CMS Energy (CMS) FY2019 results: revenue $6.6 billion, down 3.6% on the year
CMS Energy Corp. (CMS) reported revenue of $6.6 billion for fiscal 2019, the year ended 31 December 2019, down 3.6% on the year before. Net income was $680 million, up 3.5%, and diluted earnings per share $2.39. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2020.
Revenue
$6.6 billion
-3.6% on the year
FY2012FY2019
Operating margin
16.8%
16.9% a year earlier
FY2012FY2019
Net income
$680 million
+3.5% on the year
FY2012FY2019
Diluted EPS
$2.39
+3.0% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
6,624
6,873
6,583
-3.6%
Operating income
1,115
1,162
1,338
-4.0%
Operating margin
16.8%
16.9%
20.3%
Interest expense
460
458
438
+0.4%
Pre-tax income
764
774
886
-1.3%
Income tax
131
115
424
+13.9%
Effective tax rate
17.1%
14.9%
47.9%
Net income
680
657
460
+3.5%
Net margin
10.3%
9.6%
7.0%
Diluted EPS
$2.39
$2.32
$1.64
+3.0%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,790
1,703
1,705
+5.1%
Capital expenditure
2,097
2,074
1,665
+1.1%
Free cash flow
-307
-371
40.0
Free cash flow margin
-4.6%
-5.4%
0.6%
Cash from investing
-2,816
-2,606
-1,868
Cash from financing
1,008
874
110
+15.3%
Depreciation and amortisation
989
933
881
+6.0%
Dividends paid
436
407
377
+7.1%
Dividend per share
$1.53
$1.43
$1.33
+7.0%
Diluted shares, weighted
284m
283m
281m
+0.5%
Shares outstanding at period end
284m
283m
282m
+0.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
5,018
4,755
4,441
+5.5%
Non-controlling interest
37.0
37.0
37.0
0.0%
Debt
13,171
11,708
10,396
+12.5%
Operating lease liabilities
37.0
n/a
n/a
Finance lease liabilities
60.0
n/a
n/a
Other liabilities
8,514
8,029
8,176
+6.0%
Total liabilities and equity
26,837
24,529
23,050
+9.4%
Fixed assets
18,926
18,126
16,761
+4.4%
Securities held for sale or to maturity
26.0
22.0
16.0
+18.2%
Cash and equivalents
140
153
182
-8.5%
Receivables
886
964
1,032
-8.1%
Other assets
6,859
5,264
5,059
+30.3%
Total assets
26,837
24,529
23,050
+9.4%
10-K for the year ended 31 December 2019, filed 6 February 2020: the filing.