Core Insights - CMS Energy reported strong second-quarter 2025 results, with adjusted EPS of $0.71, exceeding analyst estimates by $0.03, and GAAP revenue of $1,838 million, surpassing expectations by $100.75 million [1][5][11] - The company demonstrated healthy year-over-year growth in both revenue and adjusted EPS, with revenue increasing by 14.4% compared to Q2 2024 [2][5] - Significant storm-related expenses were incurred, yet the company maintained its full-year guidance, showcasing its ability to manage unexpected costs [1][8] Financial Performance - Adjusted EPS (Non-GAAP) for Q2 2025 was $0.71, a 7.6% increase from Q2 2024's $0.66 [2] - GAAP revenue reached $1,838 million, up 14.4% from $1,607 million in Q2 2024 [2] - Operating income rose to $317 million, a 12.0% increase year-over-year [2] Regulatory Environment - CMS Energy received approval for approximately 65% of its requested electric rate increases in March 2025, which will support future infrastructure investments [6] - The company is navigating Michigan's Clean Energy Plan and aims to retire all coal units by the end of 2025 [4][7] Operational Developments - The company is experiencing increased demand for data centers, with a new agreement potentially adding up to 1 gigawatt of electricity load [7] - Operational efficiency initiatives, such as the "CE Way" program, have led to meaningful cost savings despite facing significant storm-related expenses [8] Future Outlook - CMS Energy reaffirmed its full-year 2025 adjusted EPS guidance range of $3.54 to $3.60, with a long-term annual adjusted EPS growth target of 6-8% [11] - The company is focused on high capital investment needs to comply with updated clean energy mandates and is preparing for key regulatory decisions in the coming months [12]

Core Insights - CMS Energy Corporation reported Q2 2025 EPS of 71 cents, exceeding the Zacks Consensus Estimate of 67 cents by 6% and reflecting a 7.6% increase from 66 cents in the prior-year quarter [1][8] - Operating revenues reached $1.84 billion, surpassing the Zacks Consensus Estimate of $1.69 billion by 9% and showing a 14.4% increase from $1.61 billion in the same quarter last year [2][8] - The company reaffirmed its 2025 adjusted EPS guidance in the range of $3.54-$3.60, with a long-term adjusted EPS growth expectation of 6-8% [5][8] Financial Performance - CMS reported operating expenses of $1.52 billion, a 14.9% increase from the previous year's figure [3] - Net income for the quarter was $193 million, up from $182 million in the year-ago quarter, while interest charges totaled $199 million, reflecting a 15% increase year-over-year [3] - Cash and cash equivalents stood at $844 million as of June 30, 2025, compared to $103 million at the end of 2024, while total debt increased to $17.40 billion from $15.87 billion [4] Market Position - CMS Energy currently holds a Zacks Rank of 3 (Hold), indicating a neutral outlook in the market [6]

Core Insights - CMS Energy reported $1.84 billion in revenue for the quarter ended June 2025, marking a year-over-year increase of 14.4% and exceeding the Zacks Consensus Estimate of $1.69 billion by 8.94% [1] - The company achieved an EPS of $0.71, up from $0.66 a year ago, with a surprise of 5.97% compared to the consensus estimate of $0.67 [1] Revenue Performance - NorthStar Clean Energy generated operating revenue of $92 million, surpassing the three-analyst average estimate of $89.91 million, reflecting a year-over-year change of 24.3% [4] - Consumers Energy (Electric+Gas) reported operating revenue of $1.75 billion, exceeding the average estimate of $1.6 billion based on three analysts [4] - The Gas utility segment achieved operating revenue of $387 million, compared to the two-analyst average estimate of $353.4 million, representing a year-over-year increase of 26.1% [4] - The Electric utility segment reported operating revenue of $1.36 billion, exceeding the two-analyst average estimate of $1.23 billion, with a year-over-year change of 10.9% [4] Stock Performance - CMS Energy shares have returned +3.6% over the past month, outperforming the Zacks S&P 500 composite's +2.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Part I—Financial Information [Item 1. Financial Statements](index=17&type=section&id=Item%201.%20Financial%20Statements) This section presents Management's Discussion and Analysis, unaudited consolidated financial statements, and notes for CMS Energy and Consumers Energy for Q2 2025 [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The MD&A provides an executive overview, detailing results of operations, cash flow, capital resources, liquidity, and outlook for business segments, emphasizing the 'Triple Bottom Line' - CMS Energy operates electric, gas, and NorthStar Clean Energy segments, influenced by regulation, economy, weather, and commodity prices[41](index=41&type=chunk)[42](index=42&type=chunk)[44](index=44&type=chunk) - The company's strategy aligns with the 'Triple Bottom Line' principle, balancing economic, social, and environmental goals, including commitments to safety, reliability, clean energy, and financial strength[43](index=43&type=chunk)[47](index=47&type=chunk)[52](index=52&type=chunk) CMS Energy Financial Performance Summary (Six Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net Income Available to Common Stockholders | $500 million | $480 million | | Diluted EPS | $1.67 | $1.61 | - Consumers Energy plans **$20.0 billion** in capital expenditures through 2029, allocating **$14.8 billion** to infrastructure upgrades and **$5.2 billion** to clean generation[73](index=73&type=chunk) [CMS Energy Consolidated Financial Statements (Unaudited)](index=51&type=section&id=CMS%20Energy%20Consolidated%20Financial%20Statements%20%28Unaudited%29) This subsection presents CMS Energy's unaudited consolidated financial statements, including income, comprehensive income, cash flows, balance sheets, and equity changes for periods ended June 30, 2025 CMS Energy Consolidated Income Statement Highlights (Six Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | :--- | | Operating Revenue | $4,285 | $3,783 | | Operating Income | $811 | $695 | | Net Income Available to Common Stockholders | $500 | $480 | CMS Energy Consolidated Balance Sheet Highlights | Metric | June 30, 2025 (in millions) | Dec 31, 2024 (in millions) | | :--- | :--- | :--- | | Total Assets | $37,699 | $35,920 | | Total Liabilities | $28,728 | $27,172 | | Total Equity | $8,971 | $8,748 | [Consumers Consolidated Financial Statements (Unaudited)](index=58&type=section&id=Consumers%20Consolidated%20Financial%20Statements%20%28Unaudited%29) This subsection presents Consumers Energy's unaudited consolidated financial statements, including income, comprehensive income, cash flows, balance sheets, and equity changes for periods ended June 30, 2025 Consumers Energy Consolidated Income Statement Highlights (Six Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | :--- | | Operating Revenue | $4,094 | $3,630 | | Operating Income | $841 | $698 | | Net Income Available to Common Stockholder | $533 | $452 | Consumers Energy Consolidated Balance Sheet Highlights | Metric | June 30, 2025 (in millions) | Dec 31, 2024 (in millions) | | :--- | :--- | :--- | | Total Assets | $35,467 | $34,088 | | Total Liabilities | $23,769 | $22,657 | | Total Equity | $11,698 | $11,431 | [Notes to the Unaudited Consolidated Financial Statements](index=64&type=section&id=Notes%20to%20the%20Unaudited%20Consolidated%20Financial%20Statements) This section provides detailed explanations and supplementary information for financial statement line items, covering regulatory matters, contingencies, financing, fair value, benefits, taxes, revenue, segment reporting, and VIEs - In March 2025, MPSC authorized a **$176 million** annual electric rate increase for Consumers, effective April 2025, based on a **9.90%** authorized return on equity[209](index=209&type=chunk) - In May 2025, an emergency order required the J.H. Campbell plant to operate 90 days beyond retirement, with Consumers seeking cost recovery at FERC[210](index=210&type=chunk) - Consumers estimates its share of Ludington overhaul contract dispute damages at approximately **$350 million**, which it is seeking to recover through litigation and has deferred as a regulatory asset[221](index=221&type=chunk)[222](index=222&type=chunk)[224](index=224&type=chunk) - The OBBBA was signed into law in July 2025, with the company evaluating its impact but not anticipating a material effect on financial statements[185](index=185&type=chunk)[263](index=263&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=97&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This item formally incorporates by reference the detailed Management's Discussion and Analysis of Financial Condition and Results of Operations from Part I, Item 1 - The MD&A is incorporated by reference from Part I, Item 1 of this Form 10-Q[315](index=315&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=97&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to market risk disclosures have occurred since the Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes to market risk have occurred since the 2024 Form 10-K filing[316](index=316&type=chunk) [Item 4. Controls and Procedures](index=97&type=section&id=Item%204.%20Controls%20and%20Procedures) Management of CMS Energy and Consumers concluded their disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - Both CMS Energy's and Consumers' management concluded their disclosure controls and procedures were effective as of June 30, 2025[317](index=317&type=chunk)[319](index=319&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter for either entity[318](index=318&type=chunk)[320](index=320&type=chunk) Part II—Other Information [Item 1. Legal Proceedings](index=98&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Notes 1 and 2 of the unaudited consolidated financial statements for information on material legal proceedings - Details on material legal proceedings are provided in Note 1 and Note 2 of the financial statements[321](index=321&type=chunk) [Item 1A. Risk Factors](index=98&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors have occurred since the Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes to risk factors have occurred since the 2024 Form 10-K filing[322](index=322&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=98&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities, detailing common stock repurchases made to satisfy tax withholding obligations for vested shares - No unregistered sales of equity securities occurred during the period[323](index=323&type=chunk) CMS Energy Common Stock Repurchases (Q2 2025) | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 2025 | 126 | $73.63 | | May 2025 | 882 | $72.29 | | June 2025 | 68 | $69.54 | | **Total** | **1,076** | **$72.27** | [Item 3. Defaults Upon Senior Securities](index=99&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the period - None[325](index=325&type=chunk) [Item 4. Mine Safety Disclosures](index=99&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[326](index=326&type=chunk) [Item 5. Other Information](index=99&type=section&id=Item%205.%20Other%20Information) The company reported no other information for this item - None[327](index=327&type=chunk) [Item 6. Exhibits](index=101&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including supplemental indentures, employee plans, CEO/CFO certifications, and Inline XBRL documents - Exhibits filed include supplemental indentures, an amended employee incentive plan, and required CEO/CFO certifications under Sarbanes-Oxley Act Sections 302 and 906[331](index=331&type=chunk)

Financial Data and Key Metrics Changes - For the first half of 2025, the company reported adjusted earnings per share of $1.73, exceeding budget expectations and aligning with full-year guidance [25][28] - The full-year guidance remains at $3.54 to $3.6 per share, with confidence towards the high end [26] - Adjusted net income for 2025 was $518 million, benefiting from favorable weather and constructive regulatory outcomes [28][29] Business Line Data and Key Metrics Changes - The company has reached an agreement with a new data center expected to add up to one gigawatt of load, part of a nine gigawatt pipeline [5][6] - The renewables portion of the business is small, typically completing one to two solar projects a year with utility-like returns [16] Market Data and Key Metrics Changes - Michigan has been ranked as one of the best states for business, with strong housing starts and positive growth among residential and commercial customers [7][21] - The company anticipates long-term annual sales growth estimates of 2% to 3% [7] Company Strategy and Development Direction - The company is focused on customer affordability and plans to spread fixed costs over a larger customer base as demand grows [10] - Significant investments are planned in the electric grid and renewable energy to meet Michigan's clean energy law [11][12] - The integrated resource plan (IRP) will be filed in mid-2026, addressing capacity needs and potential additional storage and gas capacity [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the regulatory environment and the company's ability to deliver on financial objectives [25][31] - The company is well-positioned to meet growing energy needs and is prepared for future investments [35][36] Other Important Information - The company has completed the majority of its financing plan for 2025, executing 40 equity contracts totaling approximately $350 million [32][33] - Moody's reaffirmed the company's credit ratings, and the company is working through the review process with S&P [31] Q&A Session Summary Question: Details on the new data center agreement and its ramp-up - Management confirmed the agreement is part of a nine gigawatt pipeline, with early megawatts expected to show up in 2029 or 2030 [41][42] Question: Interaction between the new data center and the $5 billion CapEx upside in the IRP - Management indicated that the $5 billion figure is based on current sales growth and would need to be adjusted if additional capacity is added [54][58] Question: Status of the gas case and potential for settlement - Management reported a positive outlook for the gas case, with 80% of the revised ask and 95% of capital approved, while remaining open to settlement [60][61] Question: Financing plans for 2026 - Management stated that they are considering funding needs for 2026 and may pull ahead some financing if opportunities arise [62][63]

Financial Data and Key Metrics Changes - For the first half of 2025, the company reported adjusted earnings per share of $1.73, exceeding budget expectations and aligning with full-year guidance [23] - The full-year guidance remains at $3.54 to $3.60 per share, with confidence towards the high end [24] - Adjusted net income for 2025 was $518 million, benefiting from favorable weather and constructive regulatory outcomes [25][26] Business Line Data and Key Metrics Changes - The company is experiencing strong performance in its electric service territory, with a projected long-term annual sales growth estimate of 2% to 3% [6][10] - The NorthStar business contributes approximately 5% to the earnings mix, with growth primarily from energy and capacity sales at Dearborn Industrial Generation [14] Market Data and Key Metrics Changes - Michigan has been recognized as a top state for business, with strong housing starts and job growth contributing to positive market conditions [6][19] - The company has agreements with new data centers expected to add up to one gigawatt of load, part of a nine-gigawatt pipeline [4][5] Company Strategy and Development Direction - The company is focused on customer affordability and plans to invest over $25 billion beyond its five-year plan to enhance its electric grid and renewable energy initiatives [9][10] - An integrated resource plan (IRP) is set to be filed in mid-2026, addressing capacity needs and renewable energy requirements [10][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet financial objectives and navigate a dynamic regulatory environment [23][32] - The company is well-positioned to capitalize on opportunities arising from the Big Beautiful Bill Act, which supports renewable energy projects [54] Other Important Information - The company has received regulatory approval for a storm deferral, marking a significant development in Michigan's regulatory landscape [19] - Moody's reaffirmed the company's credit ratings, indicating strong credit quality [28] Q&A Session Summary Question: Details on the new one gigawatt data center agreement - Management confirmed that the agreement is part of the nine-gigawatt pipeline and discussions are ongoing regarding the ramp-up of load, expected to begin in 2029 or 2030 [39][40] Question: Interaction between the new data center and the $5 billion CapEx upside - Management indicated that the $5 billion figure is based on current projections and would be adjusted if additional capacity is required due to the new data center [56] Question: Status of the gas case and potential for settlement - Management reported a favorable position in the gas case, with significant support for the revised ask and a willingness to settle if beneficial [59] Question: Financing plans for 2026 - Management stated that they are considering opportunities to derisk equity financing needs for 2026 and will keep options flexible [61]

Financial Performance and Outlook - The company's adjusted EPS for the first half of 2025 is $1.73[33, 36] - The adjusted EPS guidance for the full year 2025 is $3.54 - $3.60[33, 36], toward the high end of the previously stated range of $3.06 - $3.12[33] - The annual dividend per share (DPS) is $2.17[33], up by 11¢[33] - The long-term adjusted EPS growth is projected at +6% to +8%[13, 29, 33], toward the high end[33] - The utility capital plan is $20 billion[33, 48] for 2025-2029, up $3 billion from the prior plan[33, 48] Growth and Investment - The company anticipates 2% to 3% long-term annual sales growth[16, 27] - The company has an approximately 9 GW pipeline opportunity, including data centers[27] - The company plans to invest over $10 billion in electric reliability roadmap[21, 22], including up to 400 miles/year of undergrounding[21] and 20,000 poles replaced per year[23] - The company plans to invest over $5 billion in renewable energy plan[24, 26], including +8 GW solar and +2.8 GW wind[24] Economic Development - Economic development efforts are driving diversified growth, including data centers, across Michigan[17]

[Earnings Release Summary](index=1&type=section&id=Earnings%20Release%20Summary) [Second Quarter 2025 Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) CMS Energy reported strong second quarter 2025 results, with adjusted earnings per share (EPS) increasing to $0.71 from $0.66 in the same period of 2024, driven by regulatory outcomes, cost reductions, and favorable weather Q2 & YTD Earnings Per Share (EPS) Comparison | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Reported EPS** | $0.66 | $0.65 | $1.67 | $1.61 | | **Adjusted EPS** | $0.71 | $0.66 | $1.73 | $1.63 | - The increase in year-to-date adjusted earnings was driven by constructive regulatory outcomes, cost-reduction initiatives, and favorable weather[1](index=1&type=chunk) [2025 Guidance and Outlook](index=1&type=section&id=2025%20Guidance%20and%20Outlook) The company reaffirmed its full-year 2025 adjusted earnings guidance and long-term growth targets, expressing confidence in achieving the upper end of its long-term growth forecast - Reaffirmed 2025 adjusted earnings guidance of **$3.54 to $3.60 per share**[2](index=2&type=chunk) - Maintained long-term adjusted EPS growth forecast of **6% to 8%**, with continued confidence toward the high end of this range[2](index=2&type=chunk) [Business and Strategic Updates](index=1&type=section&id=Business%20and%20Strategic%20Updates) Management confirmed the company is on track to meet its 2025 objectives, with a new data center agreement anticipated to create substantial load growth and economic benefits for Michigan - The company is on track to deliver on its 2025 earnings guidance and key operational objectives[3](index=3&type=chunk) - Announced a new agreement with a data center, which is expected to add up to **1 gigawatt** of load growth in its service territory[3](index=3&type=chunk) [Financial Statements](index=3&type=section&id=Financial%20Statements) [Consolidated Statements of Income](index=3&type=section&id=Consolidated%20Statements%20of%20Income) For Q2 2025, operating revenue grew to $1.84 billion from $1.61 billion year-over-year, increasing Net Income Available to Common Stockholders to $198 million ($0.66 per diluted share) from $195 million ($0.65 per share) in Q2 2024 Q2 2025 Statement of Income Highlights (In Millions) | Metric | Q2 2025 | Q2 2024 | Change YoY | | :--- | :--- | :--- | :--- | | **Operating Revenue** | $1,838 | $1,607 | +14.4% | | **Operating Income** | $317 | $283 | +12.0% | | **Net Income Available to Common Stockholders** | $198 | $195 | +1.5% | [Summarized Consolidated Balance Sheets](index=4&type=section&id=Summarized%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to $37.7 billion from $35.9 billion at year-end 2024, primarily due to an increase in plant, property, and equipment, with common stockholders' equity rising to $8.17 billion Balance Sheet Summary (In Millions) | Metric | 6/30/2025 | 12/31/2024 | | :--- | :--- | :--- | | **Total Current Assets** | $3,193 | $2,790 | | **Plant, property, and equipment** | $28,847 | $27,461 | | **Total Assets** | $37,699 | $35,920 | | **Total Liabilities and Equity** | $37,699 | $35,920 | | **Common stockholders' equity** | $8,170 | $8,006 | [Summarized Consolidated Statements of Cash Flows](index=4&type=section&id=Summarized%20Consolidated%20Statements%20of%20Cash%20Flows) For the first six months of 2025, net cash from operating activities decreased to $1.41 billion, while net cash used in investing activities increased to $1.88 billion, and net cash provided by financing activities rose to $1.21 billion, ending the period with $925 million in cash Six Months Ended Cash Flow Summary (In Millions) | Metric | 6/30/2025 | 6/30/2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $1,414 | $1,663 | | **Net cash used in investing activities** | $(1,880) | $(1,246) | | **Net cash provided by financing activities** | $1,213 | $124 | | **End of Period Cash and Cash Equivalents** | $925 | $789 | [Non-GAAP Financial Measures](index=5&type=section&id=Non-GAAP%20Financial%20Measures) [Reconciliation of GAAP to Non-GAAP Earnings](index=5&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Earnings) The company reconciled GAAP to non-GAAP adjusted earnings, with Q2 2025 reported net income of $198 million ($0.66 per share) adjusted to $214 million ($0.71 per share) due to items like a state tax policy change Q2 2025 GAAP to Non-GAAP EPS Reconciliation | Metric | Per Share Amount | | :--- | :--- | | **Reported net income per share (GAAP)** | $0.66 | | Other exclusions from adjusted earnings | $0.01 | | State tax policy change | $0.04 | | **Adjusted net income per share (non-GAAP)** | $0.71 | - Adjustments for the quarter primarily consisted of a state tax policy change and other items like restructuring and business optimization costs[18](index=18&type=chunk)[19](index=19&type=chunk)

Core Insights - CMS Energy reported earnings per share of $0.66 for Q2 2025, a slight increase from $0.65 in Q2 2024, with adjusted earnings per share rising to $0.71 from $0.66 year-over-year [1][10] - For the first half of 2025, the company reported $1.67 per share compared to $1.61 in the same period of 2024, with adjusted earnings per share at $1.73 versus $1.63, attributed to favorable regulatory outcomes, cost-reduction initiatives, and weather conditions [1][2] Financial Performance - Operating revenue for Q2 2025 was $1.838 billion, up from $1.607 billion in Q2 2024, while operating expenses increased to $1.521 billion from $1.324 billion [8] - Net income attributable to CMS Energy for Q2 2025 was $201 million, compared to $198 million in Q2 2024, with diluted earnings per share at $0.66 versus $0.65 [8][10] - For the first six months of 2025, net income available to common stockholders was $500 million, up from $480 million in the same period of 2024 [8] Guidance and Outlook - CMS Energy reaffirmed its adjusted earnings guidance for 2025 at $3.54 to $3.60 per share, with a long-term adjusted EPS growth target of 6 to 8 percent [2][3] - The company expressed confidence in achieving its earnings guidance and operational objectives, focusing on investments in electric and gas businesses [3] Strategic Developments - CMS Energy announced an agreement with a new data center expected to contribute up to 1 gigawatt of load growth in its service territory, providing additional economic benefits for Michigan [3]

Core Viewpoint - The upcoming earnings report for CMS Energy is anticipated to show a quarterly earnings per share (EPS) of $0.67, reflecting a 1.5% increase year-over-year, with revenues expected to reach $1.69 billion, indicating a 5% growth compared to the previous year [1]. Earnings Projections - There has been a downward revision of 2.2% in the consensus EPS estimate over the last 30 days, indicating a collective reassessment by analysts of their initial forecasts [2]. - Changes in earnings projections are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate trends and short-term stock price movements [3]. Revenue Estimates - Analysts project 'Operating revenue- NorthStar Clean Energy' to be $89.91 million, representing a 21.5% increase from the year-ago quarter [5]. - The forecast for 'Operating revenue- Gas utility' is $353.40 million, indicating a 15.1% increase year-over-year [5]. - The consensus estimate for 'Operating revenue- Electric utility' is $1.23 billion, reflecting a 0.7% increase from the previous year [5]. Net Income Projections - The projected 'Net income (loss)- NorthStar Clean Energy' is expected to reach $17.01 million, compared to $16.00 million from the year-ago period [6]. Stock Performance - CMS Energy shares have shown a return of +3.1% over the past month, slightly underperforming compared to the Zacks S&P 500 composite's +3.4% change [6].