JACKSON — CMS Energy Thursday announced net income of $139 million, or 53 cents a share, for the third quarter of 2011 compared to net income of $134 million, or 53 cents a share, for the same quarter of 2010.
Revenue was $1.46 million, up from $1.44 million a year earlier
The company also reported third quarter “adjusted” net income, which excludes the effects of one-time items, legacy issues associated with previously sold assets and some other items. That figure was $139 million, 53 cents a share, up from $132 million, or 52 cents a share, for the same quarter in 2010.
The third quarter results include service restoration costs at the company’s Michigan utility, Consumers Energy, from a series of unusually severe summer storms. So far, this year’s storm restoration costs are more than double the amount for the first nine months of 2010.
For the first nine months of 2011, CMS Energy had reported net income of $374 million, or $1.43 per share, compared to $299 million, or $1.19 per share, for the first nine months of 2010.
On an adjusted basis, the company had net income of $340 million, or $1.30 per share, for the first nine months of 2011 compared to $290 million, or $1.16 per share, for the same period in 2010.
Nine month revenue was $4.88 billion, up from $4.76 billion a year earlier.
CMS Energy reaffirmed its guidance for 2011 adjusted earnings of $1.44 per share. That’s an increase of about 6 percent from 2010 adjusted earnings and is consistent with the company’s long-term plan of 5 percent to 7 percent annual earnings growth.
John Russell, CMS Energy’s president and CEO, said the strong results for the third quarter and the first nine months of the year reflect the solid execution of the company’s business plan. From 2012 through 2016, the company plans to invest about $6.6 billion in its utility operations to add value to customers and improve the environment. That makes Consumers Energy one of the largest investors in the state of Michigan.
More at www.cmsenergy.com.