JACKSON, Mich. - CMS Energy (NYSE:CMS) reported third-quarter earnings that surpassed analyst expectations, while revenue fell short of estimates. The company reaffirmed its full-year 2024 guidance and introduced its outlook for 2025.
The Michigan-based energy provider announced earnings per share of $0.84 for the third quarter of 2024, beating the analyst consensus of $0.78 by $0.06. This represents a 40% increase from $0.60 per share in the same quarter last year. Revenue for the quarter came in at $1.74 billion, up 4.2% YoY but below the analyst estimate of $1.86 billion.
CMS Energy reaffirmed its 2024 adjusted earnings guidance of $3.29 to $3.35 per share, in line with the analyst consensus of $3.33. The company also introduced its 2025 adjusted earnings guidance of $3.52 to $3.58 per share, compared to the analyst consensus of $3.58.
Garrick Rochow, President and CEO of CMS Energy and Consumers Energy, commented on the company's ongoing investments: "We continue to make needed investments as outlined in our electric Reliability Roadmap by burying wires, installing sensors and adding other technology to build a smarter and stronger grid. We are committed in our efforts to shorten the length and impact of power outages for our customers."
The company attributed its strong performance to constructive regulatory outcomes and solid results from its NorthStar Clean Energy division. CMS Energy maintains its long-term adjusted EPS growth target of 6% to 8%, expressing continued confidence towards the high end of this range.
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