Utility CMS Energy raises full-year profit forecast, posts higher quarterly income
Feb 1 (Reuters) - U.S. electric and gas utility CMS Energy on Thursday raised its full-year profit forecast after posting an 82% rise in quarterly income, as lower expenses helped offset the impact of unfavorable weather conditions.
The company's operating expenses fell to $1.5 billion in the fourth quarter, compared with $2 billion reported a year earlier.
But milder temperatures in service areas hurt utilities, such as CMS Energy, as it impacts demand for natural gas and electricity and adds to their costs.
CMS Energy now expects an adjusted profit for 2024 to be in the range of $3.29 per share to $3.35 per share, compared with its prior forecast of $3.27 per share to $3.33 per share.
Its net income available to common stockholders rose to $306 million, or $1.05 per share, in the quarter ended December 31, from $168 million, or 58 cents per share, in the same reporting period last year.
The Jackson, Michigan-based firm said it will also increase its annual dividend by 11 cents per share to $2.06 per share for 2024. (Reporting by Vallari Srivastava in Bengaluru; Editing by Shweta Agarwal)
