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CMS Energy beats second-quarter profit estimates on warmer weather
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CMS Energy beats second-quarter profit estimates on warmer weather
Jul 25, 2024 5:28 AM

July 25 (Reuters) - CMS Energy ( CMS/PB ) beat

second-quarter profit estimate on Thursday as the electric and

gas utility benefited from higher sales on warmer weather.

During the June-end quarter, extremely hot weather increased

the usage of electrical appliances such as air conditioners and

refrigerator, boosting earnings for utilities such as CMS

Energy ( CMS/PB ).

CMS said second-quarter operating revenue for its electric

utility jumped nearly 9% to $1.23 billion from a year earlier.

The Jackson, Michigan-based company posted an adjusted

profit of 66 cents per share, topping average Wall Street

estimate of 63 cents, according to LSEG data.

"We are on track to deliver our full year earnings guidance

after a strong first half of the year prioritizing investments

in our electric and gas systems to deliver value for customers,"

said CMS Energy ( CMS/PB ) CEO Garrick Rochow in a statement.

The company reaffirmed its 2024 adjusted earnings forecast

of $3.29 to $3.35 per share.

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