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CMS Energy (CMS) Q2 Earnings Beat, Revenues Improve Y/Y
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CMS Energy Corporation (CMS - Free Report) reported second-quarter 2024 adjusted earnings per share (EPS) of 66 cents, which beat the Zacks Consensus Estimate of 63 cents by 4.8%. The bottom line, however, declined 12% from 75 cents reported in the prior-year quarter.
The company’s GAAP earnings came in at 65 cents per share compared with 67 cents in the second quarter of 2023.
The year-over-year decline can be attributed to lower other income and higher interest charges.
CMS Energy Corporation Price, Consensus and EPS Surprise
Operating revenues totaled $1.61 billion, which lagged the Zacks Consensus Estimate of $1.69 billion by 5%. The top line, however, increased 3.3% on a year-over-year basis.
Operational Performance
CMS’ operating expenses amounted to $1.32 billion, up 1% from the year-ago quarter’s figure.
Net income for the quarter was $198 million, which came in line with the year-ago quarter’s figure. Our model projected a net income of $179.5 million for the same period.
Interest charges totaled $173 million, up 8.1% from that recorded a year ago.
Financial Condition
CMS Energy had cash and cash equivalents of $699 million as of Jun 30, 2024, compared with $227 million as of Dec 31, 2023.
As of Jun 30, 2024, total debt and financial leases (excluding securitization debt) were $15 billion compared with $14.86 billion as of Dec 31, 2023.
In the first six months of 2024, the company generated cash from operating activities worth $1.66 billion compared with $1.71 billion in the prior-year period.
2024 Guidance
CMS reiterated its 2024 bottom-line guidance. The company continues to expect to generate adjusted EPS in the range of $3.29-$3.35. The Zacks Consensus Estimate for 2024 earnings is currently pegged at $3.33 per share, which lies just above the mid-point of the company’s guided range.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2024 adjusted earnings of 96 cents per share, which beat the Zacks Consensus Estimate of 93 cents by 3.2%. The bottom line was also up nearly 9.1% year over year.
Operating revenues totaled $6.06 billion, which lagged the Zacks Consensus Estimate of $7.26 billion by 16.8%. The top line plunged 17.4% year over year.
AVANGRID, Inc. (AGR - Free Report) reported second-quarter 2024 earnings of 49 cents per share, which surpassed the Zacks Consensus Estimate of 27 cents by 81.5%. The bottom line also increased 133.3% from the year-ago quarter’s figure of 21 cents.
Operating revenues amounted to $1.92 billion, which beat the Zacks Consensus Estimate of $1.72 billion by 11.9%. The top line also increased 21.2% from $1.59 billion reported in the comparable period of 2023.
An Upcoming Release
First Energy Corporation (FE - Free Report) is set to release second-quarter 2024 results on Jul 30. The Zacks Consensus Estimate for its earnings per share is pegged at 57 cents, which indicates an increase of 21.3% from the year-ago levels.
The Zacks Consensus Estimate for sales reflects an increase of 8.3% year over year. The company delivered a trailing four-quarter average earnings surprise of 3.20%.
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CMS Energy (CMS) Q2 Earnings Beat, Revenues Improve Y/Y
CMS Energy Corporation (CMS - Free Report) reported second-quarter 2024 adjusted earnings per share (EPS) of 66 cents, which beat the Zacks Consensus Estimate of 63 cents by 4.8%. The bottom line, however, declined 12% from 75 cents reported in the prior-year quarter.
The company’s GAAP earnings came in at 65 cents per share compared with 67 cents in the second quarter of 2023.
The year-over-year decline can be attributed to lower other income and higher interest charges.
CMS Energy Corporation Price, Consensus and EPS Surprise
CMS Energy Corporation price-consensus-eps-surprise-chart | CMS Energy Corporation Quote
Revenues
Operating revenues totaled $1.61 billion, which lagged the Zacks Consensus Estimate of $1.69 billion by 5%. The top line, however, increased 3.3% on a year-over-year basis.
Operational Performance
CMS’ operating expenses amounted to $1.32 billion, up 1% from the year-ago quarter’s figure.
Net income for the quarter was $198 million, which came in line with the year-ago quarter’s figure. Our model projected a net income of $179.5 million for the same period.
Interest charges totaled $173 million, up 8.1% from that recorded a year ago.
Financial Condition
CMS Energy had cash and cash equivalents of $699 million as of Jun 30, 2024, compared with $227 million as of Dec 31, 2023.
As of Jun 30, 2024, total debt and financial leases (excluding securitization debt) were $15 billion compared with $14.86 billion as of Dec 31, 2023.
In the first six months of 2024, the company generated cash from operating activities worth $1.66 billion compared with $1.71 billion in the prior-year period.
2024 Guidance
CMS reiterated its 2024 bottom-line guidance. The company continues to expect to generate adjusted EPS in the range of $3.29-$3.35. The Zacks Consensus Estimate for 2024 earnings is currently pegged at $3.33 per share, which lies just above the mid-point of the company’s guided range.
Zacks Rank
CMS Energy currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2024 adjusted earnings of 96 cents per share, which beat the Zacks Consensus Estimate of 93 cents by 3.2%. The bottom line was also up nearly 9.1% year over year.
Operating revenues totaled $6.06 billion, which lagged the Zacks Consensus Estimate of $7.26 billion by 16.8%. The top line plunged 17.4% year over year.
AVANGRID, Inc. (AGR - Free Report) reported second-quarter 2024 earnings of 49 cents per share, which surpassed the Zacks Consensus Estimate of 27 cents by 81.5%. The bottom line also increased 133.3% from the year-ago quarter’s figure of 21 cents.
Operating revenues amounted to $1.92 billion, which beat the Zacks Consensus Estimate of $1.72 billion by 11.9%. The top line also increased 21.2% from $1.59 billion reported in the comparable period of 2023.
An Upcoming Release
First Energy Corporation (FE - Free Report) is set to release second-quarter 2024 results on Jul 30. The Zacks Consensus Estimate for its earnings per share is pegged at 57 cents, which indicates an increase of 21.3% from the year-ago levels.
The Zacks Consensus Estimate for sales reflects an increase of 8.3% year over year. The company delivered a trailing four-quarter average earnings surprise of 3.20%.