(RTTNews) - Electric and natural gas utility company CMS Energy Corp. (CMS: News ) reported lower profit for the third quarter, as continuing economic downturn and cooler-than-normal summer temperatures reduced electricity demand at Consumers Energy. Adjusted per share earnings were flat with last year and missed the street expectations. The company also reaffirmed fiscal 2009 adjusted earnings outlook.

The Jackson, Michigan-based company's net income available to common stockholders was $73 million or $0.31 per share, compared to $78 million or $0.33 per share in the same quarter of 2008. Net income was $81 million versus $82 million a year ago.

On an adjusted basis, the company earned $76 million or $0.32 per share, in comparison with $77 million or $0.32 per share in the third-quarter of 2008. On average, 6 analysts polled by Thomson Reuters expected the company to report $0.34 per share for the quarter. Analysts' estimates typically exclude special items.

Operating revenue for the quarter declined to $1.27 billion from $1.43 billion in the prior year quarter.

Offsetting the lower revenues were operating expenses of $1.03 billion, compared with $1.22 billion a year ago. As a result, operating income rose to $238 million from $212 million in 2008.

For the first nine months of 2009, CMS Energy posted net income available to common stockholders of $216 million or $0.92 per share, compared with $224 million or $0.94 per share in the year-ago period. Adjusted net income for the period was $207 million or $0.88 per share, lower than $221 million or $0.93 per share in the first nine months of 2008.
Year-to-date, operating revenue dropped to $4.61 billion from $4.98 billion in the comparable period.

Looking ahead to fiscal 2009, CMS Energy reaffirmed its adjusted earnings guidance of $1.25 per share. However, the company said it is not providing full-year reported earnings guidance, as it could vary because of several factors such as legacy issues associated with prior asset sales, though the company expects reported earnings to be about the same as its adjusted earnings for 2009. Ten Wall Street analysts estimate earnings of $1.25 per share for 2009.

Among others in the industry, American Electric Power Co., Inc. (AEP) posted third-quarter net income of $443 million or $0.93 per share, compared to $374 million or $0.93 per share in the prior-year quarter. Revenues for the quarter dropped to $3.5 billion from $4.2 billion in the same quarter last year.

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