Printer Friendly

CMS ENERGY REPORTS INCREASE IN SECOND-QUARTER EARNINGS

 DEARBORN, Mich., July 22 /PRNewswire/ -- CMS Energy Corporation (NYSE: CMS) announced a 72-percent increase in its net income for the second quarter of 1993 to $24.1 million or 30 cents per share compared to $14 million or 17 cents per share for the same period of 1992.
 Net income for the first six months of 1993 improved 48 percent to $96 million, or $1.20 per share, compared to $65 million or 81 cents per share in 1992.
 CMS Energy said the year-to-date increased earnings reflect a 23-percent earnings improvement from higher electricity and natural gas sales and the settlement of issues earlier this year related to the utility's power purchases from the Midland Cogeneration Venture (MCV) by its principal subsidiary, Consumers Power Company.
 The company's oil and gas exploration, independent power production and natural gas transmission and marketing businesses have also dramatically improved profitability. These non-utility businesses registered year-to-year financial improvements of 55 percent for the second quarter and more than 500 percent compared to the first six months of 1992. Each of the businesses improved its year-to-date earnings by more than 75 percent.
 CMS Energy's operating revenue for the quarter was $742 million compared to $681 million in the second quarter 1992. Year-to-date operating revenue was $1.788 billion compared to $1.654 billion in 1992.
 Consumers Power electric sales for the quarter were 7.5 billion kilowatt hours (Kwh), up about 1.3 percent. Industrial sales were up 4.9 percent reflecting continuing economic improvement in Michigan. Its natural gas deliveries, including gas transported to MCV, were up 4.3 percent, also benefiting from an improving Michigan economy.
 CMS Energy Corporation is a $3.3 billion (sales) diversified energy company with businesses engaged in electric and natural gas utility operations; independent power production; interstate storage, transmission and marketing of natural gas; oil and gas exploration and production, and utility services. CMS Energy Corporation's principal subsidiary is Consumers Power Company, Michigan's largest utility and the nation's fourth-largest gas and electric utility.
 CMS ENERGY CORPORATION
 Digest of Consolidated Earnings
 (Millions, Except Per-Share Amounts)
 1993 1992
 Three Months Ended June 30 (Unaudited)
 Operating Revenue $742 $681
 Net Income $24 $14
 Average Number of Common Shares Outstanding 80.1 79.8
 Earnings per Average Common Share $.30 $.17
 Dividends Declared per Common Share $.12 $.12
 Six Months Ended June 30 (Unaudited)
 Operating Revenue $1,788 $1,654
 Net Income $96 $65
 Average Number of Common Shares Outstanding 80.0 79.8
 Earnings per Average Common Share $1.20 $.81
 Dividends Declared per Common Share $.24 $.24
 In the opinion of management, the above unaudited amounts reflect all adjustments necessary to assure the fair presentation of the results of operations for the periods presented.
 -0- 7/22/93
 /CONTACT: Michael J. Brogan of CMS Energy Corporation, 313-436-9253/
 (CMS)


CO: CMS Energy Corporation ST: Michigan IN: UTI OIL SU: ERN

SB-JK -- DE014 -- 4440 07/22/93 10:41 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 22, 1993
Words:487
Previous Article:NATIONAL TECHTEAM, INC. ANNOUNCES A 94 PERCENT INCREASE IN NET INCOME AND A 76 PERCENT INCREASE IN REVENUES FOR THE SECOND QUARTER OF 1993
Next Article:OUTBACK STEAKHOUSE, INC. REPORTS 78 PERCENT INCREASE IN SECOND QUARTER PROFITS
Topics:


Related Articles
CMS ENERGY REPORTS HIGHER FIRST-QUARTER EARNINGS
CMS ENERGY REPORTS FOURTH QUARTER, YEAR-END EARNINGS
CMS ENERGY REPORTS INCREASED FIRST QUARTER EARININGS
CMS ENERGY REPORTS EIGHT PERCENT EARNINGS GROWTH IN SECOND QUARTER
CMS ENERGY REPORTS $88 MILLION IN FIRST QUARTER NET INCOME
CMS ENERGY'S CLASS G STOCK (NYSE: CPG) REPORTS INCREASED SECOND QUARTER EARNINGS
CMS Energy Reports 24% Increase In Third Quarter Earnings
CMS Energy Reports Class G Stock Results for the Third Quarter
CMS Energy Reports an Eighteen-Percent Increase in Earnings for 1996
CMS Energy Announces 1997 Net Income of $268 Million, Up 12 Percent

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters