CMS Energy (CMS) Q1 Earnings Miss Estimates, Revenues Up Y/Y
Zacks Investment Research | Apr 25, 2019 03:20AM ET
CMS Energy Corporation (NYSE:CMS) reported first-quarter 2019 adjusted earnings per share (EPS) of 75 cents, down 12.8% year over year. The bottom line also missed the Zacks Consensus Estimate of 77 cents by 2.60%.
Operational Performance
In the quarter under review, CMS Energy’s operating revenues summed $2,059 million, which surpassed the Zacks Consensus Estimate of $1,935 million by 6.4%. The top line also improved 5.4% on a year-over-year basis.
The company’s operating expenses increased 6.9% to $1,700 million in the quarter under review.
Operating income in the first quarter was $359 million, down 1.1% from $363 million a year ago.
CMS Energy’s interest charges were $121 million, up 9% from $111 million in the year-ago period.
CMS Energy Corporation Price, Consensus and EPS Surprise
Financial Condition
CMS Energy had cash and cash equivalents of $234 million as of Mar 31, 2019, up from $153 million as of Dec 31, 2018.
As of Mar 31, 2019, total debt, capital leases and financing obligations (excluding securitization debt) stood at $11,791 million, up from $11,500 million as of Dec 31, 2018.
At the end of the first three months of 2019, cash from operating activities amounted to $617 million compared with $708 million in the prior-year period.
2019 Guidance
CMS Energy reaffirmed its adjusted earnings per share guidance of $2.47-$2.51 for 2019, indicating 6-8% growth from the year-ago quarter’s reported figure.
Zacks Rank
CMS Energy currently sports a Zacks Rank #4 (Sell).
Recent Utility Releases
FirstEnergy Corp. (NYSE:FE) , which carries a Zacks Rank #3 (Hold), delivered first-quarter 2019 operating earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 66 cents by 1.52%. You can see Zacks Investment Research
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