CMS Energy (CMS) Q2 Earnings Beat Estimates, Revenues Up Y/Y
CMS Energy Corporation CMS reported second-quarter 2022 adjusted earnings per share (EPS) of 53 cents, which beat the Zacks Consensus Estimate of 44 cents by 20.5%. However, the reported figure declined 3.6% on a year-over-year basis.
The company reported GAAP earnings of 50 cents per share compared with the 61 cents per share reported in the prior-year period.
Operational Performance
For the quarter under review, CMS Energy’s operating revenues were $1,920 million, which exceeded the Zacks Consensus Estimate of $1,606.5 million by 19.5%. The top line also improved 23.2% on a year-over-year basis.
CMS’ interest charges were $126 million during the second quarter compared with $125 million in the year-ago period.
CMS Energy Corporation Price, Consensus and EPS Surprise
CMS Energy Corporation price-consensus-eps-surprise-chart | CMS Energy Corporation Quote
Financial Condition
CMS Energy had cash and cash equivalents of $77 million as of Jun 30, 2022, down from $452 million at the end of 2021.
As of Jun 30, 2022, total debt, financial leases and financing obligations (excluding securitization debt) were $12,246 million compared with $12,276 million at the end of 2021.
During the first half of 2022, the company generated cash from operating activities worth $1,059 million compared with $1,367 million in the year-ago period.
2022 Guidance
CMS Energy reaffirmed its 2022 adjusted earnings guidance in the range of $2.85-$2.89 per share. The Zacks Consensus Estimate for the company’s 2022 earnings is currently pegged at $2.89, in line with the higher end of the company’s guided range.
Zacks Rank
CMS Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
Recent Utility Releases
NextEra Energy, Inc. NEE reported second-quarter 2022 adjusted earnings of 81 cents per share, which beat the Zacks Consensus Estimate of 75 cents by 8%. The bottom line was also up 14.1% from the prior-year quarter.
For the second quarter, NextEra’s operating revenues were $5,183 million, which lagged the Zacks Consensus Estimate of $5,681 million by 8.8%. However, NEE’s top line improved 31.9% year over year.
American Electric Power Company, Inc. AEP reported second-quarter 2022 operating EPS of $1.20, which beat the Zacks Consensus Estimate of $1.18 by 1.7%. The bottom line also improved 1.7% from $1.18 per share in the year-ago quarter.
American Electric’s second-quarter revenues of $4,593.8 million beat the Zacks Consensus Estimate of $4,191.2 million by 9.6%. AEP expects 2022 operating earnings in the range of $4.87-$5.07 per share.
An Upcoming Release
Consolidated Edison ED is scheduled to report its earnings on Aug 4, 2022. The Zacks Consensus Estimate for its second-quarter earnings is pegged at 58 cents per share, indicating growth of 9.4% from the prior-year reported figure.
Consolidated Edison boasts a long-term earnings growth rate of 2%. The Zacks Consensus Estimate for ED’s second-quarter sales is pegged at $3.14 billion, suggesting growth of 5.5% from the prior-year reported figure.
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