April 24, 2014
CMS Energy announced reported net income of $204 million, or $0.75 per share, for the first quarter of 2014, compared to reported net income of $144 million, or $0.53 per share, for the same quarter of 2013. Adjusted (non-Generally Accepted Accounting Principles) net income for the first quarter for both years was the same as reported amounts.
CMS Energy reaffirmed its guidance for 2014 adjusted earnings of $1.74 to $1.78 per share. This is consistent with the company's long-term plan of 5 percent to 7 percent annual earnings per share growth.
First quarter results reflect execution of its business plan and the effects of extreme cold weather which increased natural gas deliveries and electric sales, compared to more normal first quarter weather in 2013. The company is reinvesting proceeds from higher cold weather sales into the business with a continued focus on the environment, safety, reliability, and customer service.
John Russell, CMS Energy's president and chief executive officer, said that CMS Energy's principal subsidiary, Consumers Energy's substantial investments in its natural gas infrastructure improved the system performance.
"Despite near record cold and snow this winter, our gas customers received safe and reliable supply. This performance underscores that our long-term strategy to expand and strengthen our gas distribution, transmission and storage system is paying off for our customers," Russell said.
The first quarter was the coldest in Michigan in 50 years and Consumers Energy's total gas deliveries were 23 percent above plan. The company's natural gas storage system helped protect customers from winter price spikes by providing steady supplies and predictable costs, Russell noted. Consumers Energy has one of the largest gas storage systems in the country with the highest level of deliverability at 4 billion cubic feet per day.
"We've invested more than $355 million in recent years to expand and strengthen our natural gas system. The system was tested this winter and it delivered."
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CMS Energy Corporation
1 Energy Plz
United States, 49201