CMS Energy Corp (CMS) Announces Q3 Earnings and Introduces 2024 Guidance
CMS Energy Corp (NYSE:CMS) reported earnings per share of $0.60 for Q3 2023, compared to $0.56 per share for the same quarter in 2022.
The company's adjusted earnings per share for Q3 2023 were $0.61, compared to $0.56 per share for the same quarter in 2022.
CMS Energy reaffirmed its 2023 adjusted earnings guidance of $3.06 to $3.12 per share and introduced 2024 adjusted earnings guidance of $3.27 to $3.33 per share.
The company reported $1.96 per share for the first nine months of 2023, compared to $2.27 per share for the same timeframe in 2022.
On October 26, 2023, CMS Energy Corp (NYSE:CMS) announced its third-quarter results, reporting an increase in earnings per share compared to the same period in 2022. The company also introduced its 2024 earnings guidance.
Company Performance and Challenges
CMS Energy Corp (NYSE:CMS) reported earnings per share of $0.60 for the third quarter of 2023, compared to $0.56 per share for the same quarter in 2022. The company's adjusted earnings per share for the third quarter of 2023 were $0.61, compared to $0.56 per share for the same quarter in 2022. For the first nine months of the year, the company reported $1.96 per share compared to $2.27 per share for the same timeframe in 2022. On an adjusted earnings per share basis year to date, the company reported $2.06 per share in 2023, compared to $2.29 per share in 2022.
CMS Energy is well positioned heading into the fourth quarter as we continue to execute on cost savings to offset weather-related headwinds. During the quarter, we were also pleased to introduce our electric Reliability Roadmap which will improve the reliability of our system and support a modernized grid for our customers, said Garrick Rochow, President and CEO of CMS Energy and Consumers Energy.
Financial Highlights
CMS Energy reaffirmed its 2023 adjusted earnings guidance of $3.06 to $3.12 per share and introduced 2024 adjusted earnings guidance of $3.27 to $3.33 per share. The company's operating revenue for the third quarter was $1,673 million, with operating expenses of $1,402 million, resulting in an operating income of $271 million. The company's net income available to common stockholders was $174 million.
Financial Statements Summary
According to the company's consolidated statements of income, CMS Energy's operating revenue for the third quarter of 2023 was $1,673 million, compared to $2,024 million for the same period in 2022. The company's operating expenses for the third quarter of 2023 were $1,402 million, compared to $1,766 million for the same period in 2022. This resulted in an operating income of $271 million for the third quarter of 2023, compared to $258 million for the same period in 2022.
The company's summarized consolidated balance sheets show total assets of $32,513 million as of September 30, 2023, compared to $31,353 million as of December 31, 2022. The company's total liabilities and equity as of September 30, 2023, were also $32,513 million, compared to $31,353 million as of December 31, 2022.
Company Outlook
CMS Energy remains confident about its performance heading into the fourth quarter of 2023. The company is focused on executing cost savings to offset weather-related headwinds and is also working on improving the reliability of its system to support a modernized grid for its customers.
Explore the complete 8-K earnings release (here) from CMS Energy Corp for further details.
This article first appeared on GuruFocus.
