JACKSON — CMS Energy Thursday reported net income of $100 million, or 37 cents a share, for the second quarter of 2012, compared to reported net income of $100 million, or 38 cents a share, for the same quarter of 2011.
The results for the second quarter of 2011 included a one-time $32 million non-cash gain from tax law changes adopted last year and related to the company’s non-utility operations.
The company’s second quarter adjusted net income, which excludes the effects of one-time items — such as a voluntary employee separation program that took place during the period — was $108 million, 40 cents a share, compared to $68 million, or 26 cents a share, for the same quarter in 2011.
For the first six months of the year, CMS Energy reported net income of $167 million, or 62 cents a share, down from $235 million, or 90 cents a share, for the first half of 2011. On an adjusted basis, the company had income of $205 million, or 77 cents a share, for the first half of 2012, compared to $201 million, or 77 cents a per share, for the same period in 2011.
The first half 2012 reported net income includes a one-time charge of $36 million, or 14 cents a share, reflecting the write-off of an electric decoupling regulatory asset at the company’s Michigan utility, Consumers Energy.
CMS Energy reaffirmed its guidance for 2012 adjusted earnings of $1.52 to $1.55 per share, consistent with the company’s long-term plan of 5 percent to 7 percent annual earnings per share growth.
The company’s reported earnings could vary from adjusted earnings because of several factors, such as legacy issues associated with prior asset sales and regulatory items from prior years. Because of those uncertainties, the company isn’t providing reported earnings guidance.
John Russell, CMS Energy’s president and chief executive officer, said the results reflect the strength of the company’s overall plan, which is focused on investing $6.6 billion to serve the utility’s customers and improve the environment while holding base rate increases at or below the rate of inflation for the next five years.
Adjusting the size of the company’s work force to match ongoing customer needs is a key component of the company’s cost management, he said. A successful voluntary separation program offered during the second quarter is trimming the company’s work force by 3 percent, pushing the company’s overall workforce reduction since 2009 to 7 percent.
More at www.cmsenergy.com