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CONSUMERS ENERGY COMPANY

(CMS.PRB)
Delayed Nyse  -  03:55:57 2023-01-31 pm EST
90.27 USD   +0.58%
01/19Consumers Energy Makes New $25 Million Contribution to Help Michigan Homes and Businesses with Bills
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01/12CMS ENERGY CORP FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Financial Statements and Exhibits
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Consumers Energy : 2022 Third Quarter GAAP Reconciliation

10/27/2022 | 07:17am EST

CMS Energy provides historical financial results on both a reported (GAAP) and adjusted (non-GAAP) basis and provides forward-looking guidance on an adjusted basis. During an oral presentation, references to "earnings" are on an adjusted basis. All references to net income refer to net income available to common stockholders and references to earnings per share are on

  1. diluted basis. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, changes in accounting principles, changes in federal tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments recognized in net income related to NorthStar Clean Energy's interest expense, or other items. Management views adjusted earnings as a key measure of the company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the company uses adjusted earnings to measure and assess performance. Because the company is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, the company's reported earnings in future periods, the company is not providing reported earnings guidance nor is it providing a reconciliation for the comparable future period earnings. The adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a

substitute for the reported earnings.GAAP Reconciliation

11

CMS ENERGY CORPORATION

Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income

(Unaudited)

In Millions, Except Per Share Amounts

Three Months Ended

Nine Months Ended

9/30/22

9/30/21

9/30/22

9/30/21

Net Income Available to Common Stockholders

$

163

$

186

$

659

$

711

Reconciling items:

Disposal of discontinued operations (gain) loss

-

3

(5)

8

Tax impact

-

(1)

1

(2)

Discontinued operations income

-

(42)

-

(115)

Tax impact

-

10

-

27

Other exclusions from adjusted earnings**

*

(*)

(1)

(1)

Tax impact

(*)

*

*

*

Voluntary separation program

(*)

-

11

-

Tax impact

*

-

(3)

-

Adjusted net income - non-GAAP

$

163

$

156

$

662

$

628

Average Common Shares Outstanding

Diluted

290.1

289.6

290.0

289.4

Diluted Earnings Per Average Common Share

Reported net income per share

$

0.56

$

0.64

$

2.27

$

2.46

Reconciling items:

Disposal of discontinued operations (gain) loss

-

0.01

(0.01)

0.03

Tax impact

-

(*)

*

(0.01)

Discontinued operations income

-

(0.14)

-

(0.39)

Tax impact

-

0.03

-

0.09

Other exclusions from adjusted earnings**

*

(*)

(*)

(*)

Tax impact

(*)

*

*

*

Voluntary separation program

(*)

-

0.04

-

Tax impact

*

-

(0.01)

-

Adjusted net income per share - non-GAAP

$

0.56

$

0.54

$

2.29

$

2.18

* Less than $0.5 million or $0.01 per share.

** Includes restructuring costs and unrealized gains or losses, recognized in net income, from mark-to-market adjustments related to NorthStar Clean Energy's interest expense.

Management views adjusted (non-Generally Accepted Accounting Principles) earnings as a key measure of the Company's present operating financial performance and uses

adjusted earnings for external communications with analysts and investors. Internally, the Company uses adjusted earnings to measure and assess performance. Adjustments could

include items such as discontinued operations, asset sales, impairments, restructuring costs, changes in accounting principles, changes in federal tax policy, regulatory items from

2

prior years, unrealized gains or losses from mark-to-market adjustments, recognized in net income related to NorthStar Clean Energy's interest expense, or other items. The adjusted

earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for reported earnings.

CMS ENERGY CORPORATION

Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income

by Quarter (Unaudited)

In Millions, Except Per Share Amounts

2022

1Q

2Q

3Q

Net Income Available to Common Stockholders

$

351

$

145

$

163

Reconciling items:

Electric utility and gas utility

-

11

(*)

Tax impact

-

(3)

*

NorthStar Clean Energy

(1)

(*)

-

Tax impact

*

*

-

Corporate interest and other

-

*

*

Tax impact

-

(*)

(*)

Disposal of discontinued operations (gain) loss

(5)

*

-

Tax impact

1

(*)

-

Adjusted Net Income - Non-GAAP

$

346

$

153

$

163

Average Common Shares Outstanding - Diluted

289.9

290.1

290.1

Diluted Earnings Per Average Common Share

$

1.21

$

0.50

$

0.56

Reconciling items:

Electric utility and gas utility

-

0.04

(*)

Tax impact

-

(0.01)

*

NorthStar Clean Energy

(*)

(*)

-

Tax impact

*

*

-

Corporate interest and other

-

*

*

Tax impact

-

(*)

(*)

Disposal of discontinued operations (gain) loss

(0.01)

*

-

Tax impact

*

(*)

-

Adjusted Diluted Earnings Per Average Common Share - Non-GAAP

$

1.20

$

0.53

$

0.56

In Millions, Except Per Share Amounts

2021

1Q

2Q

3Q

4Q

Net Income Available to Common Stockholders

$

349

$

176

$

186

$

637

Reconciling items:

Electric utility and gas utility

-

-

-

29

Tax impact

-

-

-

(7)

NorthStar Clean Energy

(1)

*

(*)

*

Tax impact

*

(*)

*

(*)

Corporate interest and other

-

(*)

-

*

Tax impact

-

*

-

(*)

Disposal of discontinued operations (gain) loss

-

5

3

(665)

Tax impact

-

(1)

(1)

145

Discontinued operations income

(43)

(30)

(42)

-

Tax impact

9

8

10

-

Adjusted Net Income - Non-GAAP

$

314

$

158

$

156

$

139

Average Common Shares Outstanding - Diluted

289.1

289.4

289.6

289.7

Diluted Earnings Per Average Common Share

$

1.21

$

0.61

$

0.64

$

2.20

Reconciling items:

Electric utility and gas utility

-

-

-

0.10

Tax impact

-

-

-

(0.03)

NorthStar Clean Energy

(*)

*

(*)

*

Tax impact

*

(*)

*

(*)

Corporate interest and other

-

(*)

-

*

Tax impact

-

*

-

(*)

Disposal of discontinued operations (gain) loss

-

0.02

0.01

(2.30)

Tax impact

-

(0.01)

(*)

0.50

Discontinued operations income

(0.15)

(0.10)

(0.14)

-

3

Tax impact

0.03

0.03

0.03

-

Adjusted Diluted Earnings Per Average Common Share - Non-GAAP

$

1.09

$

0.55

$

0.54

$

0.47

* Less than $0.5 million or $0.01 per share.

CMS ENERGY CORPORATION

Reconciliations of GAAP Net Income to Non-GAAP EBIT and EBITDA

(Unaudited)

In Millions

Twelve Months Ended

9/30/22

12/31/21

9/30/21

Net Income Available to Common Stockholders

$

1,296

$

1,348

$

869

Reconciling items:

Income tax expense

223

265

150

Interest on long-term debt

492

481

481

Interest expense - related parties

12

12

12

Other interest expense

4

10

10

Allowance for borrowed funds used during construction

(2)

(3)

(2)

Loss attributable to noncontrolling interests

(21)

(23)

(14)

Preferred stock dividends

9

5

3

Disposal of discontinued operations (gain) loss

(670)

(657)

8

Discontinued operations income

-

(115)

(147)

Other exclusions from adjusted earnings

(1)

(1)

1

Loss on fleet impairment

29

29

-

Voluntary separation program

11

-

-

EBIT - Non-GAAP

1,382

1,351

1,371

Additional reconciling items:

Depreciation and amortization

1,112

1,114

1,112

EBITDA - Non-GAAP

$

2,494

$

2,465

$

2,483

4

CONSUMERS ENERGY COMPANY

Reconciliations of GAAP Net Income to Non-GAAP EBIT and EBITDA

(Unaudited)

In Millions

Twelve Months Ended

9/30/22

12/31/21

9/30/21

et Income Available to Common Stockholder

$

899

$

866

$

901

econciling items:

156

168

Income tax expense

134

Interest on long-term debt

305

294

292

Interest expense - related parties

12

12

12

Other interest expense

4

8

8

Allowance for borrowed funds used during construction

(2)

(3)

(2)

Preferred stock dividends

2

2

2

Other exclusions from adjusted earnings

-

-

2

Loss on fleet impairment

29

29

-

Voluntary separation program

11

-

-

BIT - Non-GAAP

1,394

1,364

1,383

dditional reconciling items:

1,075

1,077

1,074

Depreciation and amortization

BITDA - Non-GAAP

$

2,469

$

2,441

$

2,457

5

Disclaimer

Consumers Energy Co. published this content on 27 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2022 11:15:49 UTC.


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Managers and Directors
Garrick J. Rochow President, Chief Executive Officer & Director
Rejji P. Hayes Chief Financial Officer & Executive Vice President
Brian F. Rich Chief Information Officer & Senior Vice President
Tamara J. Faber Vice President-Information Technology
Melissa M. Gleespen Secretary, Chief Compliance Officer & VP
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