Electric and natural gas utility company CMS Energy Corp. (CMS) on Wednesday posted higher profit for the second quarter, as revenues advanced on back of strong operational performance at its Consumers Energy unit. Further, the company reaffirmed its adjusted earnings target for the full year.
The Jackson, Michigan-based company's net income available to common shareholders was $80 million, up from $75 million reported a year ago. On a per share basis, earnings stood at $0.32, unchanged from the prior-year quarter.
On a non-GAAP basis, net income dropped to $65 million or $0.28 per share, from $67 million or $0.29 per share in the same quarter of last year.
On average, 10 analysts polled by Thomson Reuters expected the company to post earnings of $0.27 per share. Analysts' estimates typically exclude special items.
Operating revenue for the latest quarter were $1.34 billion, an increase from the previous year's revenue of $1.23 billion. Four Wall Street analysts had a consensus revenue estimate of $1.44 billion for the quarter.
John Russell, president and chief executive officer of CMS Energy, said, "The second quarter results reflected strong operational performance at the company's principal subsidiary, Consumers Energy, a Michigan electric and natural gas utility."
For the six-month period, the company reported net income available to common shareholders of $165 million or $0.67 per share, compared to $145 million or $0.62 per share in the year-earlier period.
Non-GAAP net income increased to $158 million or $0.69 per share from $138 million or $0.61 per share in 2009.
Year-to-date operating revenues slipped to $3.31 billion from $3.33 billion reported in the comparable period of the previous year.
Looking ahead, the company reaffirmed its fiscal 2010 adjusted earnings forecast of about $1.35 per share. Analysts are looking for earnings of $1.35 per share for the full year.
CMS Energy shares, which have been trading between $12.50 and $16.67 in the past 52 weeks period, are currently trading at $16.34, down 23 cents or 1.39%.
For comments and feedback: editorial@rttnews.com