CMS Energy gains after topping profit estimate, exiting non-utility renewables business
CMS•Shares rise after quarterly profit beats estimates
Shares of U.S. electric and gas utility CMS Energy CMS.N were up 2% at $75.97.
The company posted adjusted second-quarter profit of 37 cents per share, compared with analysts' average estimate of 36 cents, according to LSEG data.
Company exits non-utility renewables business and keeps 2027 outlook
CMS Energy said 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, and net income fell 40.3% to $120 million from $201 million a year ago.
The company 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 the session's move, the stock was up 8.3% year to date.
