CMS Energy (CMS) FY2014 results: revenue $7.2 billion, up 9.3% on the year
CMS Energy Corp. (CMS) reported revenue of $7.2 billion for fiscal 2014, the year ended 31 December 2014, up 9.3% on the year before. Net income was $477 million, up 5.5%, and diluted earnings per share $1.74. The figures are the company's own, from the 10-K it filed with the SEC on 5 February 2015.
Revenue
$7.2 billion
+9.3% on the year
FY2008FY2014
Operating margin
16.0%
17.4% a year earlier
FY2008FY2014
Net income
$477 million
+5.5% on the year
FY2008FY2014
Diluted EPS
$1.74
+4.8% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
7,179
6,566
6,253
+9.3%
Operating income
1,152
1,142
1,003
+0.9%
Operating margin
16.0%
17.4%
16.0%
Interest expense
407
398
389
+2.3%
Pre-tax income
729
756
622
-3.6%
Income tax
250
302
245
-17.2%
Effective tax rate
34.3%
39.9%
39.4%
Net income
477
452
382
+5.5%
Net margin
6.6%
6.9%
6.1%
Diluted EPS
$1.74
$1.66
$1.42
+4.8%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
n/a
1,421
1,241
Capital expenditure
1,577
1,325
1,227
+19.0%
Free cash flow
n/a
96.0
14.0
Free cash flow margin
n/a
1.5%
0.2%
Cash from investing
n/a
-1,532
-1,350
Cash from financing
n/a
190
41.0
Depreciation and amortisation
685
628
598
+9.1%
Dividends paid
295
273
252
+8.1%
Dividend per share
$1.08
$1.02
$0.96
+5.9%
Diluted shares, weighted
275m
272m
269m
+1.0%
Shares outstanding at period end
275m
266m
264m
+3.4%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
3,670
3,454
3,194
+6.3%
Non-controlling interest
37.0
37.0
44.0
0.0%
Debt
8,616
7,833
7,361
+10.0%
Other liabilities
6,820
5,966
6,532
+14.3%
Total liabilities and equity
19,143
17,290
17,131
+10.7%
Fixed assets
13,412
12,246
n/a
+9.5%
Securities held for sale or to maturity
11.0
10.0
9.0
+10.0%
Cash and equivalents
207
172
93.0
+20.3%
Receivables
881
914
855
-3.6%
Other assets
4,632
3,948
16,174
+17.3%
Total assets
19,143
17,290
17,131
+10.7%
10-K for the year ended 31 December 2014, filed 5 February 2015: the filing.