JACKSON — CMS Energy Thursday announced net income of $415 million, or $1.58 per share, for 2011 compared to net income of $324 million, or $1.28 per share, in 2010.

The company also reported “adjusted” net income, excluding the effects of one-time items, primarily a $32 million non-cash tax gain related to the company’s non-utility operations. Based on that yardstick, net income was $382 million or $1.45 a share in 2011, up from $345 million or $1.36 a share in 2010.

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The 2011 adjusted earnings slightly exceeded CMS Energy’s guidance of $1.44 per share.

For the fourth quarter of 2011, the company’s reported net income was $41 million, or 15 cents a share, up from $25 million, 9 cents a share in the same quarter of 2010.

The 2011 fourth quarter adjusted net income was $42 million, or 15 cents a share, down from compared to $55 million, or 21 cents a share, for the same period of 2010.

For 2012, CMS Energy expects 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.  While the company expects 2012 reported earnings to be about the same as its adjusted earnings, reported earnings could vary because of several factors, such as legacy issues associated with prior asset sales.  Because of those uncertainties, the company isn’t providing reported earnings guidance.

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John Russell, CMS Energy’s president and CEO, said the strong 2011 results reflect the successful execution of the company’s business strategy and the solid operational performance of Consumers Energy, the company’s Michigan electric and natural gas utility.

“Our strategy is based on making capital investments to serve customers and improve the environment,” Russell said. “These investments provide value to our customers and to our investors. Over the past nine years, we have produced consistent earnings results and since 2006 have increased our dividend six times “The company recently increased its common stock dividend by 14 percent to 96 cents per share on an annualized basis, bringing its yield and payout in line with the utility industry average. We’re aggressively managing our costs and constantly working to serve our customers more efficiently and effectively. Our long-term plan calls for holding base rate increases for customers at or below the rate of inflation for the next five years while maintaining annual earnings per share growth of 5 percent to 7 percent.”

Russell said Consumers Energy plans to invest $6.6 billion in its operations through 2016, making it one of the largest investors, as well as one of the largest employers, in the state.

“We’re making substantial investments in renewable energy, environmental quality, energy efficiency, and our natural gas infrastructure. These investments are creating jobs and improving the state’s economy,” he said.

More at www.cmsenergy.com.

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Revenue for the quarter was $1.62 billion, down from $1.68 billion a year earlier. For the year, revenue was $6.5 billion, up from $6.43 billion a year earlier.