 1.8 million electric customers.
  • 4Consumers Energy's gas utility operations generated $2.1 billion in revenue, serving 1.7 million gas customers.
  • 5The company is investing approximately $7 billion in capital expenditures from 2014 through 2018, focusing on infrastructure upgrades, environmental compliance, and the Smart Energy program.
  • 6CMS Energy's non-utility segment, Enterprises, through subsidiaries, engages in independent power production and energy resource management.
  • 7The company is subject to significant regulatory oversight from the MPSC and FERC, which impacts rates and operations.

Frequently Asked Questions

In 2013, CMS Energy reported consolidated operating revenue of $6.6 billion, net income available to common stockholders of $452 million, and diluted EPS of $1.66. These results showed improvement compared to 2012, driven by factors like increased gas deliveries, benefits from rate orders, and the absence of certain charges recorded in the prior year.

CMS Energy operates principally in three business segments: electric utility, gas utility, and enterprises (non-utility operations and investments). The electric and gas utility segments are primarily conducted through its subsidiary, Consumers Energy Company.

CMS Energy plans significant capital investments of approximately $7 billion from 2014 through 2018. These investments are focused on maintaining and upgrading its electric and gas utility infrastructure, meeting environmental regulations, and advancing its Smart Energy program, aiming for rate base growth while managing rate increases.

CMS Energy faces several risks, including regulatory changes and potential adverse regulatory treatment, the impact of economic conditions in Michigan, fluctuations in energy commodity prices, interest rate risks, and environmental compliance costs. The company also relies on dividends from its subsidiaries to meet its debt service obligations.