By Amanda Durish Cook
CMS Energy boosted fourth-quarter earnings to $106 million ($0.38/share), outpacing the $96 million ($0.35/share) it earned in the last quarter of 2014. The Jackson, Mich., company’s earnings grew 9.6% year over year, even as operating revenue for the quarter dropped 14.2% to $1.51 billion.
Revenue for the entire year was also down, dropping to $6.46 billion from 2014’s $7.18 billion, while net income for 2015 grew to $523 million ($1.89/share) from $477 million ($1.74/share).
The improved earnings came as the company reduced expenses to $1.26 billion in the fourth quarter from $1.49 billion for the same period in 2014. For the year, expenses dropped to $5.29 billion compared to 2014’s $6.03 billion.
The company raised its guidance for 2016 to $1.99 to $2.02/share. CEO John Russell said the company has committed to expanding its 10-year capital expenditures plan from $15.5 billion to $17 billion.
“The future looks bright for CMS,” Russell said. “Our unique business model has worked well for more than a decade and we expect it will continue going forward.”
Russell said 2015’s year-end results marked the company’s “13th consecutive year of consistent financial performance.” He also pointed out a 29% reduction in employee injuries compared to 2014 and a record rating in reliability.
