CMS Energy Profits Rise

30 July 2009 (Last Updated July 30th, 2009 18:30)

US power company CMS Energy reaffirmed its adjusted profit outlook for 2009 to $1.25 per share while posting a rise in profits. The company reported that its second-quarter profit rose 68% as lower operating expenses offset a decline in revenue. The adjusted profit outlook is

US power company CMS Energy reaffirmed its adjusted profit outlook for 2009 to $1.25 per share while posting a rise in profits.

The company reported that its second-quarter profit rose 68% as lower operating expenses offset a decline in revenue.

The adjusted profit outlook is 2¢ below the estimates Thomson Reuters analysts surveyed.

CMS said it made $74m, or 32¢ per share for the quarter ended 30 June compared with a profit of $44m, or 18¢ per share, in the year-ago quarter.

Revenue fell to $1.2bn from $1.4bn.

Discounting one-time gains and a charge for an environmental project, CMS reported a profit of $62m, or 26¢ a share, for the quarter.

CMS shares rose 38¢ or 3% to $13.03. The shares have traded between $8.33 and $14.88 over the past year, writes the Associated Press.

CMS Energy has an electric and natural gas utility, Consumers Energy and also owns and operates independent power generation businesses.