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Consumers Energy Co (201533) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Consumers Energy Co

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CIK: 201533

Exhibit 99.1

 

 

CMS Energy Announces 2018 Results and 2019 Adjusted EPS Guidance

 

JACKSON, Mich., Jan. 31, 2019

— CMS Energy announced today 2018 reported net income of $657 million or $2.32 per share, compared to reported net income of $460 million or $1.64 per share for 2017. CMS Energy announced $659 million of adjusted net income or adjusted earnings per share of $2.33 for 2018, toward the high end of guidance. On a reported basis, earnings per share grew 41 percent as 2017 federal tax reform related charges were not as substantial in 2018. On an adjusted earnings per share basis, the company delivered 7 percent growth.

 

Financial Results and Outlook

 

2018 Results

 

Amount

 

Reported EPS

 

$

2.32

 

Adjusted EPS

 

$

2.33

 

Annual Dividend

 

$

1.43

 

 

2019 Updates

 

Amount

 

Adjusted EPS Guidance Raised

 

$2.47 - $2.51*

 

Annual Dividend

 

$1.53

 

 

CMS Energy raised its guidance a penny per share for 2019 adjusted earnings to $2.47 - $2.51 per share (*See below for important information about non-GAAP measures) or 6 to 8 percent annual adjusted earnings per share growth. Longer-term, adjusted earnings per share growth remains at 6 to 8 percent with a bias toward the midpoint.

 

“We are pleased with our 2018 results and continue to focus on the triple bottom line of serving people, planet and profit.” said Patti Poppe, President and CEO of CMS Energy and Consumers Energy.

 

CMS Energy (NYSE: CMS) is a Michigan-based company that has an electric and natural gas utility, Consumers Energy, as its primary business. It also owns and operates independent power generation businesses.

 

# # #

 

CMS Energy will hold a webcast to discuss its 2018 year-end results and provide a business and financial outlook on Jan. 31 at 8:30 A.M. (EST). To participate in the webcast, go to CMS Energy’s homepage (cmsenergy.com) and select “Investor Meeting.”

 

The following information was filed by Consumers Energy Co on Thursday, January 31, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Consumers Energy Co's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule I - Condensed Financial Information Of Registrant
Schedule I - Condensed Financial Information Of Registrant (Condensed Balance Sheets) (Details)
Schedule I - Condensed Financial Information Of Registrant (Condensed Statements Of Cash Flows) (Details)
Schedule I - Condensed Financial Information Of Registrant (Condensed Statements Of Income) (Details)
Schedule I - Condensed Financial Information Of Registrant (Narrative) (Details)
Schedule Ii - Valuation And Qualifying Accounts And Reserves
Schedule Ii - Valuation And Qualifying Accounts And Reserves (Details)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Income
Accounting Policies (Narrative) (Details)
Asset Retirement Obligations
Asset Retirement Obligations (Details)
Asset Retirement Obligations (Tables)
Cash And Cash Equivalents
Cash And Cash Equivalents (Schedule Of Cash And Cash Equivalents, Including Restricted Amounts) (Details)
Cash And Cash Equivalents (Tables)
Contingencies And Commitments
Contingencies And Commitments (Contingencies And Commitments) (Details)
Contingencies And Commitments (Expected Remediation Cost By Year) (Details)
Contingencies And Commitments (Guarantees) (Details)
Contingencies And Commitments (Tables)
Earnings Per Share - Cms Energy
Earnings Per Share - Cms Energy (Basic And Diluted Eps Computations) (Details)
Earnings Per Share - Cms Energy (Tables)
Fair Value Measurements
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details)
Fair Value Measurements (Tables)
Financial Instruments
Financial Instruments (Narrative) (Details)
Financial Instruments (Schedule Of Carrying Amounts And Fair Values Of Financial Instruments) (Details)
Financial Instruments (Schedule Of Investment Securities) (Details)
Financial Instruments (Summary Of Sales Activity For Investment Securities) (Details)
Financial Instruments (Tables)
Financing And Capitalization (Summary Of Stock Issuances) (Details)
Financings And Capitalization
Financings And Capitalization (Debt Maturities) (Details)
Financings And Capitalization (Forward Stock Contracts) (Details)
Financings And Capitalization (Major Long-Term Debt Transactions) (Details)
Financings And Capitalization (Narrative) (Details)
Financings And Capitalization (Preferred Stock Of Subsidiary) (Details)
Financings And Capitalization (Revolving Credit Facilities) (Details)
Financings And Capitalization (Summary Of Long-Term Debt Outstanding) (Details)
Financings And Capitalization (Tables)
Income Taxes
Income Taxes (Loss And Credit Carryforwards) (Details)
Income Taxes (Narrative) (Details)
Income Taxes (Principal Components Of Deferred Income Tax Assets And Liabilities) (Details)
Income Taxes (Reconciliation Of Beginning And Ending Uncertain Tax Benefits) (Details)
Income Taxes (Schedule Of Effective Income Rate Reconciliation) (Details)
Income Taxes (Significant Components Of Income Tax Expense) (Details)
Income Taxes (Tables)
Leases And Palisades Financing
Leases And Palisades Financing (Narrative) (Details)
Leases And Palisades Financing (Schedule Of Future Minimum Lease Payments For Leases) (Details)
Leases And Palisades Financing (Schedule Of Rent Expense) (Details)
Leases And Palisades Financing (Tables)
New Accounting Standards
New Accounting Standards (Details)
Notes Receivable
Notes Receivable (Narrative) (Details)
Notes Receivable (Schedule Of Allowance For Loan Losses) (Details)
Notes Receivable (Schedule Of Current And Non-Current Notes Receivable) (Details)
Notes Receivable (Tables)
Other Income And Other Expense
Other Income And Other Expense (Details)
Other Income And Other Expense (Tables)
Plant, Property, And Equipment
Plant, Property, And Equipment (Jointly Owned Regulated Utility Facilities) (Details)
Plant, Property, And Equipment (Public Utilities Property Plant And Equipment Schedule Of Composite Depreciation Rate Table) (Details)
Plant, Property, And Equipment (Public Utilities, Allowance For Funds Used During Construction, Schedule Of Composite Rate Table) (Details)
Plant, Property, And Equipment (Schedule Of Capital Leased Assets) (Details)
Plant, Property, And Equipment (Schedule Of Depreciation And Amortization Expense) (Details)
Plant, Property, And Equipment (Schedule Of Depreciation And Amortization) (Details)
Plant, Property, And Equipment (Schedule Of Estimated Amortization Expense For Intangibles) (Details)
Plant, Property, And Equipment (Schedule Of Finite-Lived Intangible Assets By Major Class Table) (Details)
Plant, Property, And Equipment (Schedule Of Plant, Property, And Equipment) (Details)
Plant, Property, And Equipment (Tables)
Quarterly Financial And Common Stock Information (Details)
Quarterly Financial And Common Stock Information (Tables)
Quarterly Financial And Common Stock Information (Unaudited)
Regulatory Matters
Regulatory Matters (Narrative) (Details)
Regulatory Matters (Schedule Of The Components Of Pscr And Gcr Over/(Under) Recoveries) (Details)
Regulatory Matters (Schedule Of The Components Of Regulatory Assets And Liabilities) (Details)
Regulatory Matters (Tables)
Related Party Transactions - Consumers
Related Party Transactions - Consumers (Details)
Related Party Transactions - Consumers (Tables)
Reportable Segments
Reportable Segments (Details)
Reportable Segments (Tables)
Retirement Benefits
Retirement Benefits (Narrative) (Details)
Retirement Benefits (Schedule Of Accumulated And Projected Benefit Obligations) (Details)
Retirement Benefits (Schedule Of Allocation Of Plan Assets) (Details)
Retirement Benefits (Schedule Of Asset Allocations) (Details)
Retirement Benefits (Schedule Of Assumptions Used) (Details)
Retirement Benefits (Schedule Of Benefit Obligations In Excess Of Fair Value Of Plan Assets) (Details)
Retirement Benefits (Schedule Of Effect Of One-Percentage-Point Change In Assumed Health Care Cost Trend Rates) (Details)
Retirement Benefits (Schedule Of Expected Benefit Payments) (Details)
Retirement Benefits (Schedule Of Net Benefit Costs) (Details)
Retirement Benefits (Schedule Of Net Loss And Prior Service Cost (Credit) That Will Be Amortized In Next Fiscal Year) (Details)
Retirement Benefits (Schedule Of Net Periodic Benefit Cost Not Yet Recognized) (Details)
Retirement Benefits (Schedule Of Plan Contributions) (Details)
Retirement Benefits (Schedule Of Retirement Benefit Plan Assets (Liabilities)) (Details)
Retirement Benefits (Schedule Of Serp Trust Assets, Abo And Contributions) (Details)
Retirement Benefits (Tables)
Revenue
Revenue (Components Of Operating Revenue) (Details)
Revenue (Narrative) (Details)
Revenue (Tables)
Significant Accounting Policies
Significant Accounting Policies (Policy)
Stock-Based Compensation
Stock-Based Compensation (Narrative) (Details)
Stock-Based Compensation (Schedule Of Compensation Cost For Share-Based Payment Arrangements, Allocation Of Share-Based Compensation Costs By Plan) (Details)
Stock-Based Compensation (Schedule Of Restricted Stock Activity) (Details)
Stock-Based Compensation (Schedule Of Restricted Stock Granted) (Details)
Stock-Based Compensation (Schedule Of Share-Based Payment Award, Restricted Stock, Valuation Assumptions) (Details)
Stock-Based Compensation (Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Weighted Average Grant Date Fair Value) (Details)
Stock-Based Compensation (Tables)
Subsequent Event
Variable Interest Entities
Variable Interest Entities (Narrative) (Details)
Variable Interest Entities (Schedule Of Variable Interest Entities) (Details)
Variable Interest Entities (Tables)
CIK: 201533
Form Type: 10-K Annual Report
Accession Number: 0000811156-19-000003
Submitted to the SEC: Tue Feb 05 2019 2:05:06 AM EST
Accepted by the SEC: Tue Feb 05 2019
Period: Monday, December 31, 2018
Industry: Electric And Other Services Combined

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