New book by Larry Connors Click here Improve your trading - See how
The Jackson, Michigan-based company's net income available to common stockholders was $73 million or $0.31 per share, compared to $78 million or $0.33 per share in the same quarter of 2008. Net income was $81 million versus $82 million a year ago.
On an adjusted basis, the company earned $76 million or $0.32 per share, in comparison with $77 million or $0.32 per share in the third-quarter of 2008. On average, 6 analysts polled by Thomson Reuters expected the company to report $0.34 per share for the quarter. Analysts' estimates typically exclude special items.
Operating revenue for the quarter declined to $1.27 billion from $1.43 billion in the prior year quarter.
Offsetting the lower revenues were operating expenses of $1.03 billion, compared with $1.22 billion a year ago. As a result, operating income rose to $238 million from $212 million in 2008.
For the first nine months of 2009, CMS Energy posted net income available to common stockholders of $216 million or $0.92 per share, compared with $224 million or $0.94 per share in the year-ago period. Adjusted net income for the period was $207 million or $0.88 per share, lower than $221 million or $0.93 per share in the first nine months of 2008.
Year-to-date, operating revenue dropped to $4.61 billion from $4.98 billion in the comparable period.
Looking ahead to fiscal 2009, CMS Energy reaffirmed its adjusted earnings guidance of $1.25 per share. However, the company said it is not providing full-year reported earnings guidance, as it could vary because of several factors such as legacy issues associated with prior asset sales, though the company expects reported earnings to be about the same as its adjusted earnings for 2009. Ten Wall Street analysts estimate earnings of $1.25 per share for 2009.
Among others in the industry, American Electric Power Co., Inc. (AEP | Quote | Chart | News | PowerRating) posted third-quarter net income of $443 million or $0.93 per share, compared to $374 million or $0.93 per share in the prior-year quarter. Revenues for the quarter dropped to $3.5 billion from $4.2 billion in the same quarter last year.
Xcel Energy Inc. (XEL | Quote | Chart | News | PowerRating) reported third-quarter earnings available to common shareholders of $219.77 million, versus $221.73 million last year. Earnings per share decreased to $0.48 from $0.51 a year ago. Total operating revenues fell to $2.31 billion from $2.85 billion in the prior-year quarter.
Diversified energy firm DTE Energy Co. (DTE | Quote | Chart | News | PowerRating) posted net income for the third quarter of $158 million or $0.96 per share, compared to $177 million or $1.08 per share in the year-ago quarter. The Detroit, Michigan-based company's operating revenues dipped to $1.96 billion from $2.34 million in the prior-year quarter.
CMS is currently at $13.62, down $0.12 or 0.87%. For the past 52 weeks, the shares traded in a range of $8.70 - $14.13.
For comments and feedback: contact editorial@rttnews.com Copyright(c) 2009 RTTNews.com, Inc. All Rights Reserved
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
