CMS Energy Corporation CMS reported first-quarter 2024 adjusted earnings per share (EPS) of 97 cents, which beat the Zacks Consensus Estimate of 92 cents by 5.4%. The bottom line, however, increased 38.6% from 70 cents reported in the prior-year quarter. The year-over-year improvement can be attributed to higher weather-normalized sales and lower storm restoration costs.

The company’s GAAP earnings came in at 96 cents per share compared with 69 cents in the first quarter of 2023.

Revenues

Operating revenues totaled $2.18 billion, which lagged the Zacks Consensus Estimate of $2.35 billion by 7.3%. The top line also decreased 4.7% on a year-over-year basis.

CMS Energy Corporation Price, Consensus and EPS Surprise CMS Energy Corporation Price, Consensus and EPS Surprise

CMS Energy Corporation price-consensus-eps-surprise-chart | CMS Energy Corporation Quote

Operational Performance

Total operating expenses in the first quarter were $1.76 billion, down 10.5% from the year-ago quarter’s figure.

Net income for the quarter was $263 million, up 35.6% year over year. Our model projected a net income of $307.4 million for the same period.
Interest charges totaled $177 million, up 20.4% from that recorded in the year-ago quarter.

Financial Condition

CMS Energy had cash and cash equivalents of $802 million as of Mar 31, 2024, compared with $227 million as of Dec 31, 2023.

As of Mar 31, 2024, total debt and financial leases (excluding securitization debt) were $15.02 billion compared with $14.86 billion as of Dec 31, 2023.

In the first quarter of 2024, the company generated cash from operating activities worth $0.96 billion compared with $1.04 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 #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Recent Utility Releases

Entergy Corporation ETR reported first-quarter 2024 adjusted earnings of $1.08 per share, which missed the Zacks Consensus Estimate of $1.44 by 25%. The bottom line also came in lower than the company’s prior-year reported figure of $1.14.

Entergy reported revenues of $2.79 billion, which missed the Zacks Consensus Estimate of $3.18 billion by 12%. The figure also declined 6.3% from $2.98 billion reported in the year-ago quarter due to lower revenues from each of its segments.

AVANGRID, Inc. AGR reported first-quarter 2024 earnings of 88 cents per share, which surpassed the Zacks Consensus Estimate of 71 cents by 23.9%. The bottom line also increased 37.5% from the year-ago quarter’s figure of 64 cents.

Operating revenues amounted to $2.42 billion, which missed the Zacks Consensus Estimate of $2.57 billion by 6.01%. The top line also decreased 2% from $2.47 billion reported in the comparable period of 2023.
 
NextEra Energy, Inc. NEE reported first-quarter 2024 adjusted earnings of 91 cents per share, which beat the Zacks Consensus Estimate of 80 cents by 13.8%. The bottom line was also up nearly 8.3% year over year.



In the first quarter, NextEra’s operating revenues totaled $5.73 billion, which lagged the Zacks Consensus Estimate of $6.46 billion by 11.4%. The top line plunged 14.7% year over year.

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