CMS Energy Corp. on Feb. 2 raised its full-year 2017 adjusted earnings guidance range to $2.14 per share to $2.18 per share, representing a 6% to 8% increase, after posting earnings at the upper end of its 2016 guidance.
The company also boosted its 10-year capital spending plan by $1 billion, to $18 billion. "Our 10-year plan includes $18 billion of needed capital investment projects to strengthen and improve customer service, including upgrading our gas and electric infrastructure, and making renewable energy investments," CMS Energy President and CEO Patti Poppe said in a company statement.
For the fourth quarter of 2016, CMS Energy recorded adjusted net income of $81 million, or 29 cents per share, compared with $106 million, or 39 cents per share, in the comparable period of 2015. Full-year 2016 adjusted net income was up $40 million, or 13 cents per share, year over year to $563 million, or $2.02 per share.
The results fall on the higher end of its 2016 earnings guidance and were in line with the S&P Capital IQ estimates.
Operating revenues for the last quarter of 2016 were up to $1.64 billion from $1.51 billion in the fourth quarter of 2015 while operating revenues for full-year 2016 totaled $6.40 billion, compared with $6.46 billion in 2015.
On a GAAP basis, CMS Energy booked 2016 fourth-quarter net income available to common stockholders of $77 million, or 28 cents per share, a dip from $106 million, or 38 cents per share, in the same period of 2015. Full-year 2016 net income available to common stockholders rose to $551 million, or $1.98 per share, from $523 million, or $1.89 per share.
"2016 marked continued progress for CMS Energy as we executed our long-term plan focused on the triple bottom line — people, planet and profit — through excellent customer service, sustainable business practices and top-end earnings growth," Poppe said.
In 2016, CMS Energy retired seven coal plants and added two solar facilities to its generation portfolio. It also considers 2016 its best year for electric generation reliability, according to a company release.