CMS Energy Corp. (CMS) on Thursday reported higher profit for the fourth quarter, despite slightly lower revenues. Earnings per share met Wall Street view.
The Michigan-based company has an electric and natural gas utility, Consumers Energy, as its primary business. It also owns and operates independent power generation businesses.
For the fourth quarter, the company's reported net income grew to $41 million or $0.15 per share from $25 million or $0.09 per share in the same quarter of 2010.
Adjusted net income dropped to $0.15 per share from $0.21 per share. On average, 11 analysts polled by Thomson Reuters expected earnings of $0.15 per share for the quarter. Analysts' estimates typically exclude special items.
Operating revenue slipped to $1.62 billion from $1.68 billion. Analysts expected revenues of $2.03 billion.
Operating expenses fell to $1.45 billion from $1.52 billion.
For 2012, CMS Energy expects adjusted earnings of $1.52 to $1.55 per share, in line with the company's long-term plan of 5 percent to 7 percent annual earnings per share growth. Wall Street expects earnings of $1.55 per share.
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