CMS Energy(US:CMS)2024-04-25 10:37CMS Energy Q1 2024 Earnings Release Financial Highlights and Outlook The company reported strong Q1 2024 results with significant EPS growth and reaffirmed its full-year guidance Q1 Earnings Per Share Comparison | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Reported EPS | $0.96 | $0.69 | | Adjusted EPS | $0.97 | $0.70 | - The company reaffirmed its 2024 adjusted earnings guidance of $3.29 to $3.35 per share and its long-term adjusted EPS growth target of 6% to 8%7 - Key drivers for the improved Q1 performance were higher weather-normalized sales and lower storm restoration costs7 - CEO Garrick Rochow expressed confidence in meeting full-year guidance and highlighted progress in the electric Reliability Roadmap and clean energy transformation7 Consolidated Financial Statements The company's Q1 2024 statements show lower operating revenue but higher net income, asset growth, and a decline in operating cash flow Consolidated Statements of Income Despite a decrease in operating revenue, lower operating expenses drove a substantial increase in operating and net income for Q1 2024 Q1 2024 vs Q1 2023 Income Statement (In Millions, Except Per Share) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Operating Revenue | $2,176 | $2,284 | | Operating Income | $412 | $314 | | Net Income Available to Common Stockholders | $285 | $202 | | Diluted Earnings Per Share | $0.96 | $0.69 | Consolidated Balance Sheets Total assets and common stockholders' equity increased as of March 31, 2024, compared to year-end 2023 Balance Sheet Comparison (In Millions) | Metric | As of 3/31/24 | As of 12/31/23 | | :--- | :--- | :--- | | Total Assets | $33,901 | $33,517 | | Total Debt and Finance Leases | $15,019 | $14,856 | | Common Stockholders' Equity | $7,722 | $7,320 | Consolidated Statements of Cash Flows Net cash from operating activities decreased year-over-year, while the company ended the quarter with a significantly higher cash balance Cash Flow Summary (In Millions) | Metric | Three Months Ended 3/31/24 | Three Months Ended 3/31/23 | | :--- | :--- | :--- | | Net cash provided by operating activities | $956 | $1,040 | | Net cash used in investing activities | $(637) | $(651) | | Net cash provided by financing activities | $294 | $27 | | End of Period Cash and Cash Equivalents | $861 | $598 | Reconciliation of GAAP to Non-GAAP Measures The company reconciled GAAP net income to a higher non-GAAP adjusted net income for Q1 2024 by excluding certain restructuring and optimization costs Q1 GAAP to Non-GAAP Reconciliation (In Millions, Except Per Share) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Income Available to Common Stockholders (GAAP) | $285 | $202 | | Reconciling Items (net) | $3 | $2 | | Adjusted Net Income (Non-GAAP) | $288 | $204 | | Diluted EPS (GAAP) | $0.96 | $0.69 | | Adjusted EPS (Non-GAAP) | $0.97 | $0.70 | Important Disclosures The report clarifies the use of non-GAAP measures for performance assessment and includes a standard forward-looking statement disclaimer - The company uses non-GAAP measures like adjusted earnings for internal performance assessment and external communication with analysts and investors, viewing them as a key measure of operating financial performance310 - The news release contains forward-looking statements subject to risks and uncertainties that could cause results to differ materially and advises investors to consider risk factors detailed in the company's SEC filings3