DOW JONES NEWSWIRES
CMS Energy (CMS) reversed a year-earlier loss in the fourth
quarter caused by the restructuring of electricity-supply deals as
the company also recorded higher revenue.
CMS posted net income of $64 million, or 27 cents a share,
compared with a year-earlier net loss of $124 million, or 57 cents.
Excluding items, earnings grew to 30 cents from 26 cents.
Revenue climbed 10% to $1.8 billion.
Analysts according to Thomson Reuters expected per-share
earnings of 24 cents and revenue of $1.84 billion.
The company said it expects 2009 earnings of $1.25 a share;
analysts projected $1.26.
Pinched by slowing demand, lower prices and tight credit
markets, utilities across the board have cut spending to enhance
liquidity. CMS also has taken other steps to boost cash. Over the
last couple of quarters, the company withdrew $420 million from a
$550 million credit pact and entered a $150 million secured
revolving credit line with a consortium of banks.
Still, the company plans to spend more than $6 billion the next
five years to expand its Michigan operations, creating thousands of
jobs in the process. Past investments helped the company raise its
quarterly dividend 40% in January.
Shares of CMS closed Tuesday at $10.63 and there was no
premarket trading. The stock is down about one-third since
June.
-By Katherine E. Wegert, Dow Jones Newswires; 201-938-5294;
katherine.wegert@dowjones.com