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Consumers Energy Co (201533) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Consumers Energy Co

CIK: 201533

Exhibit 99.1

 

 

CMS Energy Announces Second Quarter Earnings of $0.33 Per Share; Reaffirms 2019 Earnings Guidance

 

JACKSON, Mich., July 25, 2019 — CMS Energy announced today reported net income of $93 million or $0.33 per share, for the second quarter of 2019, compared to $139 million or $0.49 per share for the same quarter in 2018. The company reported net income of $306 million, or $1.08 per share, for the first half of 2019 compared to $380 million or $1.35 per share for the comparable period in 2018. The key drivers of CMS’ year-to-date financial performance were mild weather and storm activity.

 

CMS Energy reaffirmed its guidance for 2019 adjusted earnings of $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.

 

“CMS Energy’s strong commitment to our triple bottom line of people, planet and profit is reflected in our company’s financial results for the first six months of 2019,” said Patti Poppe, President and CEO of CMS Energy and Consumers Energy. “A major step forward for the company this quarter was the approval of our Integrated Resource Plan (IRP), which established our company and the state of Michigan as national clean energy leaders.”

 

CMS Energy noted several accomplishments in the second quarter:

 

·                  IRP SETTLEMENT APPROVAL: The IRP puts Consumers Energy on a path to eliminate coal, reduce carbon emissions by over 90 percent, and meet customers’ future electricity capacity needs with 90 percent clean energy resources by 2040. The Michigan Public Service Commission approved the plan in June, which also had support from customers, environmental groups, the MPSC’s technical staff, and the Michigan Attorney General.

 

·                  ELECTRIC VEHICLE CHARGING AND REBATE PROGRAM LAUNCH: In June, we announced PowerMIDrive, a multi-year program designed to make it easier for owners of electric vehicles to charge their vehicles when and where they want.

 


The following information was filed by Consumers Energy Co on Thursday, July 25, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Parenthetical)
Consolidated Balance Sheets (Unaudited)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Equity (Unaudited)
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Income (Unaudited)
Asset Sales
Asset Sales - Schedule Of Assets Held For Sale (Details)
Asset Sales (Tables)
Asset Sales - Narrative (Details)
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 (Narrative) (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 (Tables)
Financings And Capitalization
Financings And Capitalization (Forward Stock Contracts) (Details)
Financings And Capitalization (Major Long-Term Debt Transactions) (Details)
Financings And Capitalization (Narrative) (Details)
Financings And Capitalization (Revolving Credit Facilities) (Details)
Financings And Capitalization (Tables)
Income Taxes
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details)
Income Taxes (Tables)
Leases
Leases - Lessee Leases Narrative (Details)
Leases (Tables)
Leases - Assets And Liabilities Of Lessee (Details)
Leases - Lessor Leases Narrative (Details)
Leases - Minimum Annual Rental Commitments Post Topic 842 (Details)
Leases - Minimum Annual Rental Commitments Pre Topic 842 (Details)
Leases - Schedule Of Future Payments To Be Received (Details)
Leases - Schedule Of Lease Costs (Details)
Leases - Schedule Of Lessee Cash Flows (Details)
New Accounting Standards
New Accounting Standards (Policies)
Notes Receivable
Notes Receivable (Narrative) (Details)
Notes Receivable (Schedule Of Current And Non-Current Notes Receivable) (Details)
Notes Receivable (Tables)
Regulatory Matters
Regulatory Matters (Narrative) (Details)
Reportable Segments
Reportable Segments (Details)
Reportable Segments (Tables)
Retirement Benefits
Retirement Benefits (Schedule Of Net Benefit Costs) (Details)
Retirement Benefits (Tables)
Revenue
Revenue (Components Of Operating Revenue) (Details)
Revenue (Narrative) (Details)
Revenue (Tables)
CIK: 201533
Form Type: 10-Q Quarterly Report
Accession Number: 0000811156-19-000010
Submitted to the SEC: Thu Jul 25 2019 10:12:53 AM EST
Accepted by the SEC: Thu Jul 25 2019
Period: Sunday, June 30, 2019
Industry: Electric And Other Services Combined

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