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CMS · CMS ENERGY CORP

50 filings

10-Q

CMS 10-Q Quarterly Reports

CMS ENERGY CORP - 50 quarterly reports

Filing record · 2016–202610-K1110-Q328-K151

CMS filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 151 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Aug ’17Aug ’17
  2. Restructuring8-K · Oct ’19Oct ’19
  3. Material agreement8-K · Jul ’21Jul ’21
  4. Leadership change8-K · Jun ’25Jun ’25
  1. 2026-Q2

    CMS ENERGY CORP Quarterly Report for Q2 Ended Jun 30, 2026

    CMS Energy Corporation (CMS) reported its financial results for the six months ended June 30, 2026. Net income available to common stockholders was $455 million, a decrease from $500 million in the same period of 2025, with diluted EPS at $1.47 compared to $1.67 in the prior year. This decline was attributed to the absence of gains on debt extinguishment, higher service restoration costs, and increased depreciation and property taxes, partially offset by electric and gas rate increases and improved performance at NorthStar Clean Energy. The company is actively managing its transition to cleaner energy sources, aligning with Michigan's 2023 Energy Law which mandates significant increases in renewable and clean energy by 2035 and 2040. CMS Energy's utility subsidiary, Consumers Energy, is making substantial investments in grid modernization, renewable generation, and natural gas infrastructure to enhance reliability, safety, and environmental performance. Significant regulatory matters, including pending rate cases for both electric and gas utilities, are key factors influencing future financial performance and customer rates.

    Jul 28, 2026
  2. 2026-Q1

    CMS ENERGY CORP Quarterly Report for Q1 Ended Mar 31, 2026

    CMS Energy Corp. (CMS) reported improved financial performance for the first quarter of 2026 compared to the same period in 2025. Net income available to common stockholders increased to $338 million, or $1.10 per diluted share, up from $302 million, or $1.01 per diluted share, in the prior year. This growth was primarily driven by strong performance in the Gas Utility segment and significant positive contributions from NorthStar Clean Energy, which offset a slight decline in the Electric Utility segment. The company continues to advance its "triple bottom line" strategy, focusing on people, planet, and prosperity. Key investments are being made in infrastructure upgrades for reliability and clean energy initiatives, aligning with Michigan's 2023 Energy Law and sustainability goals. Significant capital expenditures are planned over the next five years to enhance grid reliability, expand renewable energy resources, and upgrade gas infrastructure, demonstrating a commitment to long-term growth and environmental stewardship.

    Apr 28, 2026
  3. 2025-Q3

    CMS ENERGY CORP Quarterly Report for Q3 Ended Sep 30, 2025

    CMS Energy Corporation (CMS) reported solid financial performance for the nine months ending September 30, 2025, with net income available to common stockholders increasing to $775 million from $731 million in the prior year period. Diluted Earnings Per Share (EPS) also saw a rise to $2.59 from $2.45. This growth was primarily driven by increased electric and gas sales due to favorable weather conditions and rate increases, despite a downturn in earnings at its NorthStar Clean Energy segment and higher depreciation and property taxes. The company continues to invest heavily in infrastructure, with plans for $20.0 billion in capital expenditures through 2029, focused on grid reliability, clean energy transition, and gas infrastructure modernization, aiming for a rate-base growth of over 8% annually. CMS Energy is actively managing regulatory and environmental landscapes, aligning with Michigan's 2023 Energy Law which mandates higher renewable and clean energy standards. The company is progressing with its Clean Energy Plan, which includes ending coal-fired generation by 2025 and investing in renewable energy sources like solar and wind, as well as energy storage. Significant regulatory developments include ongoing rate cases for both electric and gas utilities, which are crucial for recovering investments and maintaining affordability for customers. The company also faces ongoing scrutiny and potential regulatory actions related to environmental compliance and greenhouse gas emissions, though it aims to mitigate these through a 'triple bottom line' approach focusing on people, planet, and prosperity.

    Oct 30, 2025
  4. 2025-Q2

    CMS ENERGY CORP Quarterly Report for Q2 Ended Jun 30, 2025

    CMS Energy Corporation (CMS) reported solid financial results for the six months ended June 30, 2025, with net income available to common stockholders increasing by approximately 4.2% to $500 million, and diluted Earnings Per Share (EPS) rising to $1.67 from $1.61 in the prior year period. This growth was driven by favorable weather leading to higher gas sales and the impact of electric and gas rate increases implemented by Consumers Energy. Despite these positive trends, the company noted some offsets, including lower earnings from its NorthStar Clean Energy segment and increased depreciation and property taxes stemming from higher capital expenditures. The company continues to execute its significant five-year, $20.0 billion capital expenditure plan, with $14.8 billion allocated over the next five years for infrastructure upgrades and clean energy investments, aiming for enhanced safety, reliability, and environmental stewardship. Regulatory developments, including pending rate cases for both electric and gas utilities, are key to recovering these investments and maintaining customer affordability. CMS Energy is navigating a dynamic regulatory environment, particularly in Michigan, with a focus on meeting renewable energy standards and clean energy goals, while also managing potential impacts from broader economic and environmental policies.

    Jul 31, 2025
  5. 2025-Q1

    CMS ENERGY CORP Quarterly Report for Q1 Ended Mar 31, 2025

    CMS Energy Corp. (CMS) reported solid financial results for the first quarter of 2025, demonstrating year-over-year growth in net income available to common stockholders and diluted earnings per share (EPS). Net income rose to $302 million from $285 million in the prior year period, with diluted EPS increasing to $1.01 from $0.96. The company's performance was driven by improved electric and gas utility operations, benefiting from rate increases and favorable weather conditions for gas sales. These positive contributions were partially offset by lower earnings from its NorthStar Clean Energy segment and increased depreciation and property taxes, reflecting ongoing capital investments. CMS Energy continues to execute its long-term investment plan, with substantial capital expenditures focused on infrastructure upgrades and clean energy initiatives, aiming to enhance reliability, safety, and environmental stewardship while managing costs to maintain affordable customer rates.

    Apr 24, 2025
  6. 2024-Q3

    CMS ENERGY CORP Quarterly Report for Q3 Ended Sep 30, 2024

    CMS Energy Corp. reported strong financial performance for the nine months ended September 30, 2024, with net income available to common stockholders increasing to $731 million, up from $571 million in the same period last year. Diluted Earnings Per Share (EPS) rose to $2.45 from $1.96. This growth was driven by rate increases in its electric and gas utility segments and higher earnings from its NorthStar Clean Energy business. The company continues to invest heavily in infrastructure upgrades and clean energy initiatives, with significant capital expenditure planned over the next five years. CMS Energy is navigating a dynamic regulatory environment, particularly with the recent Michigan 2023 Energy Law, which mandates increased renewable energy standards. The company is actively working to align its Clean Energy Plan with these new requirements, which involve substantial investments in renewable generation, energy storage, and energy efficiency programs. Despite inflationary pressures and supply chain challenges, CMS Energy has demonstrated effective cost management and a commitment to delivering value to its customers and shareholders while advancing its sustainability goals.

    Oct 31, 2024
  7. 2024-Q2

    CMS ENERGY CORP Quarterly Report for Q2 Ended Jun 30, 2024

    CMS Energy Corporation (CMS) reported strong financial performance for the six months ended June 30, 2024, with net income available to common stockholders increasing to $480 million from $397 million in the prior year period, representing a 21% year-over-year growth. This improvement was driven by rate increases in both the electric and gas utilities, coupled with significantly higher earnings from the NorthStar Clean Energy segment. Despite increased interest charges and income tax expenses, the company demonstrated robust operational execution. Looking ahead, CMS Energy is focused on significant capital expenditures totaling $17 billion over the next five years, primarily directed towards modernizing its electric distribution and gas infrastructure to enhance safety and reliability, and to support its transition to cleaner energy resources. The company's regulatory environment in Michigan is a key factor, with ongoing rate cases and new state energy laws shaping its investment and operational strategies.

    Jul 25, 2024
  8. 2024-Q1

    CMS ENERGY CORP Quarterly Report for Q1 Ended Mar 31, 2024

    CMS Energy Corporation (CMS) reported strong financial performance for the first quarter of 2024, with net income available to common stockholders increasing significantly to $285 million, or $0.96 per diluted share, up from $202 million, or $0.69 per diluted share, in the prior year's comparable period. This improvement was driven by rate increases in both electric and gas utility segments, lower service restoration costs, and gains from debt extinguishment, partially offset by higher interest expenses and income taxes. The company continues to advance its "CE Way" operational model and its "Triple Bottom Line" approach, focusing on people, planet, and profit. Significant capital expenditures are planned over the next five years, totaling $17.0 billion, with a focus on enhancing safety and reliability, and advancing its clean energy transformation. The company is well-positioned to navigate regulatory and environmental landscapes, with ongoing investments in renewable energy and infrastructure upgrades. Investors can look forward to continued focus on operational efficiency, strategic investments in clean energy, and regulatory engagement to support future growth and financial performance. The company's strong liquidity position and available credit facilities provide a solid foundation for meeting its financial commitments.

    Apr 25, 2024
  9. 2023-Q3

    CMS ENERGY CORP Quarterly Report for Q3 Ended Sep 30, 2023

    CMS Energy Corporation (CMS) reported mixed financial results for the nine months ended September 30, 2023, with net income available to common stockholders decreasing to $571 million from $659 million in the prior year period. This decline was primarily attributed to lower gas and electric sales due to unfavorable weather conditions and increased service restoration costs from storms, partially offset by rate increases and debt extinguishment gains. Despite the year-over-year dip in net income, the company continues to make significant strides in its long-term strategic initiatives, particularly its Clean Energy Plan and investments in infrastructure. CMS Energy is actively executing its 'CE Way' operating model focused on the 'triple bottom line' of people, planet, and profit. The company is committed to environmental stewardship, evidenced by its progress in reducing carbon and methane emissions and its plan to end coal-fueled generation in 2025. Significant capital expenditures are planned over the next five years, with over $15 billion allocated to infrastructure upgrades, clean generation, and system reliability. Investors should note the company's ongoing regulatory proceedings, including rate cases, which are crucial for recovering these investments and maintaining affordability for customers.

    Oct 26, 2023
  10. 2023-Q2

    CMS ENERGY CORP Quarterly Report for Q2 Ended Jun 30, 2023

    CMS Energy Corporation (CMS) reported a decrease in net income available to common stockholders for the six months ended June 30, 2023, to $397 million from $496 million in the same period of 2022. This decline was primarily attributed to lower gas and electric sales due to unfavorable weather conditions and increased service restoration costs, partially offset by gains from rate increases and debt extinguishment. The company is actively executing its long-term Clean Energy Plan, which includes significant investments in renewable generation and infrastructure upgrades, alongside a commitment to environmental sustainability with net-zero emission goals. Despite the year-over-year earnings decline, the company's strategic initiatives, including approved rate increases and a robust capital expenditure plan of $15.5 billion over the next five years, are designed to support future growth and maintain reliable service. Management is focused on balancing customer affordability with necessary investments and regulatory recovery, highlighting the constructive nature of the Michigan regulatory environment.

    Jul 27, 2023
  11. 2023-Q1

    CMS ENERGY CORP Quarterly Report for Q1 Ended Mar 31, 2023

    CMS Energy Corporation (CMS) reported its first-quarter 2023 financial results, showing a decrease in net income available to common stockholders to $202 million from $351 million in the prior year. This decline was primarily attributed to lower electric and gas sales, largely due to unfavorable weather conditions, and increased service restoration costs. These factors were partially offset by the benefits of gas and electric rate increases. The company continues to advance its "Triple Bottom Line" strategy focusing on people, planet, and profit, with significant investments planned in infrastructure upgrades and clean energy generation over the next five years, totaling $15.5 billion. This includes a substantial commitment to enhancing gas and electric infrastructure to improve safety and reliability, as well as expanding renewable energy capacity. CMS Energy is actively managing its transition to cleaner energy sources, with plans to phase out coal-fueled generation by 2025 and setting ambitious net-zero emissions goals for its electric business by 2040 and its entire operations by 2050. The company's strategic investments and regulatory approvals, such as the recent electric rate case settlement, are expected to support its long-term financial performance and sustainability objectives.

    Apr 27, 2023
  12. 2022-Q3

    CMS ENERGY CORP Quarterly Report for Q3 Ended Sep 30, 2022

    CMS Energy Corporation (CMS) reported financial results for the nine months and third quarter ended September 30, 2022. For the nine months, Net Income Available to Common Stockholders was $659 million, a decrease from $711 million in the prior year period, resulting in Diluted EPS of $2.27, down from $2.46. This decline was primarily attributed to the absence of earnings from discontinued operations and higher maintenance and operating expenses, partially offset by favorable gas sales due to weather. The company continues to advance its "CE Way" operating model and "Triple Bottom Line" philosophy, focusing on people, planet, and profit. Significant progress is being made on environmental initiatives, including a commitment to retire coal-fueled generation by 2025 and ambitious net-zero emissions goals for its electric and gas businesses. CMS Energy is also undertaking a substantial capital investment plan of $25 billion over the next ten years, primarily focused on infrastructure upgrades, reliability, and clean energy projects. Regulatory matters, including ongoing rate case filings for both electric and gas utilities, are critical to cost recovery and future investment. Despite a decrease in year-over-year earnings, the company remains focused on its long-term strategic objectives and financial stability.

    Oct 27, 2022
  13. 2022-Q2

    CMS ENERGY CORP Quarterly Report for Q2 Ended Jun 30, 2022

    CMS Energy Corporation (CMS) reported its second-quarter 2022 financial results, showing a decrease in net income available to common stockholders to $496 million for the first six months of 2022, down from $525 million in the same period of 2021. This decline was attributed to factors including the absence of prior-year earnings from discontinued operations and increased operational expenses, partially offset by higher electric and gas sales driven by favorable weather. The company continues to advance its "Clean Energy Plan" with significant capital investments planned over the next decade, totaling $25 billion. This plan includes a commitment to end coal-fueled generation by 2025 and substantial investments in renewable energy sources like solar and wind, aiming for net-zero carbon emissions by 2040. Regulatory matters, particularly rate cases before the Michigan Public Service Commission (MPSC), remain crucial for cost recovery and investment approval.

    Jul 28, 2022
  14. 2022-Q1

    CMS ENERGY CORP Quarterly Report for Q1 Ended Mar 31, 2022

    CMS Energy Corporation (CMS) reported a slight increase in net income available to common stockholders for the first quarter of 2022 compared to the same period in 2021, reaching $351 million, or $1.21 per diluted share, up from $349 million in Q1 2021. This performance was primarily driven by higher electric and gas sales due to favorable weather, though partially offset by increased operating expenses. The company continues to execute its long-term "CE Way" operational model focused on safety, quality, cost, delivery, and employee morale, while balancing its "triple bottom line" of people, planet, and profit. Significant strategic initiatives are underway, particularly concerning Consumers Energy's Clean Energy Plan. A key development is the proposed settlement agreement for the 2021 Integrated Resource Plan (IRP), which, if approved by the Michigan Public Service Commission (MPSC), would accelerate the retirement of coal-fueled generation to 2025 and significantly increase investments in renewable energy, including substantial solar generation capacity. The company also reaffirmed its commitment to net-zero emissions goals for both its electric and gas businesses, highlighting a strong focus on environmental sustainability alongside financial performance. Capital investments remain robust, with plans for approximately $25 billion over the next ten years, primarily focused on infrastructure upgrades and clean energy projects.

    May 3, 2022
  15. 2021-Q3

    CMS ENERGY CORP Quarterly Report for Q3 Ended Sep 30, 2021

    CMS Energy Corp. reported solid financial performance for the nine months ended September 30, 2021, with net income available to common stockholders increasing to $711 million, or $2.46 per diluted share, compared to $597 million, or $2.09 per diluted share, in the prior year period. This growth was driven by rate increases in both the electric and gas utilities and higher electric sales, which offset increased operating expenses and taxes. A significant event during the period was the completion of the merger of EnerBank with Regions Bank on October 1, 2021, which is expected to result in a pre-tax gain of approximately $660 million in the fourth quarter of 2021 and provided CMS Energy with approximately $1.0 billion in proceeds. These proceeds are earmarked for crucial initiatives within the core energy business, focusing on safety, reliability, and the company's clean energy transformation. Looking ahead, CMS Energy and its subsidiary Consumers Energy are actively progressing with their long-term clean energy strategies. The proposed 2021 Integrated Resource Plan (IRP) aims to accelerate the transition away from coal-fired generation, with plans to retire all coal units by the end of 2025 and achieve net-zero carbon emissions from its electric business by 2040. Significant capital investments are planned to support infrastructure upgrades, reliability enhancements, and the expansion of renewable energy sources. The company also remains committed to its "CE Way" operating model, focusing on efficiency, safety, and customer service, while balancing environmental, social, and governance (ESG) factors.

    Oct 28, 2021
  16. 2021-Q2

    CMS ENERGY CORP Quarterly Report for Q2 Ended Jun 30, 2021

    CMS Energy Corporation (CMS) reported solid financial performance for the six months ended June 30, 2021, with net income available to common stockholders increasing to $525 million from $379 million in the prior year period, and diluted EPS rising to $1.82 from $1.33. This growth was primarily driven by rate increases in both gas and electric utilities, higher electric sales, and lower income tax expenses, partially offset by increased depreciation and property taxes due to higher capital expenditures. The company is actively pursuing a significant clean energy transformation. Notably, Consumers Energy plans to end coal-fueled generation by 2025, 15 years earlier than initially planned, and expand its investment in renewable energy, aiming for net-zero carbon emissions from its electric business by 2040. The company is also making progress on reducing its gas utility's methane footprint with a goal of net-zero methane emissions by 2030. A significant strategic move includes the pending sale of EnerBank for $960 million, with proceeds earmarked for core energy business initiatives focused on safety, reliability, and clean energy. Overall, CMS Energy demonstrates a commitment to both financial performance and environmental sustainability, supported by substantial capital investment plans aimed at modernizing infrastructure and advancing clean energy initiatives. Investors can look forward to continued strategic capital allocation towards safety, reliability, and the company's clean energy transition.

    Jul 29, 2021
  17. 2021-Q1

    CMS ENERGY CORP Quarterly Report for Q1 Ended Mar 31, 2021

    CMS Energy Corporation (CMS) reported solid financial results for the first quarter of 2021, with net income available to common stockholders increasing by 43.6% to $349 million, and diluted Earnings Per Share (EPS) rising to $1.21 from $0.85 in the prior year period. This growth was driven by significant benefits from gas and electric rate increases, higher electric sales, lower income tax expenses, and improved earnings from its EnerBank segment. These positive drivers were partially offset by higher depreciation and property taxes, reflecting increased capital spending. The company continues to execute its "Consumers Energy Way" operating model, emphasizing a "triple bottom line" approach focused on people, planet, and profit. Significant capital investments are planned over the next decade, totaling $25 billion, with a focus on infrastructure upgrades, clean energy projects, and grid modernization to enhance safety, reliability, and environmental stewardship. The company is navigating the ongoing COVID-19 pandemic, which has impacted commercial and industrial electric deliveries but is being managed with business continuity plans.

    Apr 29, 2021
  18. 2020-Q3

    CMS ENERGY CORP Quarterly Report for Q3 Ended Sep 30, 2020

    CMS Energy Corporation (CMS) reported solid financial results for the nine months ended September 30, 2020, with net income available to common stockholders increasing to $597 million from $513 million in the prior year period. Diluted Earnings Per Share (EPS) also saw a significant rise to $2.09 from $1.81. This growth was driven by benefits from electric and gas rate increases, higher electric sales attributed to favorable weather, and improved operating and maintenance expenses. However, these positives were partially offset by lower gas sales due to unfavorable weather in the first quarter, increased depreciation and amortization, and the absence of a gain on sale of transmission assets recognized in the prior year. The company continues to navigate the impacts of the COVID-19 pandemic, which has led to a decline in electric deliveries to commercial and industrial customers, offset by an increase in residential deliveries. Consumers has also experienced increased uncollectible accounts and workforce-related expenses. Management has taken steps to mitigate liquidity impacts and anticipates these trends may continue in the near term. Despite these challenges, CMS Energy is advancing its long-term strategy, including significant capital investments of approximately $25 billion over the next ten years, focusing on infrastructure upgrades, renewable energy projects, and environmental stewardship. The company remains committed to its "Consumers Energy Way" operating model and its "triple bottom line" approach, balancing people, planet, and profit.

    Oct 29, 2020
  19. 2020-Q2

    CMS ENERGY CORP Quarterly Report for Q2 Ended Jun 30, 2020

    CMS Energy Corporation (CMS) reported solid financial results for the six months ended June 30, 2020, with net income available to common stockholders increasing by approximately 24% to $379 million, compared to $306 million in the prior year period. This growth was driven primarily by rate increases in both the electric and gas utility segments and lower operating and maintenance expenses, partially offset by lower gas sales due to unfavorable weather. The company has demonstrated resilience amidst the ongoing COVID-19 pandemic, implementing business continuity plans and taking measures to protect employees and customers while ensuring the continued delivery of critical energy services. CMS Energy is actively pursuing its "Clean Energy Plan," which aims to significantly reduce carbon emissions and transition towards renewable energy sources. The company's long-term capital investment plan of $25 billion over the next decade, with a focus on infrastructure upgrades and renewable generation, is on track, although some projects have been rescheduled due to the pandemic. The company's liquidity remains strong, supported by available credit facilities and proactive financing transactions, enabling it to navigate the uncertainties presented by the pandemic and market conditions.

    Aug 3, 2020
  20. 2020-Q1

    CMS ENERGY CORP Quarterly Report for Q1 Ended Mar 31, 2020

    CMS Energy Corporation (CMS) reported solid financial performance for the first quarter of 2020, with net income available to common stockholders increasing to $243 million, or $0.85 per diluted share, compared to $213 million, or $0.75 per diluted share, in the prior year's quarter. This growth was driven by benefits from electric and gas rate increases, lower service restoration costs, and increased income tax benefits, partially offset by lower sales volumes primarily due to unfavorable weather. The company also highlighted its proactive approach to the COVID-19 pandemic, implementing business continuity plans and mitigating liquidity impacts through financing transactions. While acknowledging near-term impacts such as declines in commercial and industrial electric deliveries and anticipated increases in uncollectible accounts, CMS Energy emphasized its commitment to its 'Triple Bottom Line' of people, planet, and profit, with significant investments planned in infrastructure upgrades and renewable energy projects to support its long-term clean energy goals. The company maintained strong credit ratings and sufficient liquidity to fund its operations and capital plans.

    Apr 27, 2020
  21. 2019-Q3

    CMS ENERGY CORP Quarterly Report for Q3 Ended Sep 30, 2019

    CMS Energy Corporation (CMS) reported its third-quarter and nine-month results for 2019. For the nine months ended September 30, 2019, net income available to common stockholders decreased to $513 million from $549 million in the same period of 2018. Diluted Earnings Per Share (EPS) also declined to $1.81 from $1.94 year-over-year. The decrease was primarily attributed to lower electric sales due to unfavorable weather, lower earnings from the enterprises segment, and increased depreciation and amortization, partially offset by benefits from electric and gas rate increases and colder weather impacting gas sales. The company continues to emphasize its "Triple Bottom Line" approach, focusing on people, planet, and profit, with significant investments planned in infrastructure upgrades and renewable energy. Notably, Consumers Energy's Clean Energy Plan aims to reduce carbon emissions significantly by 2040. Regulatory matters, particularly rate cases and environmental compliance, remain key aspects of the business, with ongoing proceedings before the Michigan Public Service Commission (MPSC).

    Oct 24, 2019
  22. 2019-Q2

    CMS ENERGY CORP Quarterly Report for Q2 Ended Jun 30, 2019

    CMS Energy Corporation (CMS) reported a decrease in net income available to common stockholders for the six months ended June 30, 2019, compared to the same period in 2018. Net income declined from $380 million to $306 million, with diluted Earnings Per Share (EPS) falling from $1.35 to $1.08. This decrease was primarily driven by higher service restoration costs due to winter storms, lower electric sales due to unfavorable weather, increased depreciation, and reduced earnings in the enterprises segment, which were partially offset by benefits from electric and gas rate increases and higher gas sales from colder weather. The company's strategy continues to focus on a 'Triple Bottom Line' of people, planet, and profit, emphasizing investments in infrastructure, environmental stewardship, and customer value. Significant capital expenditures are planned over the next five years, primarily for gas and electric infrastructure upgrades. The company also received approval for its Integrated Resource Plan (IRP), which outlines a strategy for cleaner energy, including the planned retirement of coal-fueled generation. Liquidity remains solid, with substantial availability under revolving credit facilities. The company expects sufficient funding sources to meet contractual obligations. Despite the year-over-year decline in earnings, the company's ongoing investment plan and focus on operational efficiency aim to support future growth and shareholder value.

    Jul 25, 2019
  23. 2019-Q1

    CMS ENERGY CORP Quarterly Report for Q1 Ended Mar 31, 2019

    CMS Energy Corporation (CMS) reported its first-quarter 2019 financial results, showing a decrease in net income available to common stockholders to $213 million, or $0.75 per diluted share, compared to $241 million, or $0.86 per diluted share, in the prior year's first quarter. This decline was primarily attributed to higher service restoration costs due to winter storms, increased depreciation expenses, and lower earnings from the non-utility enterprises segment. Despite the year-over-year dip in earnings, the company's core utility operations, particularly the gas utility segment, demonstrated growth, driven by rate increases and favorable weather patterns. The company continues to invest significantly in infrastructure upgrades and environmental stewardship, with a planned capital expenditure of $11.2 billion from 2019 through 2023. A key development is the proposed settlement agreement for the Integrated Resource Plan (IRP) with Michigan regulators, which aims to reduce carbon emissions significantly by 2040 and transition away from coal-fueled generation. The company's outlook remains focused on delivering value to customers and shareholders through operational efficiency, strategic investments, and a commitment to sustainability.

    Apr 25, 2019
  24. 2018-Q3

    CMS ENERGY CORP Quarterly Report for Q3 Ended Sep 30, 2018

    CMS Energy Corporation's (CMS) 10-Q filing for the period ending September 30, 2018, highlights a strong financial performance driven by growth in its electric utility segment. Net income available to common stockholders increased year-over-year for the nine-month period, primarily due to higher sales, favorable weather, and rate increases, partially offset by increased depreciation and operating expenses. The company continues to focus on its "Consumers Energy Way" operating model, emphasizing safety, quality, cost efficiency, and customer service. Significant capital expenditures are planned for infrastructure upgrades in both electric and gas utilities, aiming to enhance safety, reliability, and environmental stewardship.

    Oct 25, 2018
  25. 2018-Q2

    CMS ENERGY CORP Quarterly Report for Q2 Ended Jun 30, 2018

    CMS Energy Corp. (CMS) reported a strong first half of 2018, with net income available to common stockholders increasing by 30.6% to $380 million, and diluted Earnings Per Share (EPS) rising to $1.35 from $1.04 in the prior year period. This growth was driven by improved performance across its electric utility, gas utility, and enterprises segments, benefiting from rate increases, higher sales, and favorable weather conditions, partially offset by increased depreciation. The company also highlighted significant progress in its environmental stewardship, including substantial reductions in carbon dioxide emissions and the retirement of coal-fueled generation units. CMS Energy's regulated utility subsidiary, Consumers Energy, continues its significant capital investment program focused on infrastructure upgrades and reliability, with a $10.1 billion plan over five years, projecting annual rate-base growth of 6-8%. The company is also actively pursuing renewable energy initiatives, aligning with regulatory mandates and its "clean and lean" energy strategy. The company's financial health remains robust, supported by strong operating cash flows and access to capital markets. CMS Energy successfully navigated regulatory matters, including rate case decisions and the implementation of the Tax Cuts and Jobs Act (TCJA), which resulted in customer rate reductions. Looking ahead, CMS Energy remains focused on its triple bottom line approach – people, planet, and profit – emphasizing continued investment in infrastructure, environmental sustainability, and delivering value to its customers and shareholders.

    Jul 26, 2018
  26. 2018-Q1

    CMS ENERGY CORP Quarterly Report for Q1 Ended Mar 31, 2018

    CMS Energy Corp. (CMS) reported a solid first quarter for 2018, demonstrating year-over-year growth in net income and earnings per share. The company's performance was driven by improvements in both its electric and gas utility segments, with higher sales and rate increases contributing to the positive results. The "triple bottom line" approach, focusing on people, planet, and profit, continues to guide CMS Energy's strategy, emphasizing safety, environmental stewardship, and financial performance. Significant investments in infrastructure upgrades are planned for the coming years, aimed at enhancing reliability and customer service. Regulatory matters remain a key focus, with ongoing proceedings related to electric and gas rate cases. The company is navigating the impact of the Tax Cuts and Jobs Act (TCJA), which has led to revenue requirement reductions and is being passed on to customers through bill credits. CMS Energy is also progressing with its clean energy initiatives, including increasing renewable energy generation and reducing carbon emissions, aligning with both regulatory requirements and its sustainability goals. The company anticipates continued operational stability and access to capital markets, supporting its ongoing investment and dividend strategies.

    Apr 26, 2018
  27. 2017-Q3

    CMS ENERGY CORP Quarterly Report for Q3 Ended Sep 30, 2017

    CMS Energy Corporation (CMS) reported its third-quarter 2017 financial results, showing a slight decrease in net income available to common stockholders for the nine months ended September 30, 2017, compared to the same period in 2016. This was primarily due to higher depreciation costs and the impact of mild weather on sales, which offset benefits from rate increases and higher deliveries. The company is making significant investments in infrastructure upgrades, with plans to spend $18 billion from 2017 through 2026. Regulatory matters, particularly rate cases for both electric and gas utilities, are ongoing and subject to MPSC approval, which impacts revenue generation. CMS Energy is also navigating evolving environmental regulations and aims to continue its clean energy plan and carbon reduction goals.

    Oct 26, 2017
  28. 2017-Q2

    CMS ENERGY CORP Quarterly Report for Q2 Ended Jun 30, 2017

    CMS Energy Corporation (CMS) reported its second-quarter 2017 financial results, indicating a slight increase in net income available to common stockholders for the six months ended June 30, 2017, compared to the same period in 2016. This growth was primarily driven by electric and gas rate increases and improved weather-adjusted deliveries, although partially offset by higher depreciation, property taxes, and the impact of mild weather on sales. The company continues to focus on its "triple bottom line" strategy encompassing people, planet, and profit, emphasizing safe operations, customer value, utility investment, fair regulation, and consistent financial performance. Significant upcoming initiatives include substantial capital investments planned over the next decade to enhance reliability and affordability, and ongoing efforts to manage costs through operational efficiencies and strategic initiatives such as smart meter deployment. Investors should note the company's proactive approach to regulatory matters, including pending electric and gas rate cases and the significant Palisades PPA termination agreement, which is expected to yield substantial customer savings subject to regulatory approval.

    Jul 28, 2017
  29. 2017-Q1

    CMS ENERGY CORP Quarterly Report for Q1 Ended Mar 31, 2017

    CMS Energy Corporation (CMS) reported a solid first quarter for 2017, with net income available to common stockholders increasing by 21% to $199 million, or $0.71 per diluted share, compared to $164 million, or $0.59 per diluted share, in the same period last year. This improvement was driven by benefits from electric and gas rate increases, higher electric deliveries, a property tax settlement, and cost reductions, partially offset by increased depreciation and property taxes. The company's primary utility subsidiary, Consumers Energy, continues to focus on strategic capital investments totaling $18 billion over the next decade, aimed at enhancing safety, reliability, and efficiency. Significant upcoming investments include infrastructure upgrades for both electric and gas utilities, environmental compliance, and the ongoing Smart Energy program with smart meter deployment. The regulatory environment remains a key factor, with the recent passage of Michigan's 2016 Energy Law introducing new renewable energy standards and energy waste reduction goals. Consumers is actively engaged in rate cases and seeking regulatory approval for various initiatives, including the recovery of significant capital investments and the potential early termination of a power purchase agreement, which is expected to yield substantial savings for customers. The company's financial health remains strong, with sufficient liquidity and access to capital markets.

    May 1, 2017
  30. 2016-Q3

    CMS ENERGY CORP Quarterly Report for Q3 Ended Sep 30, 2016

    CMS Energy Corporation (CMS) reported solid financial performance for the nine months ended September 30, 2016. Net income available to common stockholders increased to $474 million, or $1.70 per diluted share, compared to $417 million, or $1.51 per diluted share, in the prior year period. This growth was primarily driven by beneficial electric and gas rate increases and higher electric sales due to favorable weather conditions. The company continues to execute its strategic capital investment plan, with Consumers Energy expecting to invest approximately $17 billion from 2016 through 2025 to enhance reliability, safety, and efficiency. Regulatory matters remain a key focus, with ongoing proceedings for both electric and gas rate increases. Consumers Energy has self-implemented rate increases for both electric and gas services, subject to refund, to recover ongoing investments. The company is also navigating evolving energy policies in Michigan, particularly concerning clean energy initiatives and evolving environmental regulations. Despite these complexities, CMS Energy maintains a strong liquidity position and expects sufficient cash flows to fund its ongoing operations and capital expenditures.

    Oct 27, 2016
  31. 2016-Q2

    CMS ENERGY CORP Quarterly Report for Q2 Ended Jun 30, 2016

    CMS Energy Corporation (CMS) reported solid financial performance for the six months ended June 30, 2016, with net income available to common stockholders increasing to $288 million from $269 million in the prior year period. This growth was primarily driven by favorable electric and gas rate increases, partially offset by lower gas deliveries due to warmer weather. The company continues to invest significantly in its utility infrastructure, with approximately $17 billion planned through 2025, focusing on reliability, efficiency, and environmental compliance. CMS Energy and its primary subsidiary, Consumers Energy, maintain a strong liquidity position with ample access to credit facilities, and are committed to operational safety and customer value initiatives. Looking ahead, CMS Energy anticipates continued rate base growth of 5-7% annually, supported by ongoing capital investments. The company is navigating a dynamic regulatory environment, including pending electric and gas rate cases, and is adapting to evolving environmental regulations. Despite these challenges, CMS Energy remains focused on delivering reliable energy services and sustainable long-term value to its shareholders.

    Jul 28, 2016
  32. 2016-Q1

    CMS ENERGY CORP Quarterly Report for Q1 Ended Mar 31, 2016

    CMS Energy Corporation (CMS) reported its first quarter 2016 results, showing a decrease in net income available to common stockholders to $164 million from $202 million in the prior year's comparable period. This decline was primarily attributed to lower electric and gas deliveries, largely due to an unusually warm winter, which offset the benefits from rate increases. Despite the near-term earnings dip, the company highlighted its ongoing strategic focus on safe and reliable operations, customer value, and significant long-term utility investments. CMS Energy outlined substantial capital expenditure plans through 2025, aiming for rate base growth while managing customer rate increases within inflation. The company also provided updates on regulatory matters, including a pending electric rate case seeking a significant annual increase and a recently approved gas rate increase. Environmental regulations and compliance continue to be a key focus, with anticipated capital expenditures for emissions control and other environmental initiatives. Looking ahead, CMS Energy expects continued moderate growth in electric deliveries, stable gas deliveries, and is actively managing its clean energy plan and renewable energy initiatives.

    Apr 28, 2016
  33. 2015-Q3

    CMS ENERGY CORP Quarterly Report for Q3 Ended Sep 30, 2015

    CMS Energy Corporation (CMS) reported improved financial performance for the nine months ended September 30, 2015, compared to the same period in 2014. Net income available to common stockholders rose to $417 million from $381 million, with diluted Earnings Per Share (EPS) increasing to $1.51 from $1.39. This growth was primarily driven by electric and gas rate increases implemented by its subsidiary, Consumers Energy, which offset higher depreciation and property taxes resulting from new capital investments. The company's strategy remains focused on safe, excellent operations, delivering customer value through strategic investments, and navigating a complex regulatory environment. Consumers Energy outlined a significant capital investment plan of approximately $15.5 billion from 2015 through 2024 to maintain and enhance its utility infrastructure, including reliability improvements, environmental compliance, and the ongoing Smart Energy program. The company is also actively engaged in regulatory proceedings, including electric and gas rate cases, and is adapting to evolving energy policies and environmental regulations. Despite ongoing regulatory and operational challenges, CMS Energy and Consumers Energy project continued financial stability and sufficient liquidity.

    Oct 29, 2015
  34. 2015-Q2

    CMS ENERGY CORP Quarterly Report for Q2 Ended Jun 30, 2015

    CMS Energy Corporation (CMS) reported its financial results for the quarter and six months ended June 30, 2015. For the six-month period, net income available to common stockholders decreased to $269 million, or $0.98 per diluted share, compared to $287 million, or $1.05 per diluted share, in the prior year. This decline was primarily driven by higher depreciation and property taxes related to capital investments, and lower electric and gas sales due to milder weather. Despite these headwinds, the company benefited from electric and gas rate increases. The company continues to focus on its long-term capital investment program, with Consumers Energy planning approximately $15.5 billion in investments from 2015 through 2024. Key areas of investment include maintaining and enhancing the electric and gas utility infrastructure, environmental compliance, and the Smart Energy program. Regulatory matters remain a significant factor, with Consumers Energy actively engaged in rate cases for both its electric and gas businesses. The company also highlighted its ongoing efforts in customer value, operational safety, and compliance with environmental regulations.

    Jul 23, 2015
  35. 2015-Q1

    CMS ENERGY CORP Quarterly Report for Q1 Ended Mar 31, 2015

    CMS Energy Corporation and its subsidiary Consumers Energy Company reported net income of $202 million for the first quarter of 2015, a slight decrease from $204 million in the same period of 2014. Diluted Earnings Per Share (EPS) was $0.73, down from $0.75 year-over-year. This performance was influenced by several factors, including higher depreciation and property taxes on new capital investments, and lower weather-related sales due to a milder winter. These were partially offset by benefits from a gas rate order, increased non-weather-related sales driven by economic growth, and higher earnings from the 'Enterprises' segment. The company highlighted significant ongoing capital investments, with Consumers Energy planning approximately $15.5 billion in capital expenditures from 2015 through 2024 to enhance reliability and system integrity. Regulatory matters remain a key focus, with Consumers Energy having filed its electric rate case and receiving a $45 million annual rate increase for its gas utility operations. The company continues to monitor evolving environmental regulations and their potential impact on operations and capital expenditures.

    Apr 23, 2015
  36. 2014-Q3

    CMS ENERGY CORP Quarterly Report for Q3 Ended Sep 30, 2014

    CMS Energy Corporation (CMS) and its primary subsidiary, Consumers Energy Company, reported solid financial performance for the nine months ended September 30, 2014. CMS Energy's net income available to common stockholders increased by 8.9% to $381 million, with diluted Earnings Per Share (EPS) rising to $1.39 from $1.29 in the prior year period. This improvement was largely driven by increased gas sales due to colder winter weather and positive regulatory adjustments. The company continues to focus on safe and reliable operations, customer value, and strategic utility investments, with a significant capital investment program planned over the next five years. Consumers Energy is executing on its strategic initiatives, including substantial capital investments in its electric and gas utilities aimed at maintaining reliability and compliance with environmental regulations. The company navigated a dynamic regulatory environment, notably with a gas rate case filing and securitization financing for retiring generating units. While facing ongoing regulatory and environmental scrutiny, CMS Energy and Consumers demonstrate a commitment to managing costs and delivering value to shareholders and customers.

    Oct 23, 2014
  37. 2014-Q2

    CMS ENERGY CORP Quarterly Report for Q2 Ended Jun 30, 2014

    CMS Energy Corporation (CMS) and its subsidiary Consumers Energy Company reported improved financial performance for the six months ended June 30, 2014, compared to the same period in 2013. Net income available to common stockholders increased to $287 million from $224 million, with diluted EPS rising to $1.05 from $0.83. This improvement was driven by increased gas and electric deliveries, partly due to colder weather, and benefits from an electric rate increase. The company continues to focus on its long-term capital investment program of approximately $7 billion from 2014 through 2018, primarily aimed at enhancing reliability, customer value, and environmental compliance. Regulatory matters remain a key focus, with Consumers Energy filing for an $88 million gas rate increase and issuing $378 million in securitization bonds to finance the retirement of certain coal and gas-fueled electric generating units. The company is also navigating evolving environmental regulations, particularly concerning greenhouse gas emissions and coal ash disposal, which may require significant future capital expenditures. Despite ongoing regulatory and environmental challenges, CMS Energy and Consumers Energy maintain sufficient liquidity and expect to meet their obligations.

    Jul 24, 2014
  38. 2014-Q1

    CMS ENERGY CORP Quarterly Report for Q1 Ended Mar 31, 2014

    CMS Energy Corporation (CMS) reported a solid first quarter for 2014, with net income available to common stockholders increasing significantly to $204 million, or $0.75 per diluted share, up from $144 million, or $0.53 per diluted share, in the first quarter of 2013. This improvement was primarily driven by higher gas and electric deliveries due to colder weather and benefits from an electric rate order. The company's utility operations, particularly Consumers Energy, are seasonal, with increased energy consumption expected in the summer and higher natural gas demand in the winter. CMS Energy is focused on its strategic priorities of safe and excellent operations, customer value, and utility investment. The company anticipates substantial capital investments, approximately $7 billion from 2014 to 2018, primarily for maintaining and enhancing its electric and gas utility infrastructure, as well as environmental compliance. Regulatory matters, including rate cases and cost recovery mechanisms, remain a critical aspect of the company's business and are expected to allow for stable base rate increases through 2014.

    Apr 24, 2014
  39. 2013-Q3

    CMS ENERGY CORP Quarterly Report for Q3 Ended Sep 30, 2013

    CMS Energy Corporation (CMS) and its primary subsidiary, Consumers Energy Company, reported improved net income available to common stockholders for the nine months ended September 30, 2013, compared to the same period in 2012. This improvement was driven by increased gas deliveries and the absence of a significant write-off experienced in the prior year related to Consumers' electric revenue decoupling mechanism. The company continues to focus on its strategic initiatives, including safe and excellent operations, delivering customer value, and utility investment. Significant capital expenditures are planned for infrastructure upgrades and environmental compliance, with an ongoing emphasis on reliability and efficiency to manage costs and maintain stable customer rates. Regulatory matters remain a critical aspect of the company's operations, particularly for Consumers Energy. The report details ongoing proceedings before the Michigan Public Service Commission (MPSC) concerning electric and gas rate cases, income tax benefits accounting, and proposals for recovering investment in certain power plants. Environmental regulations, including those related to greenhouse gas emissions and air quality standards, are also a significant focus, with the company assessing potential costs and impacts. Despite these challenges, CMS Energy maintains sufficient liquidity and access to capital markets to fund its operational and investment plans.

    Oct 24, 2013
  40. 2013-Q2

    CMS ENERGY CORP Quarterly Report for Q2 Ended Jun 30, 2013

    CMS Energy Corporation (CMS) and its primary subsidiary, Consumers Energy Company, reported improved financial performance for the six months ended June 30, 2013, compared to the same period in 2012. Net income available to common stockholders increased significantly, driven by higher gas deliveries and the absence of a significant charge recorded in the prior year related to Consumers' electric revenue decoupling mechanism. The company highlighted its strategic focus on safe and excellent operations, customer value through cost-reduction initiatives, and strategic utility investments, including significant capital expenditures planned over the next five years. Regulatory matters remain a key focus, with Consumers Energy navigating electric and gas rate cases and continuing to adapt to evolving environmental regulations. Despite these regulatory challenges and ongoing assessments of environmental compliance costs, the company expressed confidence in its ability to fund its investment plans and maintain sufficient liquidity. Management anticipates continued modest growth in electric sales and stable gas sales, supported by improving economic conditions in Michigan.

    Jul 25, 2013
  41. 2013-Q1

    CMS ENERGY CORP Quarterly Report for Q1 Ended Mar 31, 2013

    CMS Energy Corporation (CMS) reported a significant increase in net income available to common stockholders for the first quarter of 2013, reaching $144 million, or $0.53 per diluted share, a substantial improvement from $67 million, or $0.25 per diluted share, in the same period of 2012. This strong performance was primarily driven by increased natural gas deliveries, particularly due to colder weather in the first quarter of 2013 compared to milder weather in the prior year, and the absence of a one-time charge related to Consumers Energy's electric revenue decoupling mechanism that impacted 2012 results. The company's utility operations, specifically Consumers Energy's electric and gas segments, showed improved profitability. The electric utility saw higher revenues driven by delivery increases and rate adjustments, while the gas utility benefited from both increased deliveries and favorable rate adjustments. CMS Energy continues to focus on strategic investments in utility infrastructure, with Consumers Energy planning approximately $7 billion in capital investments from 2013 through 2017 to enhance reliability, capacity, and environmental compliance. The company's financial position remains solid, with ample liquidity and access to credit facilities, positioning it to fund its ongoing capital expenditure plans.

    Apr 25, 2013
  42. 2012-Q3

    CMS ENERGY CORP Quarterly Report for Q3 Ended Sep 30, 2012

    CMS Energy Corporation (CMS) and its subsidiary Consumers Energy Company (Consumers) filed their Form 10-Q for the quarterly period ended September 30, 2012. The report indicates a decline in net income available to common stockholders for the nine months ended September 30, 2012, compared to the same period in 2011. This decrease was primarily attributed to a significant write-off of Consumers' electric revenue decoupling mechanism regulatory asset and the absence of a tax benefit recognized in the prior year. Despite the earnings dip, the company highlighted ongoing utility investment plans, particularly in reliability and renewable energy, and initiatives to improve customer value and operational safety. Regulatory matters remain a key focus, with Consumers actively involved in electric and gas rate cases before the Michigan Public Service Commission (MPSC). The report also discusses evolving environmental regulations and their potential impact on operations. Looking ahead, CMS Energy and Consumers anticipate sufficient liquidity to fund their operational and investment needs, contingent on continued access to financial markets and favorable economic conditions in Michigan.

    Oct 25, 2012
  43. 2012-Q2

    CMS ENERGY CORP Quarterly Report for Q2 Ended May 30, 2012

    CMS Energy Corporation (CMS) reported a decrease in net income available to common stockholders for the six months ended June 30, 2012, compared to the same period in 2011. This decline was primarily attributed to a significant write-off of Consumers Energy's electric revenue decoupling mechanism regulatory asset and the absence of a tax benefit recognized in the prior year. While overall net income decreased, the electric utility segment of Consumers Energy showed improved results for the three months ended June 30, 2012, driven by rate increases and higher deliveries, though this was offset by a decline in earnings for the gas utility and enterprises segments. The company is actively managing its capital expenditures, with Consumers Energy planning significant investments in reliability, environmental compliance, and renewable energy projects over the next five years. Regulatory matters, particularly rate cases before the Michigan Public Service Commission (MPSC), continue to be a key focus, with recent approvals for both electric and gas rate increases. Investors should monitor the ongoing regulatory and legislative developments in Michigan, especially concerning energy choice and renewable energy mandates, as these could significantly impact future operations and profitability.

    Jul 26, 2012
  44. 2012-Q1

    CMS ENERGY CORP Quarterly Report for Q1 Ended Mar 31, 2012

    CMS Energy Corporation (CMS) and its subsidiary Consumers Energy Company reported financial results for the first quarter ended March 31, 2012, showing a significant decrease in net income available to common stockholders compared to the same period in the prior year. This decline was primarily attributed to milder weather conditions leading to lower energy deliveries and a substantial write-off of a $59 million electric revenue decoupling mechanism regulatory asset. The company is undertaking significant capital investments, planning approximately $6.6 billion from 2012 through 2016, focusing on reliability, environmental compliance, and renewable energy projects. Despite the short-term earnings dip, CMS Energy and Consumers highlighted strategic initiatives aimed at customer value, operational safety, and utility investment. The company also detailed ongoing regulatory proceedings, including rate cases for both electric and gas utilities, and addressed environmental compliance with new EPA standards for emissions. Liquidity and capital resources appear sufficient, with ample availability under revolving credit facilities and expected cash flows to meet obligations.

    Apr 26, 2012
  45. 2011-Q3

    CMS ENERGY CORP Quarterly Report for Q3 Ended Sep 30, 2011

    CMS Energy's Q3 2011 10-Q shows a solid nine-month performance, with net income available to common stockholders of $374 million (diluted EPS $1.43) versus $299 million ($1.19) a year earlier. Quarterly results were roughly flat: $139 million net income (diluted EPS $0.53, unchanged year over year). Much of the improvement reflects electric and gas rate orders and higher gas deliveries, partly offset by higher depreciation, property taxes, and service restoration costs. A one-time $134 million regulatory asset and $32 million tax benefit from Michigan's MCIT enactment helped results, while the absence of a 2010 insurance settlement hurt comparisons. Consolidated operating revenue rose to $4.88 billion for the nine months, up about 3 percent. The balance sheet and liquidity picture is comfortable. CMS Energy held $623 million of cash at September 30, 2011, and both CMS and Consumers renewed their secured revolving credit facilities ($550 million and $500 million) through March 2016, with covenants met comfortably. The company continued issuing equity under a $50 million at-the-market program and retired debt, while total equity rose to $3.09 billion. Management expects Consumers to invest $6.6 billion from 2012 through 2016, with the balanced energy initiative, Ludington upgrades, and Smart Grid spending as key drivers. Dividends rose to $0.21 per quarter from $0.15 a year earlier. Investors should weigh several risks. Pending regulatory decisions include a $195 million electric rate request and a $49 million gas rate request. Environmental exposure is significant, with $1.6 billion of compliance spending expected through 2018 under pending EPA rules (CSAPR and MACT). Litigation from gas index price reporting could be material if appeals are unfavorable, and a Bay Harbor remediation liability of $82 million remains, along with a $142 million Equatorial Guinea tax claim that management considers without merit.

    Oct 27, 2011
  46. 2011-Q2

    CMS ENERGY CORP Quarterly Report for Q2 Ended Jun 30, 2011

    CMS Energy's (CMS) second-quarter 2011 Form 10-Q, filed as a combined report with its utility subsidiary Consumers Energy, shows a solid improvement in earnings. Net income available to common stockholders for the three months ended June 30, 2011 was $100 million, or $0.38 diluted EPS, versus $80 million, or $0.32, a year earlier. For the six months, net income was $235 million ($0.90 diluted EPS) compared with $165 million ($0.67). Management credits electric and gas rate orders and higher gas deliveries, partly offset by lower electric delivery revenue and higher depreciation, property taxes, and distribution and storm-restoration costs. A one-time non-cash tax benefit from Michigan's new MCIT, enacted in May 2011, also helped, offset by the absence of a 2010 insurance settlement recovery. Liquidity appears comfortable. CMS Energy held $994 million of consolidated cash at June 30, 2011, and operating cash flow for the six months rose to $1.216 billion from $1.048 billion, largely because 2010 pension contributions did not recur. The company replaced its revolving credit facilities with a $550 million facility at CMS Energy and a $500 million facility at Consumers, both maturing in 2016, and it set up a $50 million at-the-market equity program. Covenant compliance was comfortable, with CMS Energy's debt-to-EBITDA at 4.80x against a 6.0x limit. Key risks remain. The Equatorial Guinea tax claim, the Bay Harbor environmental remediation, and the gas index price reporting litigation are unresolved. The DOE spent-fuel settlement of $120 million is pending MPSC treatment. Pending rate cases include a $195 million electric increase request. Environmental rules (CSAPR, MACT, greenhouse gas standards, CCB regulation) could drive significant compliance spending, though management expects to recover much of it through rates. The filing reports no material changes to risk factors since the 2010 Form 10-K.

    Jul 28, 2011
  47. 2011-Q1

    CMS ENERGY CORP Quarterly Report for Q1 Ended Mar 31, 2011

    CMS Energy and its utility subsidiary Consumers Energy reported a strong first quarter of 2011, with CMS Energy net income available to common stockholders of $135 million, or $0.52 diluted EPS, versus $85 million and $0.34 a year earlier. Management attributes the improvement mainly to electric and gas rate orders and higher gas deliveries driven by colder weather, partly offset by higher distribution and service restoration costs from severe winter storms. Management says Michigan's economy has stabilized, projects electric sales growth of about 1.5% annually through 2016, and expects gas sales to decline about 1% annually. The company is investing heavily, with Consumers planning more than $6 billion of capital spending over five years, including about $600 million for renewable energy through 2015, an $800 million Ludington pumped-storage upgrade (Consumers' share $400 million), and $355 million for its smart grid program. Liquidity appears solid: CMS Energy had $831 million of cash at quarter end, it entered new $550 million and $500 million secured revolving credit facilities maturing in 2016, and its debt-to-EBITDA ratio of 4.54x sits well under the 6.0x covenant. Long-term debt fell from $6.4 billion to $5.9 billion, largely because the 3.375% convertible notes were converted into equity and current maturities rose to $1.3 billion. Key risks include pending gas rate case outcomes (the Staff recommends $16 million versus the company's $45 million request, with settlement described as likely), the $1.9 billion environmental compliance program through 2018, potential greenhouse gas and MACT rules, the unresolved Gas Index Price Reporting litigation, and the Bay Harbor remediation liability. The filing also notes that Consumers' electric ROA deliveries are at the 10% statutory cap, and the electric decoupling mechanism is under appeal.

    Apr 28, 2011
  48. 2010-Q3

    CMS ENERGY CORP Quarterly Report for Q3 Ended Sep 30, 2010

    CMS Energy and its utility subsidiary Consumers Energy reported a strong third quarter and nine months of 2010, with CMS Energy net income available to common stockholders rising to $134 million ($0.53 diluted EPS) for the quarter versus $67 million ($0.28) a year earlier, and $299 million ($1.19 diluted EPS) for the nine months versus $212 million ($0.90). Growth was driven mainly by the electric utility, which earned $156 million in the quarter and $283 million year-to-date, helped by weather, self-implemented and authorized rate increases, and decoupling mechanisms. The enterprises segment also swung sharply positive on a $30 million after-tax insurance settlement and the absence of a 2009 Bay Harbor charge. The balance sheet and financing picture was active. CMS Energy issued $250 million of 4.25% senior notes and forced conversion of its 4.50% convertible preferred stock, paying $226 million in cash and issuing about 13.1 million common shares in October. Consumers issued several first mortgage bonds totaling roughly $550 million and redeemed $137 million of 5.65% bonds. Liquidity appears adequate, with CMS Energy holding $719 million of cash and Consumers $256 million, and undrawn revolver capacity remaining. Investors should weigh several risks: Michigan's sluggish economy and pressure on regulators to limit rate increases, pending self-implemented rate cases subject to refund, a $1 billion reduction in planned capital spending over five years, environmental compliance costs of about $1.9 billion through 2017, and litigation including gas index price reporting cases, a Marathon indemnity claim, and a $7.5 million punitive damages verdict against Consumers. Bay Harbor remediation remains a contingent liability with a $66 million recorded obligation.

    Oct 28, 2010
  49. 2010-Q2

    CMS ENERGY CORP Quarterly Report for Q2 Ended Jun 30, 2010

    CMS Energy (parent of Consumers Energy, a Michigan electric and gas utility, plus the CMS Enterprises independent power unit) reported a solid second quarter of 2010. Net income available to common stockholders was $80 million, or $0.32 diluted EPS, for the three months ended June 30, 2010, versus $75 million in 2009. For the six months, net income available to common stockholders rose to $165 million from $145 million, with diluted EPS of $0.67 versus $0.62. Growth was driven mainly by the Consumers electric and gas rate orders (including decoupling mechanisms), a $30 million after-tax insurance settlement tied to a previously sold South American investment, and the absence of a 2009 Bay Harbor remediation charge. These gains were partly offset by weather, lower sales mix, and the absence of 2009 debt-retirement gains. The filing also highlights a number of regulatory and legal overhangs. The MPSC ordered an $86 million refund of decommissioning surcharges collected during the rate freeze, which Consumers is appealing. Consumers self-implemented a $150 million electric rate increase in July 2010, subject to refund, after the MPSC staff recommended $90 million. The company deferred its proposed 830 MW coal plant, and the Michigan economy remains weak. Environmental exposure is significant, with about $2.2 billion of estimated compliance spending through 2017. Litigation includes gas index price reporting cases, a Marathon indemnity claim tied to F.T. Barr, and a $142 million Equatorial Guinea tax claim, none of which management can yet quantify. On liquidity, management says cash and expected operating cash flow are sufficient. CMS Energy held $558 million of cash at June 30, 2010, and operating cash flow was $1,048 million for the six months. Long-term debt stood at $6.5 billion. Management plans a $300 million senior notes issuance and a $300 million Consumers FMB placement later in 2010. Several convertible securities became convertible in the third quarter, which could add dilution to EPS.

    Jul 28, 2010
  50. 2010-Q1

    CMS ENERGY CORP Quarterly Report for Q1 Ended Mar 31, 2010

    CMS Energy and its utility subsidiary Consumers Energy reported first-quarter 2010 results in this combined 10-Q. CMS Energy's net income available to common stockholders rose to $85 million from $70 million a year earlier, and diluted EPS increased to $0.34 from $0.30. The improvement was driven mainly by rate orders at Consumers, which added $41 million after tax, along with a stronger enterprises segment, partly offset by mild weather that reduced gas deliveries and by weak Michigan economic conditions. The filing's balance sheet is larger and more levered, with long-term debt up to $6.1 billion from $5.9 billion after a $300 million senior notes issuance, and the company holds $778 million of cash. Regulatory developments are central to the investment case. Consumers has a pending gas rate case where the ALJ recommended a $69 million increase versus $89 million self-implemented, a final MPSC order is expected in May 2010, and a $178 million electric rate request could be self-implemented in July 2010. Offsetting these positives, the MPSC ordered an $86 million refund related to the former decommissioning trust, and there are multiple contingent liabilities, including gas index price litigation, the Marathon indemnity claim, and Bay Harbor remediation. The company is also planning a $7 billion-plus capital program through 2014, including a contested 830 MW coal plant and renewable energy investments, which will require ongoing access to capital markets. Overall, the quarter shows improving earnings quality from rate relief and cost control, but investors should watch the timing and size of the MPSC decisions, the pace of economic recovery in Michigan, and the execution of the capital plan and related financing needs.

    Apr 23, 2010