Jackson-based CMS Energy announced today reported net income of $134 million, or 53 cents a share, for the third quarter of 2010 compared $67 million, or 28 cents a per share, in the same quarter of 2009.
Revenue was $1.44 billion, up from $1.26 billion a year earlier.
The company’s third quarter adjusted net income, which excludes the favorable effects of legacy issues associated with previously sold assets and certain other items, was $132 million, or 52 cents a per share. In the third quarter of 2009, the company had adjusted net income of $71 million, or 30 cents per share. Compared to the third quarter of 2009, about half of the $0.22 per share improvement comes from the company’s continuing growth strategy from investing in its principal subsidiary, Consumers Energy, to improve customer value and the environment. The other half of the improvement reflects weather, primarily the absence of unseasonably cool weather in the summer of 2009. Although 2010 temperatures were warmer than normal, the 2010 weather impact largely was offset by decoupling, a regulatory mechanism designed to minimize volatility. Decoupling wasn’t in effect in 2009.
For the first nine months of 2010, CMS Energy had reported net income of $299 million, or $1.19 per share, compared to reported net income of $212 million, or $0.90 per share, for the similar period of 2009.
On an adjusted basis, the company had net income of $290 million, or $1.16 per share, for the first nine months of 2010, compared to adjusted net income of $209 million, or $0.89 per share, for the first nine months of 2009.
Revenue for the nine months was $4.75 billion, up from $4.59 billion a year earlier.
CMS Energy reaffirmed its guidance for 2010 adjusted earnings of about $1.35 per share. Reported earnings could vary because of several factors such as legacy issues associated with previously sold assets. Because of those uncertainties, the company isn’t providing reported earnings guidance.
“We’ll continue to make substantial investments in renewable energy, environmental quality programs and energy efficiency, while maintaining our focus on providing customers with safe, reliable and affordable service,” CMS CEO John Russell said, adding that the company’s investments would create jobs and help boost the state’s economy.
More at www.cmsenergy.com
(c) 2010, WWJ Newsradio 950. All rights reserved.