CMS Energy Lifts FY24 Earnings Outlook, Dividend; Backs Long-term View; Stock Up In Pre-market

(RTTNews) - CMS Energy Corp. (CMS), while reporting higher fourth-quarter profit, above market estimates, on Thursday raised fiscal 2024 adjusted earnings view, as well as dividend.

In pre-market activity on the NYSE, CMS shares were gaining around 6 percent to trade at $60.62.

For fiscal 2024, CMS Energy now expects adjusted earnings of $3.29 to $3.35 per share, higher than previously expected $3.27 to $3.33 per share. In 2023, adjusted earnings per share were $3.11.

Analysts on average expect the company to report earnings of $3.34 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Further, the company reaffirmed its long-term adjusted earnings per share growth of 6 to 8 percent, with continued confidence toward the high end.

Further, CMS Energy's Board of Directors increased the quarterly dividend on the company's common stock to 51.50 cents per share, up from 48.75 cents per share. The first quarter dividend is payable February 29, to shareholders of record February 12.

CMS Energy also announced the increase of its annual dividend by 11 cents per share to $2.06 for 2024.

Garrick Rochow, CMS Energy's president and chief executive officer, said the board's decision to increase the current dividend to $2.06 per share on an annualized basis reflects the successful execution of the company's strategy.