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CMS ENERGY ANNOUNCES THIRD QUARTER EARNINGS OF $0.59 PER SHARE, RAISES 2018 GUIDANCE AND INTRODUCES 2019 GUIDANCE
JACKSON, Mich., October 25, 2018 CMS Energy announced today reported net income of $169 million, or $0.59 per share, for the third quarter of 2018. For the first nine months of the year, the company announced reported net income available to common stockholders of $549 million or $1.94 per share, and adjusted earnings per share of $1.93. The company raised its guidance for 2018 adjusted earnings per share to $2.31 - $2.34 per share (*See below for important information about non-GAAP measures). Additionally, CMS Energy introduced 2019 adjusted earnings per share guidance of $2.46 to $2.50, reflecting continued growth of 6 to 8 percent.
With strong operational and financial performance year-to-date, we are confident in our ability to continue to produce consistent, industry-leading results, said Patti Poppe, President and CEO of CMS Energy and Consumers Energy. Our mindset remains focused on finishing this year strong with an eye toward the future. Looking ahead to 2019 and beyond, our long-term adjusted EPS growth remains at 6 to 8 percent with a bias toward the midpoint. Our EPS and dividend growth rates offer one of the best total shareholder returns in the industry.
CMS Energy noted several accomplishments in the third quarter:
· Replacing a record level of vintage gas service lines statewide improving safety and reliability for the residents of Michigan
· Continuing work on our multi-year, $800-million upgrade to the Ludington Pumped Hydro Storage Facility which will increase the plants generating capacity by 50 MW a unit, for a total summer capacity of nearly 2,300 MW
· Donating $2 million to date in low-income heating assistance to keep families in Michigan safe and warm this winter season
Im proud of the team and the results we are delivering for our customers and investors, said Poppe.
The following information was filed by Consumers Energy Co on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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