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Cms Energy Corp (CMS) SEC Filing 8-K Material Event for the period ending Thursday, July 29, 2021

Cms Energy Corp

CIK: 811156 Ticker: CMS

Exhibit 99.1

 

CMS Energy Announces Strong Second Quarter
Performance with Confidence Toward the High End
of 2021 EPS Guidance

 

JACKSON, Mich., July 29, 2021 – CMS Energy announced today reported earnings per share of $0.61 for the second quarter of 2021, compared to $0.48 per share for the same quarter in 2020. The company’s reported earnings per share from continuing operations were $0.55 for the second quarter of 2021, compared to $0.45 per share for the same quarter in 2020, which exclude the discontinued operations of EnerBank given the pending sale. The company’s adjusted earnings per share from continuing operations were $0.55 for the second quarter of 2021, compared to $0.46 per share for the same quarter in 2020, which exclude the discontinued operations of EnerBank given the pending sale.

 

2021 Financial Results

 

   Q2   YTD 
Reported Total EPS (GAAP)  $0.61   $1.82 
    Plus: Disposal of Disc. Ops.   0.01    0.01 
    Less: EnerBank Disc. Ops.   (0.07)   (0.19)
Reported (GAAP) and Adj. Continuing Ops. EPS (non-GAAP)  $0.55   $1.64 

 

“CMS Energy is in a solid position to deliver on our commitments to our customers, co-workers, communities, the planet and our investors with a focus on being a world class energy company,” said Garrick Rochow, President and CEO of CMS Energy and Consumers Energy. “With our recent Integrated Resource Plan filing and pending sale of EnerBank, we are well positioned to fund and implement key initiatives related to our clean energy transformation while also expecting to be toward the high end of our 2021 guidance range.”

 

 

 

CMS Energy reaffirmed its full-year 2021 adjusted earnings from continuing operations guidance of $2.61 - $2.65 per share* (*See below for important information about non-GAAP measures). CMS Energy also reaffirmed 2022 adjusted earnings guidance of $2.85 - $2.87 per share and long-term adjusted EPS growth of 6 to 8 percent.

 

CMS Energy (NYSE: CMS) is a Michigan-based energy company featuring Consumers Energy as its primary business. It also owns and operates independent power generation businesses.

 

# # #

 

CMS Energy will hold a webcast to discuss its 2021 second quarter results and provide a business and financial outlook on July 29 at 9:30 a.m. (EDT). To participate in the webcast, go to CMS Energy’s homepage (cmsenergy.com) and select “Events and Presentations.”

 

Important information for investors about non-GAAP measures and other disclosures.

 

*This news release contains non-Generally Accepted Accounting Principles (non-GAAP) measures, such as adjusted earnings. All references to net income refer to net income available to common stockholders and references to earnings per share are on a diluted basis. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, changes in accounting principles, changes in federal tax policy, regulatory items from prior years, unrealized gains or losses, recognized in net income, from mark-to-market adjustments related to CMS Enterprises’ interest expense, or other items. Management views adjusted earnings as a key measure of the company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the company uses adjusted earnings to measure and assess performance. Because the company is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, the company's reported earnings in future periods, the company is not providing reported earnings guidance nor is it providing a reconciliation for the comparable future period earnings. The company’s adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for the reported earnings.

 

This news release contains "forward-looking statements." The forward-looking statements are subject to risks and uncertainties that could cause CMS Energy’s and Consumers Energy’s results to differ materially. All forward-looking statements should be considered in the context of the risk and other factors detailed from time to time in CMS Energy's and Consumers Energy's Securities and Exchange Commission filings.

 

2

 

 

Investors and others should note that CMS Energy routinely posts important information on its website and considers the Investor Relations section, www.cmsenergy.com/investor-relations, a channel of distribution.

 

For more information on CMS Energy, please visit our website at cmsenergy.com. To sign up for email alert notifications, please visit the Investor Relations section of our website.

 

Media Contacts: Katie Carey, 517/740-1739

 

Investment Analyst Contact: Travis Uphaus, 517/817-9241

 

3

 

 

Page 1 of 4 

 

CMS ENERGY CORPORATION 

Consolidated Statements of Income 

(Unaudited)

 

   In Millions, Except Per Share Amounts 
   Three Months Ended   Six Months Ended 
   6/30/21   6/30/20   6/30/21   6/30/20 
Operating revenue  $1,558   $1,382   $3,571   $3,184 
                     
Operating expenses   1,306    1,134    2,889    2,601 
                     
Operating Income   252    248    682    583 
                     
Other income   48    32    92    71 
                     
Interest charges   125    127    249    248 
                     
Income Before Income Taxes   175    153    525    406 
                     
Income tax expense   22    24    64    48 
                     
Income From Continuing Operations   153    129    461    358 
                     
Income from discontinued operations, net of tax   18    8    52    22 
                     
Net Income   171    137    513    380 
                     
Income (loss) attributable to noncontrolling interests   (5)   1    (12)   1 
                     
Net Income Available to Common Stockholders  $176   $136   $525   $379 
                     
Basic Earnings Per Average Common Share                    
Income from continuing operations per average common share available to common stockholders  $0.55   $0.45   $1.64   $1.25 
Income from discontinued operations per average common share available to common stockholders   0.06    0.03    0.18    0.08 
Basic earnings per average common share  $0.61   $0.48   $1.82   $1.33 
                     
Diluted Earnings Per Average Common Share                    
Income from continuing operations per average common share available to common stockholders  $0.55   $0.45   $1.64   $1.25 
Income from discontinued operations per average common share available to common stockholders   0.06    0.03    0.18    0.08 
Diluted earnings per average common share  $0.61   $0.48   $1.82   $1.33 

 

 

 

Page 2 of 4 

 

CMS ENERGY CORPORATION 

Summarized Consolidated Balance Sheets 

(Unaudited)

 

  In Millions  
  As of  
  6/30/21  12/31/20  
Assets           
Current assets           
Cash and cash equivalents  $153   $32  
Restricted cash and cash equivalents   18    17  
Assets held for sale   448    429  
Other current assets   1,703    1,926  
Total current assets   2,322    2,404  
Non-current assets           
Plant, property, and equipment   21,533    21,017  
Assets held for sale   2,584    2,680  
Other non-current assets   3,514    3,565  
Total Assets  $29,953   $29,666  
            
Liabilities and Equity           
Current liabilities (1)           
Liabilities held for sale  $990   $953  
Other current liabilities   1,535    1,530  
Total current liabilities   2,525    2,483  
Non-current liabilities (1)           
Liabilities held for sale   1,717    1,894  
Other non-current liabilities   6,978    6,821  
Total non-current liabilities   8,695    8,715  
Capitalization           
Debt, finance leases, and other financing (excluding securitization debt) (2)           
Debt, finance leases, and other financing (excluding non-recourse and securitization debt)   12,077    12,083  
Non-recourse debt   79    83  
Total debt, finance leases, and other financing (excluding securitization debt)   12,156    12,166  
Noncontrolling interests   569    581  
Common stockholders' equity   5,797    5,496  
Total capitalization (excluding securitization debt)   18,522    18,243  
Securitization debt (2)   211    225  
Total Liabilities and Equity  $29,953   $29,666  

 

(1) Excludes debt, finance leases, and other financing.

 

(2) Includes current and non-current portions.

 

CMS ENERGY CORPORATION

Summarized Consolidated Statements of Cash Flows

(Unaudited)

 

  In Millions  
  Six Months Ended  
  6/30/21  6/30/20  
Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts $185  $157  
          
Net cash provided by operating activities (3)  1,367   796  
Net cash used in investing activities  (851)  (1,168 )
Cash flows from operating and investing activities  516   (372 )
Net cash provided by (used in) financing activities  (409)  1,819  
          
Total Cash Flows $107  $1,447  
          
End of Period Cash and Cash Equivalents, Including Restricted Amounts (4) $292  $1,604  

 

(3) Includes the impact of a $531 million pension contribution in 2020.

(4) In June 2021, CMS Energy entered into an agreement for EnerBank to merge with Regions Bank.  As a result, EnerBank's cash and cash equivalents are presented as assets held for sale on CMS Energy's consolidated balance sheets at June 30, 2021 and June 30, 2020.

 

 

 

Page 3 of 4 

 

CMS ENERGY CORPORATION 

Reconciliation of GAAP to Non-GAAP Adjusted Net Income 

(Unaudited)

 

  In Millions, Except Per Share Amounts  
  Three Months Ended  Six Months Ended  
  6/30/21  6/30/20  6/30/21  6/30/20  
Net Income Available to Common Stockholders $176  $136  $525  $379 
Reconciling items:                
Disposal of discontinued operations (gain) loss  5   -   5   - 
Tax impact  (1)  -   (1)  - 
Other exclusions from adjusted earnings**  *   4   (1)  7 
Tax impact  (*)  (1)   *   (1)
Tax reform  -   -   -   (9)
Voluntary separation program  -   (*)  -   11 
Tax impact  -   *   -   (3)
                 
Adjusted net income – non-GAAP $180  $139  $528  $384 
Additional reconciling items:                
Adjusted discontinued operations income - non-GAAP  (30)  (11)  (73)  (28)
Tax impact  8   3   17   6 
                 
Adjusted continuing operations net income – non-GAAP $158  $131  $472  $362 
                 
Average Common Shares Outstanding                
Basic  289.0   285.5   288.8   284.4 
Diluted  289.4   286.5   289.3   285.8 
                 
Basic Earnings Per Average Common Share                
Reported net income per share $0.61  $0.48  $1.82  $1.33 
Reconciling items:                
Disposal of discontinued operations (gain) loss  0.02   -   0.02   - 
Tax impact  (0.01)  -   (0.01)  - 
Other exclusions from adjusted earnings**  *   0.02   (*)  0.03 
Tax impact  (*)  (0.01)   *   (0.01)
Tax reform  -   -   -   (0.03)
Voluntary separation program  -   (*)  -   0.04 
Tax impact  -    *   -   (0.01)
                 
Adjusted net income per share – non-GAAP $0.62  $0.49  $1.83  $1.35 
Additional reconciling items:                
Adjusted discontinued operations income - non-GAAP  (0.10)  (0.04)  (0.25)  (0.10)
Tax impact  0.03   0.01   0.06   0.02 
                 
Adjusted continuing operations net income per share – non-GAAP $0.55  $0.46  $1.64  $1.27 
                 
Diluted Earnings Per Average Common Share                
Reported net income per share $0.61  $0.48  $1.82  $1.33 
Reconciling items:                
Disposal of discontinued operations (gain) loss  0.02   -   0.02   - 
Tax impact  (0.01)  -   (0.01)  - 
Other exclusions from adjusted earnings**  *   0.02   (*)  0.03 
Tax impact  (*)  (0.01)  *   (0.01)
Tax reform  -   -   -   (0.03)
Voluntary separation program  -   (*)  -   0.04 
Tax impact  -    *   -   (0.01)
                 
Adjusted net income per share – non-GAAP $0.62  $0.49  $1.83  $1.35 
Additional reconciling items:                
Adjusted discontinued operations income - non-GAAP  (0.10)  (0.04)  (0.25)  (0.10)
Tax impact  0.03   0.01   0.06   0.02 
                 
Adjusted continuing operations net income per share – non-GAAP $0.55  $0.46  $1.64  $1.27 

 

* Less than $0.5 million or $0.01 per share.

** Includes restructuring costs and unrealized gains or losses, recognized in net income, from mark-to-market adjustments related to CMS Enterprises' interest expense.

 

Management views adjusted (non-Generally Accepted Accounting Principles) earnings as a key measure of the Company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors.  Internally, the Company uses adjusted earnings to measure and assess performance.  Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, changes in accounting principles, changes in federal tax policy, regulatory items from prior years, unrealized gains or losses, recognized in net income, from mark-to-market adjustments related to CMS Enterprises’ interest expense, or other items.  The adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for reported earnings.  

 

 

 

Page 4 of 4 

 

CMS ENERGY CORPORATION 

Reconciliation of GAAP to Non-GAAP Adjusted Net Income from Continuing and Discontinued Operations 

(Unaudited)

 

  In Millions, Except Per Share Amounts  
  Three Months Ended  Six Months Ended  
  6/30/21  6/30/20  6/30/21  6/30/20  
Net Income Available to Common Stockholders                
Reported net income from continuing operations available to common stockholders $158  $128  $473  $357 
Reconciling items:                
Other exclusions from adjusted earnings**  *   4   (1)  7 
Tax impact  (*)  (1)   *   (1)
Tax reform  -   -   -   (9)
Voluntary separation program  -  (*)  -   11 
Tax impact  -   *   -   (3)
                 
Adjusted net income from continuing operations – non-GAAP $158  $131  $472  $362 
                 
Reported net income from discontinued operations available to common stockholders $18  $8  $52  $22 
Reconciling items:                
Disposal of discontinued operations (gain) loss  5   -   5   - 
Tax impact  (1)  -   (1)  - 
                 
Adjusted net income from discontinued operations – non-GAAP $22  $8  $56  $22 
                 
Average Common Shares Outstanding                
Basic  289.0   285.5   288.8   284.4 
Diluted  289.4   286.5   289.3   285.8 
                 
Basic Earnings Per Average Common Share                
Reported net income from continuing operations per average common share available to common stockholders $0.55  $0.45  $1.64  $1.25 
Reconciling items:                
Other exclusions from adjusted earnings**  *   0.02   (*)  0.03 
Tax impact  (*)  (0.01)   *   (0.01)
Tax reform  -   -   -   (0.03)
Voluntary separation program  -   (*)  -   0.04 
Tax impact  -    *   -   (0.01)
                 
Adjusted net income from continuing operations per average common share – non-GAAP $0.55  $0.46  $1.64  $1.27 
                 
Reported net income from discontinued operations per average common share available to common stockholders $0.06  $0.03  $0.18  $0.08 
Reconciling items:                
Disposal of discontinued operations (gain) loss  0.02   -   0.02   - 
Tax impact  (0.01)  -   (0.01)  - 
                 
Adjusted net income from discontinued operations per average common share – non-GAAP $0.07  $0.03  $0.19  $0.08 
                 
Diluted Earnings Per Average Common Share                
Reported net income from continuing operations per average common share available to common stockholders $0.55  $0.45  $1.64  $1.25 
Reconciling items:                
Other exclusions from adjusted earnings**  *   0.02   (*)  0.03 
Tax impact  (*)  (0.01)   *   (0.01)
Tax reform  -   -   -   (0.03)
Voluntary separation program  -   (*)  -   0.04 
Tax impact  -    *   -   (0.01)
                 
Adjusted net income from continuing operations per average common share – non-GAAP $0.55  $0.46  $1.64  $1.27 
                 
Reported net income from discontinued operations per average common share available to common stockholders $0.06  $0.03  $0.18  $0.08 
Reconciling items:                
Disposal of discontinued operations (gain) loss  0.02   -   0.02   - 
Tax impact  (0.01)  -   (0.01)  - 
                 
Adjusted net income from discontinued operations per average common share – non-GAAP $0.07  $0.03  $0.19  $0.08 

 

* Less than $0.5 million or $0.01 per share.

** Includes restructuring costs and unrealized gains or losses, recognized in net income, from mark-to-market adjustments related to CMS Enterprises' interest expense.

 

Management views adjusted (non-Generally Accepted Accounting Principles) earnings as a key measure of the Company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors.  Internally, the Company uses adjusted earnings to measure and assess performance.  Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, changes in accounting principles, changes in federal tax policy, regulatory items from prior years, unrealized gains or losses, recognized in net income, from mark-to-market adjustments related to CMS Enterprises’ interest expense, or other items.  The adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for reported earnings.  

 

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Ticker: CMS
CIK: 811156
Form Type: 8-K Corporate News
Accession Number: 0001104659-21-097281
Submitted to the SEC: Thu Jul 29 2021 8:16:09 AM EST
Accepted by the SEC: Thu Jul 29 2021
Period: Thursday, July 29, 2021
Industry: Electric And Other Services Combined
Events:
  1. Earnings Release
  2. Financial Exhibit
  3. Regulated Disclosure

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