CMS Energy Corporation (CMS) has reported 27.36 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $77 million, or $0.28 a share in the quarter, compared with $106 million, or $0.38 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $81 million, or $0.29 a share compared with $106 million or $0.38 a share, a year ago. Revenue during the quarter grew 8.68 percent to $1,640 million from $1,509 million in the previous year period. Total expenses were 82.32 percent of quarterly revenues, down from 83.76 percent for the same period last year. This has led to an improvement of 145 basis points in operating margin to 17.68 percent.
Operating income for the quarter was $290 million, compared with $245 million in the previous year period.
“Our 10-year plan includes $18 billion of needed capital investment projects to strengthen and improve customer service, including upgrading our gas and electric infrastructure, and making renewable energy investments,” said Patti Poppe, CMS Energy’s president and chief executive officer.
For financial year 2017, the company projects diluted earnings per share to be in the range of $2.14 to $2.18 on adjusted basis.
Operating cash flow remains almost stable
CMS Energy Corporation has generated cash of $1,629 million from operating activities during the year, down 0.67 percent or $11 million, when compared with the last year. The company has spent $1,915 million cash to meet investing activities during the year as against cash outgo of $2,064 million in the last year.
Cash flow from financing activities was $255 million for the year, down 44.92 percent or $208 million, when compared with the last year.
Cash and cash equivalents stood at $257 million as on Dec. 31, 2016, down 10.76 percent or $31 million from $288 million on Dec. 31, 2015.
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