JACKSON, Mich., Jan. 30, 2020 /PRNewswire/ -- CMS Energy announced today 2019 reported net income of $680 million or $2.39 per share, compared to reported net income of $657 million or $2.32 per share for 2018. CMS Energy announced $708 million of adjusted net income or adjusted earnings per share of $2.49 for 2019, compared to $2.33 for 2018.
CMS Energy raised its guidance for 2020 adjusted earnings to $2.64 - $2.68* per share (*See below for important information about non-GAAP measures) or 6 to 8 percent annual adjusted earnings per share growth. Longer-term, adjusted earnings per share growth remains at 6 to 8 percent with a bias toward the midpoint.
"CMS Energy continues to be an industry leader operationally, environmentally and financially by delivering consistent results for our customers, employees and our investors," said Patti Poppe, President and CEO of CMS Energy and Consumers Energy. "We will not let up in 2020 as we continue to focus on our triple bottom line of people, planet and profit."
CMS Energy noted several accomplishments in 2019:
- Approval with broad support of Consumers Energy's Integrated Resource Plan, providing for the closure of all the utility's coal plants and a 90% carbon reduction by 2040.
- Committed to net-zero methane emissions by 2030 for our natural gas distribution system.
- Increased Customer Satisfaction: Ranked #1 in J.D. Power Midwest Large Residential Gas Study.
- Obtained regulatory support for $1.2 billion of gas infrastructure investment to improve safety and reliability.
- Worked across the state to attract 75 megawatts of new electric load to Michigan, bringing an estimated 3,600 jobs and over $1.5 billion of investment.
- Maintained first quartile Employee Engagement among US Utilities and exceeded the US High Performing Benchmark in Fortune's Most Admired and Best to Work for Companies lists.
- Won the Edison Electric Institute's Mid-Cap Index Award for 5-year total shareholder return.
CMS Energy (NYSE: CMS) is a Michigan-based company that has an electric and natural gas utility, Consumers Energy, as its primary business. It also owns and operates independent power generation businesses.
CMS Energy will hold a webcast to discuss its 2019 year-end results and provide a business and financial outlook on January 30 at 8:30 a.m. (EST). To participate in the webcast, go to CMS Energy's homepage (cmsenergy.com ) and select "Investor Meeting."
Important information for investors about non-GAAP measures and other disclosures.
*This news release contains non-Generally Accepted Accounting Principles (non-GAAP) measures, such as adjusted earnings. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, regulatory items from prior years, or other items detailed in the attached summary financial statements. Management views adjusted earnings as a key measure of the company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the company uses adjusted earnings to measure and assess performance. Because the company is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, the company's reported earnings in future periods, the company is not providing reported earnings guidance nor is it providing a reconciliation for the comparable future period earnings. The company's adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for the reported earnings. All references to net income refer to net income available to common stockholders and references to earnings per share are on a diluted basis.
This news release contains "forward-looking statements." The forward-looking statements are subject to risks and uncertainties that could cause CMS Energy's and Consumers Energy's results to differ materially. All forward-looking statements should be considered in the context of the risk and other factors detailed from time to time in CMS Energy's and Consumers Energy's Securities and Exchange Commission filings.
Investors and others should note that CMS Energy routinely posts important information on its website and considers the Investor Relations section, www.cmsenergy.com/investor-relations , a channel of distribution.
For more information on CMS Energy, please visit our website at cmsenergy.com .
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SOURCE CMS Energy