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CMS Energy (CMS) Q1 Earnings Beat Estimates, Revenues Fall Y/Y
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CMS Energy Corporation (CMS - Free Report) reported first-quarter 2023 adjusted earnings per share (EPS) of 70 cents, which beat the Zacks Consensus Estimate of 66 cents per share by 6.1%. However, the reported figure declined 41.7% on a year-over-year basis.
The company reported GAAP earnings of 69 cents per share compared with the $1.21 per share recorded in the first quarter of 2022.
Operational Performance
For the quarter under review, CMS Energy’s operating revenues were $2,284 million, which lagged the Zacks Consensus Estimate of $2,307.4 million by 1%. The top line also decreased 3.8% on a year-over-year basis.
CMS Energy’s interest charges were $147 million in the first quarter, which moved up 18.5% from the year-ago period.
CMS Energy Corporation Price, Consensus and EPS Surprise
CMS Energy had cash and cash equivalents of $571 million as of Mar 31, 2023, up from $164 million as of Dec 31, 2022.
As of Mar 31, 2023, total debt, financial leases and financing obligations (excluding securitization debt) were $14,314 million compared with $14,139 million as of Dec 31, 2022.
During the three months ended 2023, the company generated cash from operating activities worth $1,040 million compared with $707 million in the year-ago period.
2023 Guidance
CMS Energy reaffirmed its 2023 adjusted earnings guidance. It expects its adjusted earnings guidance in the range of $3.06-$3.12 per share. The Zacks Consensus Estimate for CMS’ 2023 earnings is currently pegged at $3.10 per share, which is higher than the midpoint of the company’s guided range.
Entergy Corporation (ETR - Free Report) reported first-quarter 2023 earnings of $1.14 per share, which missed the Zacks Consensus Estimate of $1.34 by 14.9%. The reported figure also declined 13.6% from $1.32 per share in the year-ago quarter.
Entergy’s reported revenues of $2,981.1 million beat the Zacks Consensus Estimate of $2,804.2 million by 6.4%. The figure also improved 3.6% from $2,877.9 million in the year-ago quarter due to higher Electric revenues.
Upcoming Releases
Consolidated Edison Inc. (ED - Free Report) is scheduled to release first-quarter 2023 results on May 2. The Zacks Consensus Estimate for first-quarter revenues is pegged at $4.09 billion, indicating a 0.9% rise from the year-ago quarter’s reported figure.
The Zacks Consensus Estimate for ED’s first-quarter earnings is pegged at $1.64 per share, suggesting an 11.6% increase from the year-ago quarter’s reported figure.
Edison International (EIX - Free Report) is slated to release first-quarter 2023 results on May 2. The Zacks Consensus Estimate for its first-quarter earnings is pegged at $1.04 per share, implying a decline of 2.8% from the prior-year reported figure.
The Zacks Consensus Estimate for EIX’s first-quarter sales is pegged at $4.11 billion, suggesting a 3.6% increase from the prior-year reported figure.
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CMS Energy (CMS) Q1 Earnings Beat Estimates, Revenues Fall Y/Y
CMS Energy Corporation (CMS - Free Report) reported first-quarter 2023 adjusted earnings per share (EPS) of 70 cents, which beat the Zacks Consensus Estimate of 66 cents per share by 6.1%. However, the reported figure declined 41.7% on a year-over-year basis.
The company reported GAAP earnings of 69 cents per share compared with the $1.21 per share recorded in the first quarter of 2022.
Operational Performance
For the quarter under review, CMS Energy’s operating revenues were $2,284 million, which lagged the Zacks Consensus Estimate of $2,307.4 million by 1%. The top line also decreased 3.8% on a year-over-year basis.
CMS Energy’s interest charges were $147 million in the first quarter, which moved up 18.5% from the year-ago period.
CMS Energy Corporation Price, Consensus and EPS Surprise
CMS Energy Corporation price-consensus-eps-surprise-chart | CMS Energy Corporation Quote
Financial Condition
CMS Energy had cash and cash equivalents of $571 million as of Mar 31, 2023, up from $164 million as of Dec 31, 2022.
As of Mar 31, 2023, total debt, financial leases and financing obligations (excluding securitization debt) were $14,314 million compared with $14,139 million as of Dec 31, 2022.
During the three months ended 2023, the company generated cash from operating activities worth $1,040 million compared with $707 million in the year-ago period.
2023 Guidance
CMS Energy reaffirmed its 2023 adjusted earnings guidance. It expects its adjusted earnings guidance in the range of $3.06-$3.12 per share. The Zacks Consensus Estimate for CMS’ 2023 earnings is currently pegged at $3.10 per share, which is higher than the midpoint 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.
A Recent Utility Release
Entergy Corporation (ETR - Free Report) reported first-quarter 2023 earnings of $1.14 per share, which missed the Zacks Consensus Estimate of $1.34 by 14.9%. The reported figure also declined 13.6% from $1.32 per share in the year-ago quarter.
Entergy’s reported revenues of $2,981.1 million beat the Zacks Consensus Estimate of $2,804.2 million by 6.4%. The figure also improved 3.6% from $2,877.9 million in the year-ago quarter due to higher Electric revenues.
Upcoming Releases
Consolidated Edison Inc. (ED - Free Report) is scheduled to release first-quarter 2023 results on May 2. The Zacks Consensus Estimate for first-quarter revenues is pegged at $4.09 billion, indicating a 0.9% rise from the year-ago quarter’s reported figure.
The Zacks Consensus Estimate for ED’s first-quarter earnings is pegged at $1.64 per share, suggesting an 11.6% increase from the year-ago quarter’s reported figure.
Edison International (EIX - Free Report) is slated to release first-quarter 2023 results on May 2. The Zacks Consensus Estimate for its first-quarter earnings is pegged at $1.04 per share, implying a decline of 2.8% from the prior-year reported figure.
The Zacks Consensus Estimate for EIX’s first-quarter sales is pegged at $4.11 billion, suggesting a 3.6% increase from the prior-year reported figure.