WASHINGTON (dpa-AFX) - (Adds Outlook)
CMS Energy Corp. (CMS) released earnings for fourth quarter that decreased from last year but beat the Street estimates.
The company's earnings came in at $168 million, or $0.58 per share. This compares with $637 million, or $2.20 per share, in last year's fourth quarter.
Excluding items, CMS Energy Corp. reported adjusted earnings of $176 million or $0.60 per share for the period.
Analysts on average had expected the company to earn $0.39 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter rose 12.1% to $2.278 billion from $2.033 billion last year.
Outlook:
Looking ahead, for the fiscal 2023, CMS Energy has raised its adjusted earnings guidance to $3.06 to $3.12 per share, from $3.05 - $3.11 per share. Analysts, on average, expect the company to earn $3.1 per share, according to figures compiled by Thomson Reuters.
Analysts' estimates typically exclude special items. In addition, the company has reaffirmed long-term adjusted income per share growth of 6 percent to 8 percent, with continued confidence toward the high end of the adjusted income per share growth range.
CMS Energy Corp. Q4 earnings at a glance (GAAP) :
-Earnings (Q4): $168 Mln. vs. $637 Mln. last year. -EPS (Q4): $0.58 vs. $2.20 last year. -Analyst Estimates: $0.39 -Revenue (Q4): $2.278 Bln vs. $2.033 Bln last year.
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