UNDATED (WHTC-AM/FM) — CMS Energy today reported net income of $169 million, or $0.59 per share, for the third quarter of 2018. For the first nine months of the year, the company announced reported net income available to common stockholders of $549 million or $1.94 per share, and adjusted earnings per share of $1.93.
The company raised its guidance for 2018 adjusted earnings per share to $2.31 – $2.34 per share (*See below for important information about non-GAAP measures). Additionally, CMS Energy introduced 2019 adjusted earnings per share guidance of $2.46 to $2.50, reflecting continued growth of 6 to 8 percent.
“With strong operational and financial performance year-to-date, we are confident in our ability to continue to produce consistent, industry-leading results,” said Patti Poppe, President and CEO of CMS Energy and Consumers Energy. “Our mindset remains focused on finishing this year strong with an eye toward the future. Looking ahead to 2019 and beyond, our long-term adjusted EPS growth remains at 6 to 8 percent with a bias toward the midpoint. Our EPS and dividend growth rates offer one of the best total shareholder returns in the industry.”
CMS Energy noted several accomplishments in the third quarter:
- Replacing a record level of vintage gas service lines statewide improving safety and reliability for the residents of Michigan
- Continuing work on our multi-year, $800-million upgrade to the Ludington Pumped Hydro Storage Facility which will increase the plant’s generating capacity by 50 MW a unit, for a total summer capacity of nearly 2,300 MW
- Donating $2 million to date in low-income heating assistance to keep families in Michigan safe and warm this winter season
“I’m proud of the team and the results we are delivering for our customers and investors,” said Poppe.
CMS Energy (NYSE: CMS) is a Michigan-based company that has an electric and natural gas utility, Consumers Energy, as its primary business and also owns and operates independent power generation businesses.
