Bulletin
Investor Alert

New York Markets Close in:

Aug. 3, 2020, 8:24 a.m. EDT

CMS Energy tops profit view, but revenue falls shy

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

or Cancel Already have a watchlist? Log In

By Dave Sebastian

CMS Energy Corp. said its second-quarter profit rose due to lower expenses and favorable weather.

The Jackson, Mich.-based utility company posted net income of $136 million, or 48 cents a share, compared with $93 million, or 33 cents a share, in the year-ago period.

Adjusted earnings were 49 cents a share. Analysts polled by FactSet were looking for adjusted earnings of 44 cents a share.

Revenue was about flat at $1.44 billion. Analysts were expecting $1.51 billion.

Operating expenses fell to $1.17 billion from $1.23 billion.

CMS Energy said Covid-19 cases within the company were a third of the state's confirmed cases per capita for the first half of the year, and that it has required masks at its facilities.

The company acknowledged challenges associated with the pandemic and reaffirmed its 2020 adjusted earnings expectations of $2.64 a share to $2.68 a share.

Write to Dave Sebastian at dave.sebastian@wsj.com

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.