Exhibit 99.1 

CMS Energy Announces Strong Third Quarter Results, Raises 2022 Adjusted EPS, Introduces Preliminary 2023 Guidance

JACKSON, Mich., Oct. 27, 2022 – CMS Energy announced today reported earnings per share of $0.56 for the third quarter of 2022, compared to $0.64 per share for the same quarter in 2021. The company’s adjusted earnings per share for the third quarter of 2022 were $0.56, compared to $0.54 per share for the same quarter in 2021. For the first nine months of 2022, the company reported $2.27 per share compared to $2.46 per share for the same period in 2021. On an adjusted earnings per share basis year-to-date, the company reported $2.29 per share in 2022, compared to $2.18 per share in 2021.

CMS Energy raised its 2022 adjusted earnings guidance to $2.87 to $2.89 per share, from $2.85 to $2.89 per share* (*See below for important information about non-GAAP measures). CMS Energy also introduced preliminary 2023 adjusted earnings guidance of $3.05 to $3.11 per share and reaffirmed its long-term adjusted EPS growth of 6 to 8 percent, with continued confidence toward the high end.

“CMS had another strong quarter and continues to execute well on all fronts, positioning us solidly for the fourth quarter and 2023,” said Garrick Rochow, President and CEO of CMS Energy and Consumers Energy. “We had several accomplishments during the period – most notably in economic development through the commitment by Gotion, a global electric vehicle battery manufacturer, to build a factory in our service territory, which builds our customer base and helps Michigan grow.”

CMS Energy (NYSE: CMS) is a Michigan-based energy provider featuring Consumers Energy as its primary business. It also owns and operates independent power generation businesses.

# # #

CMS Energy will hold a webcast to discuss its 2022 third quarter results and provide a business and financial outlook on Thursday, October 27 at 9:30 a.m. (EDT). To participate in the webcast, go to CMS Energy’s homepage (cmsenergy.com) and select “Events and Presentations.”

Important information for investors about non-GAAP measures and other disclosures.

This news release contains non-Generally Accepted Accounting Principles (non-GAAP) measures, such as adjusted earnings. All references to net income refer to net income available to common stockholders and references to earnings per share are on a diluted basis. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, changes in accounting principles, changes in federal tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments recognized in net income related to NorthStar Clean Energy’s interest expense, or other items. Management views adjusted earnings as a key measure of the company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the company uses adjusted earnings to measure and assess performance. Because the company is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, the company's reported earnings in future periods, the company is not providing reported earnings guidance nor is it providing a reconciliation for the comparable future period earnings. The company’s adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for the reported earnings. 

This news release contains "forward-looking statements." The forward-looking statements are subject to risks and uncertainties that could cause CMS Energy’s and Consumers Energy’s 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 Energy's and Consumers Energy's Securities and Exchange Commission filings. 

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.

For more information on CMS Energy, please visit our website at cmsenergy.com.
To sign up for email alert notifications, please visit the Investor Relations section of our website.

Media Contacts: Katie Carey, 517/740-1739

Investment Analyst Contact: Travis Uphaus, 517/817-9241

2 

Page 1 of 3

CMS ENERGY CORPORATION

Consolidated Statements of Income

(Unaudited)

	In Millions, Except Per Share Amounts
	Three Months Ended						Nine Months Ended
	9/30/22			9/30/21			9/30/22			9/30/21
Operating revenue	$	2,024		$	1,725		$	6,318		$	5,296
Operating expenses		1,766			1,465			5,365			4,354
Operating Income		258			260			953			942
Other income		54			44			145			136
Interest charges		130			125			380			374
Income Before Income Taxes		182			179			718			704
Income tax expense		19			26			72			90
Income From Continuing Operations		163			153			646			614
Income from discontinued operations, net of tax		-			30			4			82
Net Income		163			183			650			696
Loss attributable to noncontrolling interests		(2	)		(6	)		(16	)		(18	)
Net Income Attributable to CMS Energy		165			189			666			714
Preferred stock dividends		2			3			7			3
Net Income Available to Common Stockholders	$	163		$	186		$	659		$	711
Diluted Earnings Per Average Common Share
Income from continuing operations per average common share available to common stockholders	$	0.56		$	0.54		$	2.26		$	2.18
Income from discontinued operations per average common share available to common stockholders		-			0.10			0.01			0.28
Diluted earnings per average common share	$	0.56		$	0.64		$	2.27		$	2.46

Page 2 of 3

CMS ENERGY CORPORATION

Summarized Consolidated Balance Sheets

(Unaudited)

	In Millions
	As of
	9/30/22		12/31/21
Assets
Current assets
Cash and cash equivalents	$	168	$	452
Restricted cash and cash equivalents		27		24
Other current assets		2,831		2,151
Total current assets		3,026		2,627
Non-current assets
Plant, property, and equipment		22,340		22,352
Other non-current assets		5,006		3,774
Total Assets	$	30,372	$	28,753
Liabilities and Equity
Current liabilities (1)	$	1,488	$	1,822
Non-current liabilities (1)		7,625		7,269
Capitalization
Debt, finance leases, and other financing (excluding securitization debt) (2)
Debt, finance leases, and other financing (excluding non-recourse and securitization debt)		13,571		12,200
Non-recourse debt		-		76
Total debt, finance leases, and other financing (excluding securitization debt)		13,571		12,276
Preferred stock and securities		224		224
Noncontrolling interests		591		557
Common stockholders' equity		6,689		6,407
Total capitalization (excluding securitization debt)		21,075		19,464
Securitization debt (2)		184		198
Total Liabilities and Equity	$	30,372	$	28,753

(1)	Excludes debt, finance leases, and other financing.
(2)	Includes current and non-current portions.

CMS ENERGY CORPORATION

Summarized Consolidated Statements of Cash Flows

(Unaudited)

	In Millions
	Nine Months Ended
	9/30/22			9/30/21
Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts	$	476		$	185
Net cash provided by operating activities		667			1,483
Net cash used in investing activities		(1,808	)		(1,460	)
Cash flows from operating and investing activities		(1,141	)		23
Net cash provided by financing activities		860			28
Total Cash Flows	$	(281	)	$	51
End of Period Cash and Cash Equivalents, Including Restricted Amounts	$	195		$	236

Page 3 of 3

CMS ENERGY CORPORATION

Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income

(Unaudited)

	In Millions, Except Per Share Amounts
	Three Months Ended						Nine Months Ended
	9/30/22			9/30/21			9/30/22			9/30/21
Net Income Available to Common Stockholders	$	163		$	186		$	659		$	711
Reconciling items:
Disposal of discontinued operations (gain) loss		-			3			(5	)		8
Tax impact		-			(1	)		1			(2	)
Discontinued operations income		-			(42	)		-			(115	)
Tax impact		-			10			-			27
Other exclusions from adjusted earnings**		*			(*	)		(1	)		(1	)
Tax impact		(*	)		*			*			*
Voluntary separation program		(*	)		-			11			-
Tax impact		*			-			(3	)		-
Adjusted net income – non-GAAP	$	163		$	156		$	662		$	628
Average Common Shares Outstanding
Diluted		290.1			289.6			290.0			289.4
Diluted Earnings Per Average Common Share
Reported net income per share	$	0.56		$	0.64		$	2.27		$	2.46
Reconciling items:
Disposal of discontinued operations (gain) loss		-			0.01			(0.01	)		0.03
Tax impact		-			(*	)		*			(0.01	)
Discontinued operations income		-			(0.14	)		-			(0.39	)
Tax impact		-			0.03			-			0.09
Other exclusions from adjusted earnings**		*			(*	)		(*	)		(*	)
Tax impact		(*	)		*			*			*
Voluntary separation program		(*	)		-			0.04			-
Tax impact		*			-			(0.01	)		-
Adjusted net income per share – non-GAAP	$	0.56		$	0.54		$	2.29		$	2.18

*	Less than $0.5 million or $0.01 per share.
**	Includes restructuring costs and unrealized gains or losses, recognized in net income, from mark-to-market adjustments related to NorthStar Clean Energy's interest expense.

Management views adjusted (non-Generally Accepted Accounting Principles) earnings as a key measure of the Company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors.  Internally, the Company uses adjusted earnings to measure and assess performance.  Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, changes in accounting principles, changes in federal tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments, recognized in net income related to NorthStar Clean Energy’s interest expense, or other items.  The adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for reported earnings.