CMS Energy Corporation (CMS Energy) has reported operating revenues of $6.82 billion for the full year 2008, compared with the operating revenues of $6.5 billion in the previous year. It also reported a net income of $300 million, $1.23 per share, for the full year 2008, compared with the net loss of $215 million, or $1.02 loss per share, in the previous year.
The company’s 2008 adjusted net income, which excludes the effects of asset sales, unrealized losses on nonqualified retirement plan investments, and certain other items, was $293 million, or $1.25 per share, compared to adjusted net income of $201 million, or $0.84 per share, for the previous year.
CMS Energy reported 2007 results included $428 million, or $1.86 per share, in losses related to the sales of international assets and charges from restructuring some electric supply agreements.
The company has reported that for the fourth quarter of 2008, CMS Energy had reported net income of $61 million, or $0.27 per share, compared to a reported net loss of $127 million, or $0.57 per share, in the year-ago quarter.
The 2008 fourth quarter adjusted net income was $68 million, or $0.30 per share, compared to adjusted net income of $59 million, or $0.26 per share, in the year-ago quarter.
The company has reported that the 2008 adjusted earnings of $1.25 per share, which excludes a $0.07 per share unrealized loss on nonqualified retirement plan investments and a $0.05 per share gain associated with earlier sold assets, exceeded its guidance of $1.20 per share. For 2009, the company anticipates adjusted earnings of about $1.25 per share. While CMS Energy anticipates 2009 reported earnings to be about the same as its adjusted earnings, reported earnings could vary because of several factors. Because of those uncertainties, CMS Energy isn’t providing reported earnings guidance.
David Joos, the president and chief executive officer of CMS Energy, said the weak economy and unstable financial markets made 2008 a challenging year, yet the company was able to achieve strong results because of the core strength of Consumers Energy, CMS Energy’s electric and natural gas utility.
In 2008, we continued to implement successfully our strategy of making substantial investments in our Michigan utility operations. These investments improved the financial strength of the company, even in this challenging economy, and allowed us to increase the common stock dividend in January by 40 percent, from 36 cents to 50 cents on an annualized basis, Joos said.
Over the next five years, we will continue to implement our growth plan, which calls for investing more than $6 billion in our Michigan utility operations. We plan to invest primarily in energy efficiency, renewable energy, environmental and customer service enhancements, as well as new power generation. We expect these investments will create thousands of construction jobs, boost the state’s economy, and provide reliable, affordable service to our customers.