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CMS Energy's Q1 earnings slide YOY on lower sales, higher expenses

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CMS Energy's Q1 earnings slide YOY on lower sales, higher expenses

CMS Energy Corp.on April 28 reported first-quarter 2016 adjusted net income of $164 million, or59 cents per share, in line with the S&P Global Market Intelligence normalizedEPS consensus estimate.

However, the result was below the reported net income of $202million, or 73 cents per share, in the first quarter of 2015.

First-quarter operating revenue was down to $1.80 billion in2016, from $2.11 billion in 2015, while operating income fell to $336 million, from$397 million in the year-ago period.

CMS Energy said its first-quarter results reflect the second-warmestwinter on record, which decreased gas deliveries and electric sales, and greaterstorm activity, which increased service restoration expenses.

The company reaffirmed its 2016 adjusted EPS guidance of $1.99to $2.02, consistent with its 5% to 7% annual adjusted EPS growth. Starting 2017,CMS will increase its EPS guidance to 6% to 8%, based on projected increases incapital investment.