CMS Energy Corp. Q1 FY2024 results: revenue $2.2 billion, down 4.7% on the year

CMS Energy Corp. (CMS) reported revenue of $2.2 billion for Q1 FY2024, the quarter ended 31 March 2024, down 4.7% on the same quarter a year earlier. Net income was $287 million, up 40.7% on the year, and diluted earnings per share $0.96. The figures are the company's own, from the 10-Q it filed with the SEC on 25 April 2024.

Revenue$2.2 billiondown 4.7%

Net income$287 millionup 40.7%

Diluted EPS$0.96

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	2,176	1,950	n/a	n/a
Operating income	412	406	n/a	n/a
Operating margin	18.9%	20.8%	n/a
Interest expense	177	172	n/a	n/a
Pre-tax income	321	317	n/a	n/a
Income tax	58.0	66.0	n/a	n/a
Effective tax rate	18.1%	20.8%	n/a
Net income	287	309	n/a	n/a
Net margin	13.2%	15.8%	n/a
Diluted EPS	$0.96	$1.05	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	956	405	n/a	n/a
Capital expenditure	613	n/a	n/a	n/a
Free cash flow	343	n/a	n/a	n/a
Free cash flow margin	15.8%	n/a	n/a
Depreciation and amortisation	368	310	n/a	n/a
Dividend per share	$0.52	n/a	n/a	n/a
Diluted shares, weighted	297m	292m	n/a	n/a
Shares outstanding at period end	299m	294m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	33,901	33,517	n/a	n/a
Cash and equivalents	802	227	n/a	n/a
Long-term debt	14,973	14,508	n/a	n/a
Borrowings, as the company tags them	n/a	15,648	n/a	n/a
Operating lease liabilities	n/a	22.0	n/a	n/a
Finance lease liabilities	61.0	62.0	n/a	n/a
Shareholders' equity	7,946	7,544	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,673	1,950	2,176	1,607	1,743	1,989	2,447	1,838	2,021	2,233	2,730	1,829
Operating income	271	406	412	283	367	425	494	317	481	435	490	264
Operating margin	16%	21%	19%	18%	21%	21%	20%	17%	24%	19%	18%	14%
Interest expense	164	172	177	173	178	180	186	199	203	201	203	210
Pre-tax income	184	317	321	223	273	306	358	255	340	295	362	129
Tax rate	6%	21%	18%	18%	10%	17%	18%	24%	20%	18%	23%	26%
Net income	176	309	287	198	253	265	304	201	277	289	340	120
Net margin	11%	16%	13%	12%	15%	13%	12%	11%	14%	13%	12%	7%
Diluted EPS	$0.60	$1.05	$0.96	$0.65	$0.84	$0.88	$1.01	$0.66	$0.92	$0.94	$1.10	$0.37
Operating cash flow	199	405	956	707	304	403	1,000	414	343	478	705	622
Capital expenditure	n/a	n/a	613	681	806	n/a	888	884	978	n/a	1,039	967
Free cash flow	n/a	n/a	343	26.0	-502	n/a	112	-470	-635	n/a	-334	-345
Shares outstanding	292m	294m	299m	299m	299m	299m	299m	299m	304m	306m	309m	314m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 25 April 2024, accession 0000811156-24-000084: the filing on EDGAR. All of CMS Energy Corp.'s filings: EDGAR company page.

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