CMS Energy Reaffirms 2023 Adj. EPS Guidance; Q1 Profit Declines On Unfavorable Weather

(RTTNews) - CMS Energy (CMS) reaffirmed its 2023 adjusted earnings guidance of $3.06 to $3.12 per share. The company also reaffirmed long-term adjusted EPS growth of 6 to 8 percent, with continued confidence toward the high end of the adjusted EPS growth range.

First quarter net income to stockholders was $202 million compared to $351 million, last year. Earnings per share was $0.69, compared to $1.21, prior year. Adjusted earnings per share was $0.70, compared to $1.20, primarily due to unfavorable weather, which reduced sales volumes, and higher service restoration costs attributable to significant storm activity during the quarter. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $0.76, for the quarter. Analysts' estimates typically exclude special items.

Operating revenue declined to $2.28 billion from $2.37 billion, prior year. Analysts on average had estimated $2.23 billion in revenue.

Shares of CMS Energy are down nearly 2% in pre-market trade on Thursday.

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