Consumers Energy Co has reported a 25.68 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $186 million, or $0.67 a share in the quarter, compared with $148 million, or $0.53 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $194 million, or $0.70 a share compared with $148 million or $0.53 a share, a year ago. Revenue during the quarter grew 6.80 percent to $1,587 million from $1,486 million in the previous year period. Total expenses were 75.68 percent of quarterly revenues, down from 78.67 percent for the same period last year. This has led to an improvement of 299 basis points in operating margin to 24.32 percent.
Operating income for the quarter was $386 million, compared with $317 million in the previous year period.
"We are focused on customer driven investments and best-in-class cost management to create value for Michigan and the communities we serve," said Patti Poppe, president and chief executive officer for CMS Energy and its principal subsidiary, Consumers Energy.
For financial year 2016, Consumers Energy Co forecasts diluted earnings per share to be in the range of $2 to $2.02 on adjusted basis.
For financial year 2017, Consumers Energy Co forecasts diluted earnings per share to be in the range of $2.13 to $2.17 on adjusted basis.
Operating cash flow declines
Consumers Energy Co has generated cash of $1,241 million from operating activities during the nine month period, down 12.61 percent or $179 million, when compared with the last year period. The company has spent $1,405 million cash to meet investing activities during the nine month period as against cash outgo of $1,340 million in the last year period.
Cash flow from financing activities was $237 million for the nine month period as against cash outgo of $137 million in the last year period.
Cash and cash equivalents stood at $339 million as on Sep. 30, 2016, up 126 percent or $189 million from $150 million on Sep. 30, 2015.
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