CMS Energy Announces First Quarter Earnings of $0.73 Per Share, Reaffirms Adjusted Earnings Guidance of $1.86 to $1.89 Per Share

JACKSON, Mich., April 23, 2015 /PRNewswire/ -- CMS Energy announced today reported net income of $202 million, or $0.73 per share, for the first quarter of 2015, compared to reported net income of $204 million, or $0.75 per share, for the same quarter of 2014. Earnings per share in 2015 grew 7 percent compared with 2014 on a weather-normalized basis.

CMS Energy reaffirmed its guidance for 2015 adjusted earnings of $1.86 to $1.89 per share. This is consistent with the company's long-term plan of 5 percent to 7 percent annual adjusted earnings per share growth.   

First quarter results reflect successful execution of CMS Energy's business plan and the effects of cold weather, including records set in February for both natural gas deliveries and electric sales. The company is reinvesting profits from increased natural gas and electric sales into the business with a continued focus on safety, customer service, reliability and the environment.

John Russell, CMS Energy's president and chief executive officer, said that CMS Energy's principal subsidiary, Consumers Energy, is making substantial investments in its natural gas and electric infrastructure that are driving improved customer service and system performance.

Gas withdrawals this winter were nearly 114 billion cubic feet, one of the largest withdrawal levels in the past decade. The company's expanded storage system, the largest in the nation among regulated gas utilities, has the capacity to meet 80 percent of customer needs during colder-than-normal peak weather events.

"During this second consecutive colder-than-normal winter our customers received safe and reliable energy service. 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.

In April the company reduced its gas price to the lowest level since 2001, saving an average residential customer about $500 annually – or more than 60 percent -- compared to a decade ago. The price being charged this month is the lowest in Michigan among regulated providers.

Consumers Energy announced achievement of its commitment to increase by $1 billion its purchase of Michigan-made goods and services since 2011, as part of Pure Michigan Business Connect. This program has added about 5,000 jobs by suppliers and is in addition to the more than $2 billion the company spends each year in Michigan.         

The Edison Electric Institute presented Consumers Energy with its "Emergency Recovery Award" for outstanding power restoration efforts after a severe ice storm hit Michigan in December 2013.

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.

CMS Energy will hold a webcast to discuss its 2015 first quarter results and provide a business and financial outlook on April 23 at 8:30 AM (EDT).  To participate in the Webcast, go to CMS Energy's home page (www.cmsenergy.com) and select "Investor Meeting."

This news release contains non-Generally Accepted Accounting Principles (non-GAAP) measures, such as adjusted earnings. Management views adjusted earnings as a key measure of the company's present operating financial performance, unaffected by discontinued operations, asset sales, impairments, regulatory items from prior years, or other items detailed in the attached summary financial statements. These items have the potential to impact, favorably or unfavorably, the company's reported earnings.  

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 and Consumers Energy post important financial information using the investor relations section of the CMS Energy website, www.cmsenergy.com and Securities and Exchange Commission filings.

For more information on CMS Energy, please visit our web site at: www.cmsenergy.com

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SOURCE CMS Energy