We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
CMS Energy's (CMS) Q4 Earnings Beat, Revenues Fall Y/Y
Read MoreHide Full Article
CMS Energy Corporation (CMS - Free Report) reported fourth-quarter 2023 adjusted earnings per share of $1.05, which surpassed the Zacks Consensus Estimate of $1.04 by 1%. The bottom line also increased 75% from 60 cents reported in the previous year.
The company’s GAAP earnings came in at $1.05 per share compared with 58 cents in the fourth quarter of 2022.
For 2023, the company reported adjusted earnings of $3.11 per share, which surpassed the Zacks Consensus Estimate of $3.10 by 0.3%. The bottom line also increased 7.6% from $2.89 per share reported in the previous year.
Revenues
Operating revenues totaled $1,950 million, which lagged the Zacks Consensus Estimate of $2,461.4 million by 20.8%. The top line also decreased 14.4% on a year-over-year basis.
For 2023, the company reported operating revenues of $7.46 billion, which missed the Zacks Consensus Estimate of $8.12 billion by 8.1%. The full-year top line also went down 13.3% from $8.60 billion in 2022.
CMS Energy Corporation Price, Consensus and EPS Surprise
Total operating expenses in the fourth quarter were $1,544 million, down 23.1% from the year-ago quarter.
Net income for the quarter was $251 million, up 54% year over year. Our model projected a net income of $293.8 million for the same period.
Interest charges totaled $172 million, up 23.7% from that recorded in the year-ago quarter.
Financial Condition
CMS Energy had cash and cash equivalents of $227 million as of Dec 31, 2023, compared with $164 million as of Dec 31, 2022.
As of Dec 31, 2023, total debt and financial leases (excluding securitization debt) were $14,856 million compared with $14,139 million as of Dec 31, 2022.
For 2023, the company generated cash from operating activities worth $2,309 million compared with $855 million in the prior year.
2024 Guidance
CMS raised its 2024 adjusted earnings projection to $3.29-$3.35 per share from the earlier expected range of $3.27-$3.33. The Zacks Consensus Estimate for 2024 earnings is currently pegged at $3.34 per share, which lies toward the higher end of the company’s guided range.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2023 adjusted earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 49 cents by 6.1%. The bottom line was also up nearly 2% from the prior-year quarter.
For the fourth quarter, NextEra’s operating revenues were $6.87 billion, which surpassed the Zacks Consensus Estimate of $6.1 billion by 13.4%. The top line improved 11.2% year over year.
Xcel Energy (XEL - Free Report) reported fourth-quarter 2023 operating earnings of 83 cents per share, which lagged the Zacks Consensus Estimate of 85 cents by 2.3%. However, the bottom line improved 620.3% from the year-ago quarter’s earnings of 69 cents.
The fourth-quarter revenues of $3,442 million missed the Zacks Consensus Estimate of $3,972 million by 13.34%. The figure also declined 15.07% from the year-ago quarter’s $4,053 million.
UGI Corporation (UGI - Free Report) reported first-quarter fiscal 2024 earnings per share of $1.20, surpassing the Zacks Consensus Estimate of $1.12 by 7.1%. The bottom line improved 5.2% from the year-ago quarter’s earnings of $1.14.
Revenues of $2.12 billion missed the Zacks Consensus Estimate of $2.97 billion by nearly 28.77%. The top line also declined 23% from the year-ago quarter’s figure of $2.75 billion.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
CMS Energy's (CMS) Q4 Earnings Beat, Revenues Fall Y/Y
CMS Energy Corporation (CMS - Free Report) reported fourth-quarter 2023 adjusted earnings per share of $1.05, which surpassed the Zacks Consensus Estimate of $1.04 by 1%. The bottom line also increased 75% from 60 cents reported in the previous year.
The company’s GAAP earnings came in at $1.05 per share compared with 58 cents in the fourth quarter of 2022.
For 2023, the company reported adjusted earnings of $3.11 per share, which surpassed the Zacks Consensus Estimate of $3.10 by 0.3%. The bottom line also increased 7.6% from $2.89 per share reported in the previous year.
Revenues
Operating revenues totaled $1,950 million, which lagged the Zacks Consensus Estimate of $2,461.4 million by 20.8%. The top line also decreased 14.4% on a year-over-year basis.
For 2023, the company reported operating revenues of $7.46 billion, which missed the Zacks Consensus Estimate of $8.12 billion by 8.1%. The full-year top line also went down 13.3% from $8.60 billion in 2022.
CMS Energy Corporation Price, Consensus and EPS Surprise
CMS Energy Corporation price-consensus-eps-surprise-chart | CMS Energy Corporation Quote
Operational Performance
Total operating expenses in the fourth quarter were $1,544 million, down 23.1% from the year-ago quarter.
Net income for the quarter was $251 million, up 54% year over year. Our model projected a net income of $293.8 million for the same period.
Interest charges totaled $172 million, up 23.7% from that recorded in the year-ago quarter.
Financial Condition
CMS Energy had cash and cash equivalents of $227 million as of Dec 31, 2023, compared with $164 million as of Dec 31, 2022.
As of Dec 31, 2023, total debt and financial leases (excluding securitization debt) were $14,856 million compared with $14,139 million as of Dec 31, 2022.
For 2023, the company generated cash from operating activities worth $2,309 million compared with $855 million in the prior year.
2024 Guidance
CMS raised its 2024 adjusted earnings projection to $3.29-$3.35 per share from the earlier expected range of $3.27-$3.33. The Zacks Consensus Estimate for 2024 earnings is currently pegged at $3.34 per share, which lies toward the higher end 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.
Recent Utility Releases
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2023 adjusted earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 49 cents by 6.1%. The bottom line was also up nearly 2% from the prior-year quarter.
For the fourth quarter, NextEra’s operating revenues were $6.87 billion, which surpassed the Zacks Consensus Estimate of $6.1 billion by 13.4%. The top line improved 11.2% year over year.
Xcel Energy (XEL - Free Report) reported fourth-quarter 2023 operating earnings of 83 cents per share, which lagged the Zacks Consensus Estimate of 85 cents by 2.3%. However, the bottom line improved 620.3% from the year-ago quarter’s earnings of 69 cents.
The fourth-quarter revenues of $3,442 million missed the Zacks Consensus Estimate of $3,972 million by 13.34%. The figure also declined 15.07% from the year-ago quarter’s $4,053 million.
UGI Corporation (UGI - Free Report) reported first-quarter fiscal 2024 earnings per share of $1.20, surpassing the Zacks Consensus Estimate of $1.12 by 7.1%. The bottom line improved 5.2% from the year-ago quarter’s earnings of $1.14.
Revenues of $2.12 billion missed the Zacks Consensus Estimate of $2.97 billion by nearly 28.77%. The top line also declined 23% from the year-ago quarter’s figure of $2.75 billion.