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.