UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) July 23, 2015
Commission File Number |
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Registrant; State of Incorporation; Address; and Telephone Number |
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IRS Employer Identification No. |
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1-9513 |
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CMS ENERGY CORPORATION (A Michigan Corporation) One Energy Plaza Jackson, Michigan 49201 (517) 788-0550 |
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38-2726431 |
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1-5611 |
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CONSUMERS ENERGY COMPANY (A Michigan Corporation) One Energy Plaza Jackson, Michigan 49201 (517) 788-0550 |
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38-0442310 |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On July 23, 2015, CMS Energy Corporation (CMS Energy) issued a News Release, in which it announced its results for the second quarter of 2015. Attached as Exhibit 99.1 to this report and incorporated herein by reference is a copy of the CMS Energy News Release, furnished as a part of this report.
Exhibit 99.1 contains certain financial measures that are considered non-GAAP financial measures as defined in Securities and Exchange Commission rules and contains a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States.
Item 7.01. Regulation FD Disclosure.
The information set forth in the CMS Energy News Release dated July 23, 2015, attached as Exhibit 99.1, is incorporated by reference in response to this Item 7.01.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
Investors and others should note that CMS Energy routinely posts important information on its website and considers the Investor Relations section, www.cmsenergy.com/investor-relations, a channel of distribution
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 CMS Energy News Release dated July 23, 2015
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
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CMS ENERGY CORPORATION |
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Dated: July 23, 2015 |
By: |
/s/ Thomas J. Webb |
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Thomas J. Webb |
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Executive Vice President and |
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Chief Financial Officer |
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CONSUMERS ENERGY COMPANY |
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Dated: July 23, 2015 |
By: |
/s/ Thomas J. Webb |
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Thomas J. Webb |
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Executive Vice President and |
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Chief Financial Officer |
Exhibit 99.1
CMS ENERGY ANNOUNCES SECOND QUARTER EARNINGS OF $0.25 PER SHARE, REAFFIRMS ADJUSTED EARNINGS GUIDANCE OF $1.86 TO $1.89 PER SHARE
JACKSON, Mich., July 23, 2015 CMS Energy announced today reported net income of $67 million, or $0.25 per share, for the second quarter of 2015 and $269 million, or $0.98 per share, for the first half of 2015. Adjusted (non-Generally Accepted Accounting Principles) earnings per share for the second quarter and first half were the same as reported amounts. Earnings per share in 2015 grew 3 cents compared with 2014 on a weather-normalized basis.
CMS Energy reaffirmed its guidance for 2015 adjusted earnings of $1.86 to $1.89 per share. This is consistent with the companys long-term plan of 5 percent to 7 percent annual adjusted earnings per share growth.
In the first half of 2015, CMS Energy continued to execute its business plan which emphasizes investments in its operations with a focus on safety, customer satisfaction, reliability and the environment.
John Russell, CMS Energys president and chief executive officer, said that CMS Energys principal subsidiary, Consumers Energy, is investing to strengthen its natural gas and electric infrastructure to enhance customer service, and improve Michigans environment.
Consumers Energy is ranked as one of the top 15 most sustainable energy providers in the world, and with our impending coal plant retirements, is leading the industry in transitioning to a cleaner energy supply portfolio. Were dedicated to leaving things better than we found it, which includes our leadership focus on sustainability, cleaner energy and reducing energy waste, Russell said. The companys seven oldest coal plants, averaging 60 years of age and representing one-third of its coal generating fleet, will be retired by April 2016.
For the first time, Consumers Energy will be adding solar power to its renewable energy portfolio, as part of a new Solar Gardens program. The program, with potentially 10 megawatts of capacity, will test the viability of utility-scale solar installations in Michigan.
Meanwhile, Consumers Energy is committing nearly $200 million this year to upgrade its natural gas system throughout Michigan, and has increased its workforce by 600
since 2012 to achieve this upgrade. In addition, the company and the Michigan State Utility Workers Union reached agreements on new five-year service contracts, expiring in 2020.
To help strengthen Michigans economy, Consumers Energy will be spending $1 billion a year with in-state companies for each of the next 5 years, for a total of $5 billion, as part of its commitment to Pure Michigan Business Connect. Governor Rick Snyder commended Consumers Energy for its growing support for Michigan companies.
In addition, Consumers Energy is aggressively promoting economic development in Michigan by lowering electric costs for energy-intensive businesses, creating more job opportunities. Recently-approved changes substantially improve the competitiveness of the companys industrial rates, while keeping total residential bills 13 percent below the national average.
CMS Energy (NYSE: CMS) is a Michigan-based company that has an electric and natural gas utility, Consumers Energy, as its primary business and also owns and operates independent power generation businesses.
# # #
CMS Energy will hold a webcast to discuss its 2015 second quarter results and provide a business and financial outlook on July 23 at 8:30 AM (EDT). To participate in the Webcast, go to CMS Energys home page (www.cmsenergy.com) and select Investor Meeting.
Investors and others should note that CMS Energy routinely posts important information on its website and considers the Investor Relations section, www.cmsenergy.com/investor-relations, a channel of distribution.
This news release contains non-Generally Accepted Accounting Principles (non-GAAP) measures, such as adjusted earnings. Management views adjusted earnings as a key measure of the companys present operating financial performance, unaffected by discontinued operations, asset sales, impairments, regulatory items from prior years, or other items detailed in the attached summary financial statements. These items have the potential to impact, favorably or unfavorably, the companys reported earnings.
This news release contains forward-looking statements. The forward-looking statements are subject to risks and uncertainties that could cause CMS Energys and Consumers Energys results to differ materially. All forward-looking statements should be considered in the context of the risk and other factors detailed from time to time in CMS Energys and Consumers Energys Securities and Exchange Commission filings.
For more information on CMS Energy, please visit our web site at: www.cmsenergy.com
Media Contacts: Dan Bishop, 517/788-2395 or Brian Wheeler, 517/788-2394
Investment Analyst Contact: CMS Energy Investor Relations, 517/788-2590
CMS Energy Corporation
SUMMARIZED CONSOLIDATED STATEMENTS OF INCOME
(In Millions, Except Per Share Amounts)
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Second Quarter |
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First Half |
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(Unaudited) |
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(Unaudited) |
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2015 |
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2014 |
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2015 |
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2014 |
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Operating Revenue |
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$ |
1,350 |
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$ |
1,468 |
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$ |
3,461 |
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$ |
3,991 |
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Operating Expenses |
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1,146 |
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1,233 |
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2,860 |
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3,348 |
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Operating Income |
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$ |
204 |
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$ |
235 |
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$ |
601 |
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$ |
643 |
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Other Income (Expense) |
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3 |
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(7 |
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9 |
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(5 |
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Interest Charges |
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103 |
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101 |
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204 |
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202 |
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Income before Income Taxes |
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$ |
104 |
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$ |
127 |
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$ |
406 |
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$ |
436 |
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Income Tax Expense |
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36 |
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43 |
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136 |
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148 |
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Net Income |
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$ |
68 |
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$ |
84 |
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$ |
270 |
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$ |
288 |
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Income Attributable to Noncontrolling Interests |
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1 |
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1 |
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1 |
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1 |
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Net Income Available to Common Stockholders |
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$ |
67 |
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$ |
83 |
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$ |
269 |
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$ |
287 |
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Income Per Share |
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Basic |
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$ |
0.25 |
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$ |
0.31 |
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$ |
0.98 |
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$ |
1.07 |
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Diluted |
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0.25 |
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0.30 |
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0.98 |
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1.05 |
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CMS Energy Corporation
SUMMARIZED CONSOLIDATED BALANCE SHEETS
(In Millions)
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June 30 |
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December 31 |
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2015 |
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2014 |
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(Unaudited) |
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Assets |
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Cash and cash equivalents |
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$ |
477 |
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$ |
207 |
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Restricted cash and cash equivalents |
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40 |
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37 |
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Other current assets |
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1,774 |
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2,353 |
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Total current assets |
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$ |
2,291 |
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$ |
2,597 |
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Plant, property, and equipment |
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13,775 |
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13,412 |
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Other non-current assets |
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3,172 |
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3,176 |
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Total Assets |
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$ |
19,238 |
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$ |
19,185 |
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Liabilities and Equity |
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Current liabilities |
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$ |
1,121 |
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$ |
1,414 |
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Non-current liabilities |
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5,590 |
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5,325 |
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Capitalization |
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Debt, capital leases, and financing obligation (*) |
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Debt, capital leases, and financing obligation (excluding non-recourse and securitization debt) |
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7,360 |
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7,428 |
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Non-recourse debt |
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922 |
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884 |
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Total debt, capital leases, and financing obligation |
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8,282 |
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8,312 |
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Noncontrolling interests |
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37 |
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37 |
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Common stockholders equity |
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3,818 |
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3,670 |
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Total capitalization |
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$ |
12,137 |
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$ |
12,019 |
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Securitization debt |
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390 |
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427 |
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Total Liabilities and Equity |
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$ |
19,238 |
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$ |
19,185 |
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(*) Current and long-term
CMS Energy Corporation
SUMMARIZED STATEMENTS OF CASH FLOWS
(In Millions)
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First Half |
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(Unaudited) |
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2015 |
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2014 |
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Beginning of Period Cash |
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$ |
207 |
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$ |
172 |
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Cash provided by operating activities |
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$ |
1,262 |
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$ |
937 |
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Cash used in investing activities |
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(782 |
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(783 |
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Cash flow from operating and investing activities |
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$ |
480 |
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$ |
154 |
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Cash provided by (used in) financing activities |
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(210 |
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32 |
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Total Cash Flow |
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$ |
270 |
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$ |
186 |
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End of Period Cash |
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$ |
477 |
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$ |
358 |
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CMS Energy Corporation
SUMMARY OF CONSOLIDATED EARNINGS
Reconciliations of GAAP Net Income to Non-GAAP Adjusted Net Income
(In Millions, Except Per Share Amounts)
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Second Quarter |
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First Half |
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(Unaudited) |
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(Unaudited) |
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2015 |
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2014 |
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2015 |
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2014 |
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Net Income Available to Common Stockholders |
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$ |
67 |
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$ |
83 |
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$ |
269 |
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$ |
287 |
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Reconciling Items: |
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Discontinued Operations (Income) Loss |
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* |
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* |
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(* |
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(* |
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Restructuring Costs and Other |
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* |
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* |
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* |
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* |
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Adjusted Net Income - Non-GAAP Basis |
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$ |
67 |
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$ |
83 |
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$ |
269 |
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$ |
287 |
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Average Number of Common Shares Outstanding |
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Basic |
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275 |
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268 |
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275 |
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267 |
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Diluted |
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276 |
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275 |
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276 |
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274 |
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Basic Earnings Per Average Common Share |
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Net Income Per Share as Reported |
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$ |
0.25 |
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$ |
0.31 |
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$ |
0.98 |
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$ |
1.07 |
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Reconciling Items: |
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Discontinued Operations (Income) Loss |
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* |
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* |
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(* |
) |
(* |
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Restructuring Costs and Other |
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* |
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* |
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* |
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* |
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Adjusted Net Income - Non-GAAP Basis |
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$ |
0.25 |
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$ |
0.31 |
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$ |
0.98 |
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$ |
1.07 |
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Diluted Earnings Per Average Common Share |
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Net Income Per Share as Reported |
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$ |
0.25 |
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$ |
0.30 |
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$ |
0.98 |
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$ |
1.05 |
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Reconciling Items: |
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Discontinued Operations (Income) Loss |
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* |
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* |
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(* |
) |
(* |
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Restructuring Costs and Other |
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* |
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* |
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* |
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* |
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Adjusted Net Income - Non-GAAP Basis |
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$ |
0.25 |
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$ |
0.30 |
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$ |
0.98 |
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$ |
1.05 |
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Note: Management views adjusted (non-Generally Accepted Accounting Principles) earnings as a key measure of the Companys present operating financial performance, unaffected by discontinued operations, asset sales, impairments, regulatory items from prior years, or other items detailed in these summary financial statements.
* Less than $500 thousand or $0.01 per share.
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