Consumers Energy has been busy this week reconnecting tens of thousands of customers who lost power during last Sunday's ice & snow storm. So it could be argued the utility was due some good news. Today CMS Energy announced the Jackson-based utility profits increased last year.
CMS Energy announced today reported net income of $324 million, or $1.28 per share, for 2010 compared to reported net income of $218 million, or $0.91 per share, in 2009. The company's 2010 adjusted (non-Generally Accepted Accounting Principles) net income, which excludes the effects of legacy issues associated with previously sold assets and certain other items, was $345 million, or $1.36 per share, compared to $300 million, or $1.26 per share, in 2009. For the fourth quarter of 2010, the company's reported net income was $25 million, or $0.09 per share, compared to $6 million, or $0.02 per share, in the same quarter of 2009. The 2009 fourth quarter results reflect a one-time charge of $79 million linked to a refund order, which now is complete.