Hot summer helps power CMS Energy's 3Q earnings
JACKSON, Mich. (AP) — CMS Energy posted a 6 percent rise in net income for the third quarter, as sweltering heat boosted the use of air condition and economic activity in Michigan heated up as well.
The company's stock rose 23 cents to $24.11 in afternoon trading.
The Jackson, Mich., electric and gas company reported net income of $148 million in the quarter, or 55 cents per share. That's up from net income of $139 million, or 53 cents a share, in the same period of last year.
Revenue rose 3 percent to $1.51 billion. CMS reported revenue of $1.46 billion in the same period last year.
The company's main business is its utility, Consumers Energy. John Russell, president and CEO, said summer temperatures and a better state economy boosted demand for electricity in July "to its highest monthly total in Consumers Energy's 125-year history."
Excluding one-time items, the company's adjusted earnings were 54 cents per share. Analysts had forecast earnings of 55 cents and sales of $1.46 billion, according to the data provider FactSet.
CMS Energy backed its previous estimate for full-year adjusted earnings of $1.52 to $1.55 per share. On average, analysts are looking for $1.54 per share.
Over the past 12 months, the company's stock has traded as high as $24.98 and as low as $19.57.