CMS Energy Corporation CMS reported second-quarter 2020 adjusted earnings per share (EPS) of 49 cents, which surpassed the Zacks Consensus Estimate of 45 cents by 8.9%. Moreover, the bottom line surged 48.5% from 33 cents per share in the year-ago quarter.
Including one-time items, the company posted GAAP earnings of 48 cents per share in the reported quarter, up from 33 cents in the year-ago quarter.
The year-over-year uptick in the bottom line can be attributed to cost management coupled with favorable weather and sales mix.
In the quarter under review, CMS Energy’s operating revenues summed $1,443 million, which missed the Zacks Consensus Estimate of $1,512 million by 4.6%. The top line also edged down 0.1% on a year-over-year basis.
The company’s operating expenses declined 4.6% to $1,170 million in the quarter under review.
Operating income in the second quarter was $273 million, up 25.2% from $218 million in the year-ago quarter.
CMS Energy’s interest charges were $141 million, up 7.6% from $131 million in the year-ago period.
CMS Energy Corporation Price, Consensus and EPS Surprise
CMS Energy had cash and cash equivalents of $1,587 million as of Jun 30, 2020, up from $140 million as of Dec 31, 2019.
As of Jun 30, 2020, total debt, capital leases and financing obligations (excluding securitization debt) were $14,987 million, up from $12,996 million as of Dec 31, 2019.
At the end of the first half of 2020, cash from operating activities amounted to $796 million compared with $1,185 million in the first half of 2019.
CMS Energy reaffirmed its adjusted earnings per share guidance of $2.64-$2.68 for 2020. The Zacks Consensus Estimate for the company’s 2020 earnings is currently pegged at $2.65, below the midpoint of the company’s guidance range.
CMS Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
NextEra Energy NEE reported second-quarter 2020 adjusted earnings of $2.61 per share, surpassing the Zacks Consensus Estimate of $2.50 by 4.4%.
FirstEnergy Corporation FE delivered second-quarter 2020 operating earnings of 57 cents per share, which beat the Zacks Consensus Estimate of 55 cents by 3.64%.
Entergy Corporation ETR reported second-quarter 2020 adjusted earnings of $1.37 per share, which surpassed the Zacks Consensus Estimate of $1.23 by 11.4%.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Entergy Corporation (ETR): Free Stock Analysis Report
FirstEnergy Corporation (FE): Free Stock Analysis Report
CMS Energy Corporation (CMS): Free Stock Analysis Report
NextEra Energy, Inc. (NEE): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.