CMS Energy Corporation Reports 1994 Net Income of $179 Million

Strategic Insights -

CMS Energy Corporation, a diversified energy company, announced its 1994 net income grew to $179 million, or $2.09 per share, a 10 percent increase from 1993 earnings per share of $1.90. Net income increased by 15 percent during the year, while common dividends were raised by 17 percent to 84 cents per share annually. The company's principal subsidiary, Consumers Power Company, experienced market growth, with electric sales rising 5.2 percent to a record 34.5 billion kilowatt-hours. CMS Energy's non-utility businesses also achieved growth, with significant earnings and asset growth in independent power operations, oil and gas exploration and production, and natural gas pipeline and marketing operations.

Key Takeaways:

  • CMS Energy Corporation's 1994 net income grew to $179 million, a 15 percent increase from 1993, with earnings per share up 10 percent to $2.09.
  • Consumers Power Company, the company's principal subsidiary, reported electric sales increasing by 5.2 percent to a record 34.5 billion kilowatt-hours in 1994.
  • CMS Energy's non-utility businesses experienced significant earnings and asset growth in 1994, including independent power operations, oil and gas exploration and production, and natural gas pipeline and marketing operations.
  • The company increased common dividends by 17 percent to 84 cents per share annually in 1994.
  • CMS Energy's oil and gas exploration and production revenue and earnings grew both domestically and overseas in 1994.
  • The company's natural gas pipeline and marketing operations also achieved significant earnings and asset growth in 1994.
  • CMS Energy Corporation's proven reserves increased from 70 million net equivalent barrels in 1993 to 93 million net equivalent barrels in 1994 through reserve acquisitions in the U.S., Colombia, and Venezuela.

Statistics:

  • Net income (1994): $179 million
  • Earnings per share (1993): $1.90
  • Earnings per share (1994): $2.09 (10 percent increase)
  • Net income (1994): 15 percent increase from 1993
  • Electric sales (1994): 34.5 billion kilowatt-hours (5.2 percent increase)
  • Electric sales (past eleven years): Increased on a weather-adjusted basis
  • Natural gas deliveries (1994): 408.9 billion cubic feet (0.4 percent decrease)
  • New customers hooked up to Consumers Power's natural gas utility (1994): 25,145
  • New customers connected to Consumers Power's electric utility (1994): 20,950
  • Proven reserves (1993): 70 million net equivalent barrels
  • Proven reserves (1994): 93 million net equivalent barrels (33 percent increase)

Sources:

  • PRNewswire, "CMS Energy Corporation Reports 1994 Net Income of $179 Million", January 26, 1995
  • CMS Energy Corporation, Annual Report (1994)