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CMS Energy posts higher first-quarter profit helped by robust demand, lower costs
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CMS Energy posts higher first-quarter profit helped by robust demand, lower costs
Apr 25, 2024 5:00 AM

April 25 (Reuters) - CMS Energy ( CMS/PB ) reported a rise

in first-quarter profit on Thursday, as the electric and gas

utility benefitted from higher sales and improved weather which

lowered storm-related restoration costs.

Operating expenses for the first quarter, which include

restoration costs, fell to $1.76 billion from $1.97 billion in

the year-ago quarter.

U.S. natural gas futures fell about 30% sequentially

in the January-March quarter, which helped utilities such as CMS

Energy ( CMS/PB ) reduce their costs.

CMS Energy ( CMS/PB ), which provides services to about 6.8 million

customers across Michigan, also reaffirmed its full-year

adjusted profit forecast of $3.29 to $3.35 per share, compared

with analysts' estimates of $3.33 per share, per LSEG data.

"We experienced a warmer-than-normal winter but remain on

track to deliver our full-year earnings guidance," said Garrick

Rochow, CEO of CMS Energy ( CMS/PB ).

Peers such as Xcel Energy ( XEL ) and PG&E Corp ( PCG ) also

benefitted from lower operating expenses and reported a rise in

first-quarter profit earlier today.

The Jackson, Michigan-based firm said net income

attributable to shareholders rose to $285 million, or 96 cents

per share, in the quarter ended March 31, from $202 million, or

69 cents per share, a year ago.

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