CMS Energy Corporation

Strong First Quarter Performance: CMS Energy reported adjusted earnings per share (EPS) of $1.02 for Q1 2025, a significant increase compared to the previous year, largely driven by favorable weather conditions and constructive regulatory outcomes. The absence of the mild weather experienced in Q1 2024 contributed an estimated 26 cents per share.

Reaffirmed Financial Guidance: The company maintains its full-year guidance for 2025 at an EPS range of $3.54 to $3.60, with a longer-term growth outlook of 6% to 8% annual EPS growth. The confidence stems from the company's disciplined execution and continuing investments in electric and gas systems.

Regulatory Environment: CMS Energy achieved favorable outcomes in recent electric and gas rate cases, which are expected to positively impact earnings. A constructive electric rate order in March 2025 provided approximately 65% of their revised ask, indicating strong regulatory support for investments aimed at improving electric reliability.