CMS Energy exits renewables development as 2027 forecast disappoints

• The Jackson, Michigan-based company said its current five-year plan includes about $1.7 billion dedicated primarily to non-utility renewables.
• The NorthStar restructuring is expected to be completed by the end of this year, CMS Energy said.
• The utility expects 2027 adjusted earnings of $4.08 to $4.17 per share. The midpoint of $4.13 was below analysts' average estimate of $4.17, according to data compiled by LSEG.
• CMS Energy also narrowly beat estimates for second-quarter profit, earning 37 cents per share on an adjusted basis, compared with analysts' estimates of 36 cents per share, according to LSEG data.
• The company's net income fell 40.3% to $120 million from $201 million a year earlier, while total quarterly operating expenses rose 2.6% to $1.56 billion from $1.52 billion.
• The utility reaffirmed its full-year profit forecast in the range of $3.83 to $3.90 per share.

CMS Energy said on Tuesday it would exit non-utility renewables development following changes at NorthStar Clean Energy and forecast 2027 adjusted earnings below Wall Street estimates, as the utility focuses on its regulated business and investments to meet growing electricity demand.