JACKSON, Mich. - CMS Energy (NYSE: NYSE:CMS) reported a slight miss in first-quarter earnings per share (EPS) and a decline in revenue compared to analyst expectations.
The energy company announced an adjusted EPS of $0.97 for the first quarter of 2024, falling short of the analyst estimate of $0.98. Revenue for the quarter was also lower than anticipated, coming in at $2.17 billion against the consensus estimate of $2.35 billion.
Despite the miss, the company's adjusted EPS showed an improvement from the $0.70 reported in the same quarter last year, which the company attributes to higher weather-normalized sales and lower storm restoration costs. However, operating revenue saw a decrease from the $2.28 billion reported in the first quarter of 2023, marking a YoY decline.
Looking ahead, CMS Energy reaffirmed its full-year 2024 adjusted EPS guidance, projecting a range of $3.29 to $3.35. This guidance closely aligns with the analyst consensus of $3.33. President and CEO Garrick Rochow expressed confidence in achieving the higher end of the guidance range, citing the company's operational performance and ongoing initiatives. "We experienced a warmer than normal winter but remain on track to deliver our full year earnings guidance," Rochow stated.
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