CMS Energy gains after topping profit estimate, exiting non-utility renewables business
BUZZ-CMS Energy gains after topping profit estimate, exiting non-utility renewables business ** Shares of U.S. electric and gas utility CMS Energy CMS.N up 2% at $75.97
** Company posts adjusted second-quarter profit of 37 cents per share, compared with analysts' average estimate of 36 cents - LSEG data
** Says it will exit non-utility renewables development, as the utility focuses on its regulated business while investing to meet growing electricity demand
** However, total quarterly operating expenses rose 2.6% to $1.56 billion from $1.52 billion a year earlier
** Net income falls 40.3% to $120 million from $201 million a year ago
** Expects 2027 adjusted earnings of $4.08 to $4.17 per share, the midpoint of which is below analysts' average estimate of $4.17, according to data compiled by LSEG
** Including session's move, stock up 8.3% YTD
(Reporting by Pranav Mathur in Bengaluru)
Recent news on CMS Energy
See all newsUS court blocks Trump administration bid to keep Michigan coal plant open (updated)
US court blocks Trump administration bid to keep Michigan coal plant open
Brief: Consumers Energy Invests In Reliability Upgrades To Secure The Grid For Michigan Customers
US-listed shares of Vista Energy gain after Peter Thiel buys 1% stake
U.S. STOCKS ON THE MOVE-Visa, CMS Energy, Ecolab