CMS Energy Corporation (CMS) has reported a 27.36 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $77 million, or $0.28 a share in the quarter, compared with $106 million, or $0.38 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $81 million, or $0.29 a share compared with $106 million or $0.38 a share, a year ago.
Revenue during the quarter grew 8.68 percent to $1,640 million from $1,509 million in the previous year period. Total expenses were 82.32 percent of quarterly revenues, down from 83.76 percent for the same period last year. This has led to an improvement of 145 basis points in operating margin to 17.68 percent.
Operating income for the quarter was $290 million, compared with $245 million in the previous year period.
"Our 10-year plan includes $18 billion of needed capital investment projects to strengthen and improve customer service, including upgrading our gas and electric infrastructure, and making renewable energy investments," said Patti Poppe, CMS Energy's president and chief executive officer. Specific to CMS Energy, Poppe commented, "2016 marked continued progress for CMS Energy as we executed our long-term plan focused on the triple bottom line --people, planet and profit -- through excellent customer service, sustainable business practices and top-end earnings growth."
For financial year 2017, CMS Energy Corporation projects diluted earnings per share to be in the range of $2.14 to $2.18 on adjusted basis.
Operating cash flow remains almost stable
CMS Energy Corporation has generated cash of $1,629 million from operating activities during the year, down 0.67 percent or $11 million, when compared with the last year.
The company has spent $1,915 million cash to meet investing activities during the year as against cash outgo of $2,064 million in the last year.
Cash flow from financing activities was $255 million for the year, down 44.92 percent or $208 million, when compared with the last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
