Investor Meetings November 2018 FOCUSED ON WORLD CLASS PERFORMANCE
|
|
- Johnathan Fisher
- 5 years ago
- Views:
Transcription
1 Investor Meetings November 2018 FOCUSED ON WORLD CLASS PERFORMANCE
2 This presentation is made as of the date hereof and contains forward-looking statements as defined in Rule 3b-6 of the Securities Exchange Act of 1934, Rule 175 of the Securities Act of 1933, and relevant legal decisions. The forward-looking statements are subject to risks and uncertainties. All forward-looking statements should be considered in the context of the risk and other factors detailed from time to time in CMS Energy s and Consumers Energy s Securities and Exchange Commission filings. Forward-looking statements should be read in conjunction with FORWARD-LOOKING STATEMENTS AND INFORMATION and RISK FACTORS sections of CMS Energy s and Consumers Energy s most recent Form 10-K and as updated in reports CMS Energy and Consumers Energy file with the Securities and Exchange Commission. CMS Energy s and Consumers Energy s FORWARD-LOOKING STATEMENTS AND INFORMATION and RISK FACTORS sections are incorporated herein by reference and discuss important factors that could cause CMS Energy s and Consumers Energy s results to differ materially from those anticipated in such statements. CMS Energy and Consumers Energy undertake no obligation to update any of the information presented herein to reflect facts, events or circumstances after the date hereof. The presentation also includes non-gaap measures when describing CMS Energy s results of operations and financial performance. A reconciliation of each of these measures to the most directly comparable GAAP measure is included in the appendix and posted on our website at CMS Energy provides historical financial results on both a reported (GAAP) and adjusted (non-gaap) basis and provides forward-looking guidance on an adjusted basis. During an oral presentation, references to earnings are on an adjusted basis. All references to earnings per share are on a diluted basis. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, regulatory items from prior years, or other items. Management views adjusted earnings as a key measure of the company s present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the company uses adjusted earnings to measure and assess performance. Because the company is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, the company's reported earnings in future periods, the company is not providing reported earnings guidance nor is it providing a reconciliation for the comparable future period earnings. The adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for the reported earnings. References to earnings guidance refer to such guidance as provided by the company on October 25, Similarly, management views the ratio of Funds From Operations (FFO)/Average Debt as a key measure of the company s operating financial performance and its financial position, and uses the ratio for external communications with analysts and investors. Because the company does not establish its target FFO/Average Debt ratio based on a specific target numerator and target denominator, the company is unable to provide a reconciliation to a comparable GAAP financial measure for future periods. Management also views adjusted operating and maintenance (O&M) expenses as an important measure of operating efficiency. This measure excludes expenses related to energy efficiency because they have no impact on net income, as well as certain historical amounts that reduce comparability to the current period. Other adjustments could include restructuring costs and regulatory items from prior years. Because the company is not able to estimate the impact of specific line items that have the potential to significantly impact reported maintenance and other operating expenses, the company is not providing a reconciliation for the comparable future period expenses. Investors and others should note that CMS Energy routinely posts important information on its website and considers the Investor Relations section, a channel of distribution. 2
3 CMS Overview
4 CMS Energy Overview Consumers Energy 94% of Operating Income Corporate Structure Gas Electric CMS Energy (NYSE: CMS) Enterprises 2017 Avg. Rate Base $4.6 Bn $10.7 Bn EnerBank Key Information 2017 Financial Statistics Based in Jackson, MI b Employees (40% unionized) Revenue Adjusted net income Dividend payout ratio Growth for past 15 years a a Senior Management Team Patti Poppe CEO Rejji Hayes CFO Cathy Reynolds General Counsel Cathy Hendrian Human Resources DV Rao Strategy & Planning Garrick Rochow Operations Brian Rich CIO & Customer Experience JF Brossoit Engineering Brandon Hofmeister Gov t & Regulatory Affairs a Non-GAAP b Non-GAAP CAGR 4
5 CMS Performance Exemplifies... PEOPLE PLANET PROFIT 2017 Among Best Ever Results Safest year on record #1 Diverse Utility in the Nation and #1 Employer for Diversity in Michigan by Forbes Magazine Best place to work in Michigan by Forbes Magazine Highest customer satisfaction ever! #1 Company in Michigan in Newsweek s Green Rankings Highest U.S. utility score for sustainability performance by Sustainalytics Expanded CrossWinds Energy Park (44 MW) to support the Green Tariff Clean Energy Goals 15 years of +7% EPS growth Raised dividend 7% YOY, 12 years of growth Credit upgraded; ~20% b FFO/avg. debt at year-end Attracted 69 MW of new load through economic development efforts a New Goals Announced in 2018! _ a Adjusted EPS (non-gaap) CAGR CARING FOR OUR COMMUNITIES _ b Non-GAAP 80% REDUCTION IN CARBON & ZERO COAL BY 2040 CAPITAL INVESTMENT OPPORTUNITIES... world class performance delivering hometown service. 5
6 Consumers Energy... Overview 4 th largest combination utility (electric and gas) in the country 2017 revenue = $6.2 billion 2017 earnings = $630 million Our Service Territory Electric Utility 1.8 million electric customers 8,455 MW of capacity Gas Utility 1.8 million gas customers 309 bcf gas storage (#1 in the U.S.) Serving 6.7 million residents... is a world class utility. 6
7 CMS Enterprises... DIG & Peakers ~1,000 MWs of gas plants in MI Long-term energy tolling agreements Shorter-term bilateral capacity contracts Upside: tightening supply with future retirements Renewable Platform Existing: 27 MWs of solar and 64 MWs biomass Just announced: 105 MWs of wind in Ohio 15-year PPA with GM Upside: utility-like returns with credit worthy counterparties... continues to build its renewable portfolio. 7
8 Compelling Investment Thesis... Aging Infrastructure Strong Cash Flow & Balance Sheet Diversified Service Territory Affordable Prices Constructive Regulation... adaptive to changing conditions. 8
9 Large and Aging System... Electric distribution system is older than peers Gas distribution system replacement plan: 25 years, 27,000 miles 1,670 miles of gas transmission pipeline; most built in the WWII era Age of coal fleet is more than 50 years... requires significant customer investment. 9
10 Gas System Investment... Electric Dist. $3½ Bn Supply $1½ Bn Gas Infra. & Maint. $5 Bn Compression and Storage $½ Bn #1 Underground storage #5 Transmission miles Transmission $2 Bn #5 Distribution miles U.S. LDC Rank, Source: DOT Distribution $2½ Bn... has increased more than 60% over the last 5 years. 10
11 Electric System Investment... Electric Dist. $3½ Bn Supply $1½ Bn Gas Infra. & Maint. $5 Bn Supply $1½ Bn HVD System $½ Bn LVD System $2½ Bn Substations $½ Bn... consists of needed and modular projects. 11
12 Clean and Lean... Old Utility Model Clean And Lean Big Build Big Build Excess supply Supply Excess supply Retirement Expected Demand Excess supply O&M Fuel Actual Demand Modular Modular EE & DR Fully utilize assets Supply O&M Fuel Modular Demand Big Bets Lower Risk Results in excess capacity, higher cost Matches supply with demand... matches supply with demand in a modular way. 12
13 Michigan Offers... Tier 1 Premium Regulatory 6 Michigan Present Supportive Policy Economic growth (tax policies, skilled labor, balanced budgets) UBS Research, 2017 state rankings and D.C Forward-looking test year (10-month rate case) Energy efficiency incentive (20% of spend) Attractive renewable investment framework Constructive ROEs... economic and energy policies that support business growth. 13
14 Simple, Perhaps Unique Model... EPS Growth a Self Funding: - Cost reductions - Sales (continued economic development & EE) - Other (Enterprises, tax planning, etc.) INVESTMENT SELF-FUNDED Customer Prices at or below inflation Plan 6% - 8% 2-3 pts pts < 2% _ a Adjusted EPS (non-gaap)... enhanced with tax reform. 14
15 Customer Investment Plan Skewed... Large and Aging System Rate Base Growth Electric Gas 7% CAGR $15 Bn $21 Bn 60% 70% 30% 40% towards gas investments. 15
16 Cost Reduction Strategy... Capital-Enabled Gas Replacements Pole-top Hardening Clean & Lean Technology-Enabled Structural/ Process Changes Smart Grid Mobility CE Way Digital Customer Benefits Safety Reliability Better Service Affordable Bills Retirements PPAs... largely funds customer investments. 16
17 Our Entire Cost Structure % 90% 80% 70% Cost Components Coal to Gas / PPA Fuel and Power Costs Residential Electric Bills (current dollars) $106 $100 Down 6% a ~70% 60% 50% 40% 30% 20% 10% ~70% O&M Costs Taxes Tax Reform Capital Investments Cost of Capital $10½ Bn Customer Investment ( E) E Residential Gas Bills (current dollars) $85 $62 Down 27% a 0% E a Source: bls.gov for historical data, Bloomberg for 2018 estimate... provides opportunities to lower costs and avoid rate fatigue. 17
18 Economic Development Efforts... Our Service Territory Outperforms b Building permits +208% +161% +123% GDP Growth Population Growth Grand Rapids Michigan U.S a New Load 6% of Sales ~2,000 Gwh Near-Term Pipeline 2018 (est) 2017 Unemployment (August 2018) _ a Grand Rapids b Annualized numbers September are robust and helps drive our model. 18
19 Credit Metrics Maintained... S&P / Fitch Moody s AA- Aa3 A+ A1 A A2 A- A3 BBB+ Baa1 BBB BBB- BB+ BBB+ BBB BBB- BB+ BB BB- Baa2 Baa3 Ba1 Baa1 Baa2 Baa3 Ba1 Ba2 Ba3 B+ B1 B B2 B- B3 S&P (Dec. 16) Moody s (Jun. 18) Fitch (Jul. 18) Outlook Stable Stable Stable Consumers Secured CMS Unsecured Present Prior 2002 FFO / Average Debt 19% 17% Target Range _ a Non-GAAP ~18% < 30% HoldCo Debt 2018 (w/ Tax Reform) a... at solid investment-grade levels. 19
20 Managing Work Every Year... a EPS $2.20 $2.00 $1.80 $1.60 $1.40 $1.20 Reinvestment Hot Summer +8% Reinvestment Hot Summer Storms +7% Mild Winter +7% Hot Summer Cost productivity above plan Reinvestment +7% +7% Cost productivity above plan RECORD WARM Mild Summer +7% Cost productivity above plan Storms Offsets +7% Significant utility reinvestment over the past 5 years 2017 Weather & Storms Cost productivity +7% $ Cost productivity _ a Adjusted EPS (non-gaap)... maximizes benefits for customers AND investors. 20
21 21 CMS Trading Performance % Stock Performance CMS UTY S&P 500 a CMS UTY S&P 500 Total Shareowner Return b 150% 100% 50% 172% 82% 129% 289% 0% 19% -50% -100% '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 17 _ a 10-year stock performance as of December 29, % 1 Year 49% 3 Year _ b Dividends reinvested as of December 29, Year 10 Year... has exceeded those of our peers and the broader market.
22 Top of Mind
23 Top of Mind... Regulatory Update Michigan Elections Integrated Resource Plan Renewables Expansion Tax Reform Q3 Earnings and People, Planet, Profit. 23
24 Long-Term Regulatory Planning... Regulatory / Policy 2/22: Tax reform order U Electric Gas 3/1: Filed 5-Yr electric dist. plan U /1: Gas investment tracker $18 MM U /15: Filed long-term generation plan (IRP) U /29: Final order U $72 MM (on 6/28) 10.0% ROE Final Settlement Revenue: $11 MM ROE: 10.0% Trackers: ~$9½ MM /28: Credit A order for Gas Utility $49 MM 5/14: Filed $58 MM at 21% tax rate U /24: Credit A order for Electric Utility $113 MM Current Request Revenue: $44 MM ROE: 10.75% Trackers: $49 MM 8/28: Final order U Today Fall: File next gas case 2019 Q2: Expected IRP order U Mar: Expected final order U provides significant customer value and long-term visibility. 24
25 Gas Investment Needs... Upcoming Gas Projects Benefits ~ 140 Miles ~ 950 Miles Safety Main Replacements Pipeline Integrity Customer Experience ~ 60 Miles 25,000 Leak Reduction Increased Capacity Saginaw Trail Vintage Service Lines... prioritize safety, reliability and affordability. 25
26 Best-in-Class Commission... MPSC Commissioners Sally Talberg (I), Chair Term Ends: July 2, 2021 Backdrop Appointed by the Governor (not elected) Norm Saari (R) Term Ends: July 2, 2019 Chair selected by the Governor Staggered six year terms, spaced two years apart Rachael Eubanks (I) Term Ends: July 2, 2023 Maximum of two from a party at one time... supports constructive energy policy. 26
27 Michigan Political Environment Gubernatorial Election Senate Democrat Republican Democrats: 10 Vacant Seat: 1 Republicans: Gretchen Whitmer Key Issues: Economy Infrastructure Education Bill Schuette Energy policy is not a large campaign issue 4-year terms, concurrent with Governor s term, 2-term limit House of Representatives Democrats: 47 Republicans: year terms, even numbered years, 3-term limit 27
28 Filed Integrated Resource Plan IRP... Clean and Lean Overview No Certificate of Necessity Required < 225 MW Modular Modular EE & DR Fully utilize assets Supply O&M Fuel Modular Demand Lower Risk File Date: June 15, 2018 Expected Order Date: Q Case No.: U Capital Investment Opportunities: No Change to 5-year, $10 Bn Plan (IRP includes REP* spend of ~$1 Bn) $3 Bn opportunity in 10-year Plan Financial Incentives: Energy Efficiency, ~$45 MM pre-tax annually by 2021 (vs. $34 MM Plan) Demand Response, filed 5/31 _ *Renewable Energy Plan... seizing a once in-a-generation opportunity to reshape Michigan's energy future. 28
29 Modeling Scenarios... Model Selection Always Energy Efficiency Renewables Business as Usual Sustained low natural gas prices and electric demand No carbon regulation Environmental Policy Stringent carbon regulations Emerging Technologies Technological advancements and economies of scale Energy Waste Reduction Preferred Solar and Never Traditional Baseload X X... almost always chose energy efficiency and renewables. 29
30 Industry-Leading Climate Goals breakthrough thinking for our planet. 30
31 Protecting Michigan s Environment... 0 Reducing Carbon Emissions (Since 2005) Today % Adding Renewable Energy 43% Renewables Karn 1 & 2 Retirement (2023) Campbell 1 & 2 Retirement (2031) Campbell 3 Retirement (2039) % ~45% cv 25% 15% RPS By 2022 ~70% -100% > 90% 0% ' '21 '24 ' '30 '33 ' '39... for future generations. 31
32 Future Capacity Resources... 1,500 (ZRC) Near-Term Plan Customer Savings a ~$30 MM 5,000 (ZRC) Long-Term Plan Karn 1 & 2 (2023) Palisades (2022) Existing Surplus Solar Wind Energy Efficiency Filer City Backfill Demand Response REP Plan Lower Price Other Small PPAs and Load Growth Campbell 3 (2039) Karn 3 & 4 (2031) Campbell 1 & 2 (2031) MCV (2030) Battery Solar Demand Response 6,000 MWs Energy Efficiency _ a Karn 1&2 O&M Savings Retirements Replacements Retirements Replacements... reshapes our generation fleet. 32
33 Expanding Our Renewable Portfolio... New Utility Wind Renewable Tariff Enterprises Gratiot Farms Wind Cross Winds II Northwest Ohio Wind 150 MW In Service: 2020 Helps achieve 15% RPS by MW Fully subscribed by Switch & GM with competitive pricing 105 MW 15-yr PPA with GM Largely contracted portfolio... in alignment with The Triple Bottom Line. 33
34 Tax Reform Three Step Approach... Step 1: (Credit A) Filed to determine forward-looking customer credit to adjust for tax reform Gas Utility filed Mar. 30 th Electric Utility filed Apr. 30 th MPSC approval within 90 days of all filings Step 2: (Credit B) Filed to determine catch-up customer credit Gas Utility filed Aug. 27 th : period of Jan. Jun. (to be implemented Dec. 2018) Electric Utility filed Sept. 24 th : period of Jan. Jul. (to be implemented Jan. 2019) Step 3: (Calculation C) Filed Oct. 1 st to determine deferred federal income taxes treatment Tax Credit Timeline 3/30: Filed 4/30: Filed 7/1: Credit A 7/24: Credit A 8/27: Filed 9/24: Filed 10/1: Filed forward-looking forward- for Gas Utility approved for catch-up catch-up Calc. C Credit A for looking Credit A $49 MM Electric Utility Credit B for Credit B for $1.6 Bn for Gas Utility for Electric in rates $113 MM Credit Gas Utility Electric Utility Electric Utility (U-18424) to Customers $31 MM $70 MM & Gas 12/1: Credit B implemented for Gas Utility... for returning benefits to customers. 34
35 Financial Information (Q3 Earnings Call)
36 a EPS Results and Guidance... First nine months 2018: at $1.93 up 16% from Full-year guidance raised: to $ $2.34, up 6% to 8% 2019 Full-year guidance introduced: at $ $2.50, up 6% to 8% Future long-term annual growth: at 6% to 8% _ a Adjusted EPS (non-gaap)... updated with confidence in this year and looking forward. 36
37 2018 YTD Performance... Year-to-Date Results b By Business Segment EPS (GAAP) Adjustment Adjusted (non-gaap) $ $1.66 $1.94 (0.01) $ % Utility Enterprises Interest & other EPS $2.02 a 0.11 (0.20) Weather-normalized a $1.84 $1.73 CMS Energy $1.93 Third Quarter EPS (GAAP) Adjustment Adjusted (non-gaap) Weather-normalized a _ a Adjusted EPS (non-gaap) b Reflects prior tax rate... ahead of plan and focused on reinvestments. 37
38 a 2018 EPS... First Nine Months Three Months To Go +27 (13) - (10) $ Absent (24) (6) 1 (8) -(5) $ $2.34 6% - 8% YTD $1.66 Reinvestments: Safety Reliability Employee/ customer Debt pre-funding Other Total YTD $ Weather Cost Savings Rates and Usage, Absence Rates & Cost Savings/ 2018 & Investments Enterprises of 2017 Investment (Reinvestment) (Reinvestment) & Other Weather & Other _ a Adjusted EPS (non-gaap)... on track. 38
39 Operating Cash Flow Generation... Amount (Bn) $ ~$9 Bn in aggregate $3.3 Bn Aggregate despite timing of tax benefits Investment 0.2 (0.3) Cash flow before dividend (0.8) NOLs & credits $0.6 $0.4 $0.3 $0.3 $0.3 $ remains strong and supports our capital plan. 39
40 2018 Financial Targets... Adjusted EPS (non-gaap) 2018 $2.31 to $ % to +8% Long-Term Plan +6% to +8% Operating cash flow (MM) $1,650 Up $100/yr a Dividend payout ratio (non-gaap) Customer price Electric Gas ~ 62% ~ 62% (1)% ~ 2% (3)% ~ 2% FFO/average debt (non-gaap) Customer investment (Bn) ~18% $1.9 ~17% - 19% > $2.0/yr Continuous equity (MM) _ a Beginning in 2020 No change Incr. ~$30/yr... 16th year of transparent, consistent, strong performance. 40
41 2018 Sensitivities... Sales a Electric (37,477 GWh) Gas (303 Bcf) Full Year Impact Sensitivity EPS OCF + 1% $ Gas prices (NYMEX) Utility ROE (planned) Electric (10.1%) Gas (10.1%) + 10 bps ½ + ½ Interest rates +100 bps < 1 7 (MM) Order received 3/29 Order on settlement 8/28 _ a Reflect 2018 sales forecast; weather - normalized... reflect strong risk mitigation. 41
42 DIG (750 MW) & Peakers (200 MW)... Pre-Tax Income (MM) $ $12 Outage Pull-ahead Contracts (layering in over time) $30 Better Performance $45 Better Performance $ $20 Opportunities Future +$40 Capacity ($/kw-mth) $1.00 $2.00 $3.00 < $3.00 $4.50 $7.50 Available: Energy 0% 0% 0% 0% 25% Capacity <5 50% - 90% $55 $75... offers risk mitigation to Plan. 42
43 GAAP Reconciliation
44 CMS ENERGY CORPORATION Reconciliation of Non-GAAP FFO to Average Debt Ratio (Unaudited) FUNDS FROM OPERATIONS 12/31/17 Year Ended In Millions Net Cash Provided by Operating Activities $ 1,705 Reconciling item: Securitization amortization and other 10 Funds From Operations (FFO) Non-GAAP $ 1,715 AVERAGE DEBT In Millions As of 12/31/17 12/31/16 Indebtedness Long-term debt (1) $ 10,204 $ 9,504 Capital leases and financing obligation (1) Notes payable (1) Total Indebtedness 10,487 10,034 Reconciling items: Securitization debt (1) (302) (328) EnerBank debt (1) (1,245) (1,198) Adjusted Debt Non-GAAP $ 8,940 $ 8,508 Average Debt Non-GAAP $ 8,724 (1) Includes current and non-current portions. FFO TO AVERAGE DEBT RATIO In Millions, Except Ratio Year Ended 12/31/17 Funds from operations (FFO) non-gaap $ 1,715 Average debt non-gaap $ 8,724 FFO to Average Debt Ratio Non-GAAP 19.7% 44
45 CMS ENERGY CORPORATION Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income by Quarter (Unaudited) In Millions, Except Per Share Amounts Q 2Q 3Q 4Q YTD Dec (1) Net Income Available to Common Stockholders $ 199 $ 92 $ 172 $ (3) $ 460 Reconciling items: Electric utility and gas utility Tax impact Enterprises * * Tax impact (*) (*) (*) Corporate interest and other 1 1 * - 2 Tax impact (*) (1) (*) Discontinued operations (income) loss * * * * * Adjusted Net Income Non-GAAP $ 200 $ 92 $ 173 $ 145 $ 610 Average Common Shares Outstanding Diluted Diluted Earnings Per Average Common Share $ 0.71 $ 0.33 $ 0.61 $ (0.01) $ 1.64 Reconciling items: Electric utility and gas utility Tax impact Enterprises * * * * * Tax impact (*) (*) (*) Corporate interest and other * * 0.01 * 0.01 Tax impact (*) (*) (*) Discontinued operations (income) loss * * * * * Adjusted Diluted Earnings Per Average Common Share Non-GAAP $ 0.71 $ 0.33 $ 0.62 $ 0.51 $ 2.17 In Millions, Except Per Share Amounts Q 2Q 3Q 4Q YTD Dec (1) Net Income Available to Common Stockholders $ 164 $ 124 $ 186 $ 77 $ 551 Reconciling items: Electric utility and gas utility * 11 Tax impact - - (4) (*) (4) Enterprises * * * 1 1 Tax impact (*) (*) (*) (*) (*) Corporate interest and other * * Tax impact (*) (*) (1) (2) (3) Discontinued operations (income) loss * * (*) (*) * Adjusted Net Income Non-GAAP $ 164 $ 124 $ 194 $ 81 $ 563 Average Common Shares Outstanding Diluted Diluted Earnings Per Average Common Share $ 0.59 $ 0.45 $ 0.67 $ 0.28 $ 1.98 Reconciling items: Electric utility and gas utility * 0.04 Tax impact - - (0.01) (*) (0.01) Enterprises * * * * * Tax impact (*) (*) (*) (*) (*) Corporate interest and other * * * Tax impact (*) (*) (*) (0.01) (0.01) Discontinued operations (income) loss * * (*) (*) * Adjusted Diluted Earnings Per Average Common Share Non-GAAP $ 0.59 $ 0.45 $ 0.70 $ 0.29 $ 2.02 * Less than $0.5 million or $0.01 per share. (1) Year-to-date (YTD) EPS may not equal the sum of the quarters due to changes in the number of shares outstanding. 45
46 In Millions, Except Per Share Amounts Three Months Ended Nine Months Ended 9/30/18 9/30/17 9/30/18 9/30/17 Electric Utility Reported net income per share $ 0.70 $ 0.63 $ 1.65 $ 1.40 Reconciling items: Restructuring costs and other Adjusted net income per share non-gaap $ 0.70 $ 0.63 $ 1.65 $ 1.40 Gas Utility Reported net income (loss) per share $ (0.07) $ 0.02 $ 0.37 $ 0.36 Reconciling items: Restructuring costs and other Adjusted net income per share non-gaap $ (0.07) $ 0.02 $ 0.37 $ 0.36 Enterprises Reported net income per share $ 0.01 $ 0.03 $ 0.12 $ 0.10 Reconciling items: Restructuring costs and other * * * * Tax impact (*) (*) (*) (*) Gain on assets previously sold - - (0.01) - Tax impact - - * - Adjusted net income per share non-gaap $ 0.01 $ 0.03 $ 0.11 $ 0.10 Corporate Interest and Other Reported net loss per share $ (0.05) $ (0.07) $ (0.20) $ (0.21) Reconciling items: Restructuring costs and other * 0.01 * 0.01 Tax impact (*) (*) (*) (*) Adjusted net loss per share non-gaap $ (0.05) $ (0.06) $ (0.20) $ (0.20) Discontinued Operations Reported net income (loss) per share $ * $ (*) $ * $ (*) Reconciling items: Discontinued operations (income) loss (*) * (*) * Adjusted net income per share non-gaap $ - $ - $ - $ - Consolidated Reported net income per share $ 0.59 $ 0.61 $ 1.94 $ 1.65 Reconciling items: Discontinued operations (income) loss (*) * (*) * Restructuring costs and other * 0.01 * 0.01 Tax impact (*) (*) (*) (*) Gain on assets previously sold - - (0.01) - Tax impact - - * - Adjusted net income per share non-gaap $ 0.59 $ 0.62 $ 1.93 $ 1.66 Average Common Shares Outstanding Diluted * Less than $0.01 per share. CMS ENERGY CORPORATION Reconciliation of GAAP EPS to Non-GAAP Adjusted EPS by Segment (Unaudited) 46
47 CMS ENERGY CORPORATION Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income (Unaudited) In Millions, Except Per Share Amounts Three Months Ended Nine Months Ended 9/30/18 9/30/17 9/30/18 9/30/17 Net Income Available to Common Stockholders $ 169 $ 172 $ 549 $ 463 Reconciling items: Discontinued operations (income) loss (*) * (*) * Restructuring costs and other * Tax impact (*) (*) (*) (1) Gain on assets previously sold - - (4) - Tax impact Adjusted net income non-gaap $ 169 $ 173 $ 547 $ 465 Average Common Shares Outstanding Basic Diluted Basic Earnings Per Average Common Share Reported net income per share $ 0.60 $ 0.61 $ 1.95 $ 1.65 Reconciling items: Discontinued operations (income) loss (*) * (*) * Restructuring costs and other * 0.01 * 0.01 Tax impact (*) (*) (*) (*) Gain on assets previously sold - - (0.01) - Tax impact - - * - Adjusted net income per share non-gaap $ 0.60 $ 0.62 $ 1.94 $ 1.66 Diluted Earnings Per Average Common Share Reported net income per share $ 0.59 $ 0.61 $ 1.94 $ 1.65 Reconciling items: Discontinued operations (income) loss (*) * (*) * Restructuring costs and other * 0.01 * 0.01 Tax impact (*) (*) (*) (*) Gain on assets previously sold - - (0.01) - Tax impact - - * - Adjusted net income per share non-gaap $ 0.59 $ 0.62 $ 1.93 $ 1.66 * Less than $0.5 million or $0.01 per share. Management views adjusted (non-generally Accepted Accounting Principles) earnings as a key measure of the Company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the Company uses adjusted earnings to measure and assess performance. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, regulatory items from prior years, or other items detailed in these summary financial statements. Adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for reported earnings. 47
48 CMS ENERGY CORPORATION Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income by Quarter (Unaudited) 1Q In Millions, Except Per Share Amounts Q 3Q Net Income Available to Common Stockholders $ 241 $ 139 $ 169 Reconciling items: Electric utility and gas utility Tax impact Enterprises * (3) * Tax impact (*) 1 (*) Corporate interest and other * * * Tax impact (*) (*) (*) Discontinued operations (income) loss * * (*) Adjusted Net Income Non-GAAP $ 241 $ 137 $ 169 Average Common Shares Outstanding Diluted Diluted Earnings Per Average Common Share $ 0.86 $ 0.49 $ 0.59 Reconciling items: Electric utility and gas utility Tax impact Enterprises * (0.01) * Tax impact (*) * (*) Corporate interest and other * * * Tax impact (*) (*) (*) Discontinued operations (income) loss * * (*) Adjusted Diluted Earnings Per Average Common Share Non-GAAP $ 0.86 $ 0.48 $ 0.59 In Millions, Except Per Share Amounts Q 2Q 3Q 4Q Net Income (Loss) Available to Common Stockholders $ 199 $ 92 $ 172 $ (3) Reconciling items: Electric utility and gas utility Tax impact Enterprises * * 1 1 Tax impact (*) (*) (*) 56 Corporate interest and other 1 1 * - Tax impact (*) (1) (*) 57 Discontinued operations loss * * * * Adjusted Net Income Non-GAAP $ 200 $ 92 $ 173 $ 145 Average Common Shares Outstanding Diluted Diluted Earnings (Loss) Per Average Common Share $ 0.71 $ 0.33 $ 0.61 $ (0.01) Reconciling items: Electric utility and gas utility Tax impact Enterprises * * * * Tax impact (*) (*) (*) 0.20 Corporate interest and other * * 0.01 * Tax impact (*) (*) (*) 0.20 Discontinued operations loss * * * * Adjusted Diluted Earnings Per Average Common Share Non-GAAP $ 0.71 $ 0.33 $ 0.62 $ 0.51 * Less than $0.5 million or $0.01 per share. 48
49 CMS ENERGY CORPORATION Earnings Per Share By Year GAAP Reconciliation (Unaudited) Reported earnings (loss) per share - GAAP ($0.30) $0.64 ($0.44) ($0.41) ($1.02) $1.20 $0.91 $1.28 $1.58 $1.42 $1.66 $1.74 $1.89 $1.98 $1.64 Pretax items: Electric and gas utility 0.32 (0.60) - - (0.06) Tax impact (0.11) (0.01) (0.03) (0.22) (0.02) - (0.10) (0.01) 0.12 (b) Enterprises (0.12) 1.67 (0.02) 0.14 (0.05) * (0.01) * 0.05 * * * Tax impact (0.19) (0.35) (0.02) 0.10 (0.42) * (0.05) 0.02 (0.11) * (*) (0.02) (*) (*) 0.20 (b) Corporate interest and other 0.25 (0.06) * - * * * * Tax impact (0.09) 0.03 (0.02) (0.18) (0.49) (0.03) (*) (*) (0.01) (*) (*) (*) (*) (0.01) 0.20 (b) Discontinued operations (income) loss, net (0.16) 0.02 (0.07) (0.03) 0.40 (*) (0.08) 0.08 (0.01) (0.03) * (*) (*) * * Asset impairment charges Tax impact - - (0.98) (0.31) (0.33) Cumulative accounting changes Tax impact (0.09) (0.01) Adjusted earnings per share, including MTM - non-gaap $0.81 $0.87 $1.39 $0.57 $0.84 $1.21 (a) $1.26 $1.36 $1.45 $1.55 $1.66 $1.77 $1.89 $2.02 $2.17 Mark-to-market 0.04 (0.65) 0.80 Tax impact (0.01) 0.22 (0.29) Adjusted earnings per share, excluding MTM - non-gaap NA $0.90 $0.96 $1.08 NA NA NA NA NA NA NA NA NA NA NA * Less than $0.01 per share. (a) $1.25 excluding discontinued Exeter operations and accounting changes related to convertible debt and restricted stock. (b) Reflects the impact of tax reform. 49
50 CMS ENERGY CORPORATION Weather Impact on Year Over Year Earnings (Unaudited) In Millions, Except Per Share Amounts Nine Months Ended 9/30/2018 9/30/2017 Change Net Income Available to Common Stockholders $ 549 $ 463 $ 86 Reconciling items: Restructuring costs and other 1 3 (2) Tax impact (*) (1) 1 Gain on assets previously sold (4) - (4) Tax impact 1-1 Adjusted Net Income $ 547 $ 465 $ 82 Reconciling items: Non-normal weather impact (75) 82 (157) Tax impact 19 (32) 51 Non-Normal Weather Impact (Net) $ (56) $ 50 $ (106) Adjusted Weather-Normalized Net Income $ 491 $ 515 $ (24) Reported Net Income Per Share $ 1.94 $ 1.65 $ 0.29 Reconciling items: Restructuring costs and other * 0.01 (0.01) Tax impact (*) (*) (*) Gain on assets previously sold (0.01) - (0.01) Tax impact * - * Adjusted Net Income Per Share $ 1.93 $ 1.66 $ 0.27 Reconciling items: Non-normal weather impact (0.27) 0.29 (0.56) Tax impact 0.07 (0.11) 0.18 Adjusted Non-Normal Weather Impact (Net) $ (0.20) $ 0.18 $ (0.38) Weather- Normalized Adjusted Weather-Normalized Change (% ) Net Income Per Share $ 1.73 $ 1.84 $ (0.11) -6% Average Common Shares Outstanding - Diluted * Less than $0.5 million or $0.01 per share. 50
51 CMS ENERGY CORPORATION Weather Impact on Year Over Year Earnings (Unaudited) In Millions, Except Per Share Amounts Three Months Ended 9/30/2018 9/30/2017 Change Net Income Available to Common Stockholders $ 169 $ 172 $ (3) Reconciling items: Restructuring costs and other * 1 (1) Tax impact (*) (*) (*) Gain on assets previously sold Tax impact Adjusted Net Income $ 169 $ 173 $ (4) Reconciling items: Non-normal weather impact (43) 10 (53) Tax impact 11 (4) 15 Non-Normal Weather Impact (Net) $ (32) $ 6 $ (38) Adjusted Weather-Normalized Net Income $ 137 $ 179 $ (42) Reported Net Income Per Share $ 0.59 $ 0.61 $ (0.02) Reconciling items: Restructuring costs and other * 0.01 (0.01) Tax impact (*) (*) (*) Gain on assets previously sold Tax impact Adjusted Net Income Per Share $ 0.59 $ 0.62 $ (0.03) Reconciling items: Non-normal weather impact (0.16) 0.03 (0.19) Tax impact 0.04 (0.01) 0.05 Non-Normal Weather Impact (Net) $ (0.12) $ 0.02 $ (0.14) Adjusted Weather-Normalized Net Income Per Share $ 0.47 $ 0.64 $ (0.17) Average Common Shares Outstanding - Diluted * Less than $0.5 million or $0.01 per share. 51
52 CONSUMERS ENERGY Reconciliation of Cost Reductions (mils) (mils) CAGR Maintenance & Other Operating Expenses (GAAP) $ (1,179) $ (1,090) -0.8% Less: Gas & Energy Efficiency -2.7% Other 0.5% Total Adjustments -2.2% Cost Reductions (3% a year) -3.0% CONSUMERS ENERGY Reconciliation of O&M Costs (Annual decrease %) (mils) (mils) CAGR Maintenance & Other Operating Expenses (GAAP) $ (1,174) $ (1,090) -2.4% Less: Restructuring Costs & Other -1.1% O&M Costs (Annual Decrease %) -3.5% 52
53 CONSUMERS ENERGY COMPANY Reconciliation of GAAP Operations & Maintenance to Non-GAAP Operations & Maintenance (Unaudited) In Millions Twelve Months Ended 2017 over 12/31/ /31/ GAAP O&M $ (1,174) $ (1,113) -5% Less: Restructuring Costs & Other -6% Adjusted Non-GAAP O&M $ (1,022) $ (911) -11% 53
54 CONSUMERS ENERGY Reconciliation of Annual O&M Spend 2016 (mils) Maintenance & Other Operating Expenses (GAAP) $ (1,090) Less: Energy Efficiency & Other $ 142 O&M Spend $ (948) Rounded $ (950) 54
Investor Meetings January 2019 FOCUSED ON WORLD CLASS PERFORMANCE
Investor Meetings January 2019 FOCUSED ON WORLD CLASS PERFORMANCE This presentation is made as of the date hereof and contains forward-looking statements as defined in Rule 3b-6 of the Securities Exchange
More informationInvestor Meeting December 6, 2017 CMS MODEL: CONSISTENT PAST WITH A SUSTAINABLE FUTURE
Investor Meeting December 6, 2017 CMS MODEL: CONSISTENT PAST WITH A SUSTAINABLE FUTURE This presentation is made as of the date hereof and contains forward-looking statements as defined in Rule 3b-6 of
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event
More informationUBS Natural Gas & Electric Utilities Conference March 2, 2016
UBS Natural Gas & Electric Utilities Conference March 2, 2016 Jackson Gas Plant Ray Compressor station Station Cross Winds Energy Park Among lowest acquisition cost ever #1 LDC in gas storage #2 in renewable
More informationEnvironmental, Social & Governance
Environmental, Social & Governance This presentation is made as of the date hereof and contains forward-looking statements as defined in Rule 3b-6 of the Securities Exchange Act of 1934, Rule 175 of the
More informationSecond Quarter 2014 Results & Outlook
Second Quarter 2014 Results & Outlook July 24, 2014 Cross Winds Energy Park Consumers Smart Energy Program Jackson Gas Plant 1 This presentation is made as of the date hereof and contains forward-looking
More informationInvestor Meetings June 26, 2017
Investor Meetings June 26, 2017 This presentation is made as of the date hereof and contains forward-looking statements as defined in Rule 3b-6 of the Securities Exchange Act of 1934, Rule 175 of the Securities
More informationInvestor Meeting July 11, 2017
Investor Meeting July 11, 2017 This presentation is made as of the date hereof and contains forward-looking statements as defined in Rule 3b-6 of the Securities Exchange Act of 1934, Rule 175 of the Securities
More informationBeaver Creek Mini-Conference December 14-16, 2015
Beaver Creek Mini-Conference December 14-16, 2015 Ludington Pumped Storage Ray Compressor Station Cross Winds Energy Park Fourth largest in the world #1 LDC in gas storage #2 in renewable sales in the
More informationEvercore ISI Utility CEO Retreat
Top of Mind Why Invest? Investment Upsides Partners Regulatory Passion to Improve Evercore ISI Utility CEO Retreat January 8-9, 2015 Ludington Pumped Storage Jackson Ray Compressor Gas Plant Station Cross
More informationCMS ENERGY DELIVERS ITS 15 th YEAR OF STRONG OPERATIONAL AND FINANCIAL RESULTS; RAISES 2018 GUIDANCE
Page 1 of 15 To: Financial Community From: CMS Energy Investor Relations Ph: 517-788-2590; Fx: 517-788-1006 Date: February 14, 2018 http://www.cmsenergy.com Subject: CMS Energy Year-End 2017 Results and
More informationInvestor Meeting May 21, 2015
Investor Meeting May 21, 2015 Ludington Pumped Storage Ray Compressor Station Cross Winds Energy Park Fourth largest in the world #1 LDC in gas storage #2 in renewable sales in the Great Lakes area This
More informationInvestor Meetings June 27, 2016
Investor Meetings June 27, 2016 Jackson Generating Station Among lowest acquisition cost ever Ludington Pumped Storage Fourth largest in the world Cross Winds Energy Park #2 in renewable sales in the Great
More informationInvestor Meeting November 5, 2014
Top of Mind Why Invest? Elections Capex Plan Upsides O&M Regulatory Investor Meeting November 5, 2014 Ludington Pumped Storage Jackson Ray Compressor Gas Plant Station Cross Winds Energy Park Fourth largest
More informationDeutsche Bank s Clean Tech, Utilities & Power Conference May 9, 2016
Deutsche Bank s Clean Tech, Utilities & Power Conference May 9, 2016 Jackson Generating Station Among lowest acquisition cost ever Ludington Pumped Storage Fourth largest in the world Cross Winds Energy
More informationCMS ENERGY ANNOUNCES FIRST QUARTER EARNINGS OF $0.86 PER SHARE; REAFFIRMS 2018 GUIDANCE
Page 1 of 13 To: Financial Community From: CMS Energy Investor Relations Ph: 517-788-2590; Fx: 517-788-1006 Date: April 26, 2018 http://www.cmsenergy.com Subject: CMS Energy 2018 First Quarter Results
More informationEurope Investor Meetings March 14-18, 2016
Europe Investor Meetings March 14-18, 2016 Jackson Gas Plant Among lowest acquisition cost ever Ludington Pumped Storage Fourth largest in the world Cross Winds Energy Park #2 in renewable sales in the
More informationCMS ENERGY CORPORATION Reconciliation of Non-GAAP FFO to Average Debt Ratio (Unaudited)
GAAP Reconciliation Reconciliation of Non-GAAP FFO to Average Debt Ratio FUNDS FROM OPERATIONS 12/31/17 Year Ended In Millions Net Cash Provided by Operating Activities $ 1,705 Reconciling item: Securitization
More informationCMS ENERGY CORPORATION Earnings Per Share By Year GAAP Reconciliation (Unaudited)
GAAP Reconciliation Earnings Per Share By Year GAAP Reconciliation 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Reported earnings (loss) per share - GAAP ($0.30) $0.64 ($0.44)
More informationThird Quarter 2014 Results and Outlook October 23, 2014
Third Quarter 2014 Results and Outlook October 23, 2014 Ludington Pumped Storage Jackson Ray Compressor Gas Plant Station Cross Winds Energy Park Fourth largest in the world #1 LDC in gas storage #2 in
More informationInvestor Call January 27, Among lowest acquisition cost ever #1 LDC in gas storage #2 in renewable sales in the Great Lakes area
Investor Call January 27, 2016 Jackson Gas Plant Ray Compressor station Station Cross Winds Energy Park Among lowest acquisition cost ever #1 LDC in gas storage #2 in renewable sales in the Great Lakes
More informationEEI Financial Conference November 11-13, 2014
Content How it Works Investment Upsides Partners Passion to improve EEI Financial Conference November 11-13, 2014 Ludington Pumped Storage Jackson Ray Compressor Gas Plant Station Cross Winds Energy Park
More informationCMS ENERGY CORPORATION Earnings Per Share By Year GAAP Reconciliation (Unaudited)
GAAP Reconciliation CMS ENERGY CORPORATION Earnings Per Share By Year GAAP Reconciliation (Unaudited) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Reported earnings (loss)
More informationInvestor Meeting Grand Rapids, Michigan October 24, 2013
Investor Meeting Grand Rapids, Michigan October 24, 2013 Cross Winds Energy Park Consumers Smart Energy Program Gas Combined Cycle Plant Agenda The Future - A View from the CEO 3:00-4:30 John Russell Insights
More informationNew York Investor Meetings
New York Investor Meetings May 10, 2016 Safe Harbor Except for the historical statements contained in this release, the matters discussed herein, are forwardlooking statements that are subject to certain
More informationCMS ENERGY CORPORATION Earnings Per Share By Year GAAP Reconciliation (Unaudited)
GAAP Reconciliation CMS ENERGY CORPORATION Earnings Per Share By Year GAAP Reconciliation (Unaudited) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Reported earnings (loss) per
More informationDEUTSCHE 2017 CLEAN TECH, UTILITIES & POWER CONFERENCE
DEUTSCHE 2017 CLEAN TECH, UTILITIES & POWER CONFERENCE New York May 16, 2017 Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This presentation contains forward-looking
More informationBusiness Update. April 10-11, 2018
Business Update April 10-11, 2018 Safe Harbor Statement Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the EPA, the FERC, the MPSC,
More informationSupplemental Slides Third Quarter 2018 Earnings. November 1, 2018
Supplemental Slides Third Quarter 2018 Earnings November 1, 2018 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws. Investors
More informationCMS ENERGY CORPORATION Earnings Per Share By Year GAAP Reconciliation (Unaudited)
GAAP Reconciliation CMS ENERGY CORPORATION Earnings Per Share By Year GAAP Reconciliation (Unaudited) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Reported earnings (loss) per
More information4th Quarter 2011 Earnings & 2012 Guidance Call February 16, 2012
Bill Johnson Chairman, President & CEO 4th Quarter 2011 Earnings & 2012 Guidance Call February 16, 2012 Mark Mulhern Chief Financial Officer Caution Regarding Forward-Looking Statements This presentation
More informationEEI Financial Conference
Click to edit Master title style EEI Financial Conference November 6-8, 2016 1 1 Safe Harbor Statement Many factors impact forward-looking statements including, but not limited to, the following: impact
More informationPortland General Electric
Portland General Electric Earnings Conference Call Fourth Quarter and Full-Year 2017 Cautionary Statement Information Current as of February 16, 2018 Except as expressly noted, the information in this
More informationSEPTEMBER 2017 INVESTOR MEETINGS SEPTEMBER 14, 2017
SEPTEMBER 2017 INVESTOR MEETINGS SEPTEMBER 14, 2017 Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This presentation contains forward-looking statements within the meaning
More informationBoston & New York Investor Meetings October 5 & 6, 2015
Boston & New York Investor Meetings October 5 & 6, 2015 Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This presentation contains forward-looking statements within the
More informationSupplemental Slides Second Quarter 2018 Earnings. August 1, 2018
Supplemental Slides Second Quarter 2018 Earnings August 1, 2018 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws. Investors
More informationInvestor Update. March 2019
Investor Update March 2019 Important Information Forward Looking Statements Statements made in this presentation that are not based on historical facts are forward-looking, may involve risks and uncertainties,
More informationEdison Electric Institute 45 th Financial Conference
Edison Electric Institute 45 th Financial Conference Palm Desert, California November 1-2, 2010 Safe Harbor for Forward- Looking Statements Caution Regarding Forward-Looking Information: This presentation
More information2 nd Quarter Earnings Call Tuesday, August 7, 2018
Delivering today for a brighter tomorrow 2 nd Quarter Earnings Call Tuesday, August 7, 2018 P PPL Corporation 2018 1 Cautionary Statements and Factors That May Affect Future Results Any statements made
More informationNiSource Common Stock Offering and Investor Update. April 2018
NiSource Common Stock Offering and Investor Update April 2018 FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of federal securities laws. Investors and
More information3 rd Quarter Earnings Call Thursday, November 1, 2018
Delivering today for a brighter tomorrow 3 rd Quarter Earnings Call Thursday, November 1, 2018 P PPL Corporation 2018 1 Cautionary Statements and Factors That May Affect Future Results Any statements made
More informationEarnings Conference Call
Exhibit 99.2 Earnings Conference Call Second Quarter 2015 Cautionary Statement Information Current as of July28, 2015 Except as expressly noted, the information in this presentation is current as of July28,
More informationAGA Financial Forum Business Update. May 15-17, 2016
AGA Financial Forum Business Update May 15-17, 2016 Safe Harbor Statement Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the EPA, FERC,
More informationXcel Energy Fixed Income Meetings
Xcel Energy Fixed Income Meetings February 1-2, 2016 Safe Harbor Except for the historical statements contained in this release, the matters discussed herein, are forwardlooking statements that are subject
More information1 st QUARTER 2018 INVESTOR CALL
1 st QUARTER 2018 INVESTOR CALL FINANCIAL PERFORMANCE CENTERPOINT VECTREN MERGER Company updates to high end of $1.50 - $1.60 2018 EPS guidance range MAY 4, 2018 Cautionary Statement This presentation
More informationFOURTH QUARTER AND FULL-YEAR 2018 RESULTS. February 22, 2019
FOURTH QUARTER AND FULL-YEAR 208 RESULTS February 22, 209 FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES This presentation contains forward-looking statements based on current expectations,
More informationPPL Investor Meetings June 5-6, 2018
Delivering today for a brighter tomorrow PPL Investor Meetings June 5-6, 2018 P PPL Corporation 2018 1 Cautionary Statements and Factors That May Affect Future Results Any statements made in this presentation
More informationEVERCORE ISI UTILITY CEO RETREAT. January 12 & 13, 2017
EVERCORE ISI UTILITY CEO RETREAT January 12 & 13, 2017 Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This presentation contains forward-looking statements within the
More information614/ / FOR IMMEDIATE RELEASE
MEDIA CONTACT: ANALYSTS CONTACT: Melissa McHenry Julie Sloat Manager, Corporate Media Relations Vice President, Investor Relations 614/716-1120 614/716-2885 FOR IMMEDIATE RELEASE AEP REPORTS 2004 THIRD-QUARTER
More informationCENTERPOINT ENERGY Investor Update
CENTERPOINT ENERGY Investor Update September 4-5, 2018 Cautionary Statement This presentation and the oral statements made in connection herewith contain forward-looking statements within the meaning of
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-Q
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended
More informationNISOURCE INVESTOR DAY MARCH 8, NiSource NYSE: NI nisource.com
NISOURCE INVESTOR DAY MARCH 8, 2017 Forward Looking Statements Forward-Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws. Investors
More informationPalm Beach, Fla. January 12-13, Evercore ISI Utility CEO Conference
Palm Beach, Fla. January 12-13, 2017 Evercore ISI Utility CEO Conference Forward-Looking Statements Statements contained in this presentation that include company expectations or predictions should be
More informationEarnings Conference Call. Fourth Quarter and Full Year 2014
Earnings Conference Call Fourth Quarter and Full Year 2014 Cautionary Statement Information Current as of February 13, 2015 Except as expressly noted, the information in this presentation is current as
More informationWe have the. energy to make things better for you, for our investors and for our stakeholders.
We have the energy to make things better for you, for our investors and for our stakeholders. 1 Forward-Looking Statements Certain of the matters discussed in this presentation about our and our subsidiaries
More informationNew York City March 3, Morgan Stanley MLP/Diversified Natural Gas, Utilities & Clean Tech Conference
New York City March 3, 2016 Morgan Stanley MLP/Diversified Natural Gas, Utilities & Clean Tech Conference Forward-Looking Statements Statements contained in this presentation that include company expectations
More informationWe have the. energy to make things better for you, for our investors and for our stakeholders.
We have the energy to make things better for you, for our investors and for our stakeholders. 1 Forward-Looking Statements Certain of the matters discussed in this report about our and our subsidiaries'
More informationOUR FUTURE FOCUS GREAT PLAINS ENERGY EEI INVESTOR PRESENTATION
OUR FUTURE FOCUS GREAT PLAINS ENERGY EEI INVESTOR PRESENTATION November 2016 FORWARD-LOOKING STATEMENTS Statements made in this report that are not based on historical facts are forward-looking, may involve
More information4 th Quarter 2013 Earnings Release Presentation January 27, 2014
4 th Quarter 2013 Earnings Release Presentation January 27, 2014 Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This presentation contains forward-looking statements within
More informationInvestor Update. October 2018
Investor Update October 2018 Important Information Forward Looking Statements Statements made in this presentation that are not based on historical facts are forward-looking, may involve risks and uncertainties,
More information4th Quarter Earnings Call. PPL Corporation February 4, 2016
4th Quarter Earnings Call PPL Corporation February 4, 2016 Cautionary Statements and Factors That May Affect Future Results Any statements made in this presentation about future operating results or other
More informationSECOND QUARTER 2017 RESULTS. August 3, 2017
SECOND QUARTER 2017 RESULTS August 3, 2017 FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES This presentation contains forward-looking statements based on current expectations, including statements
More informationPortland General Electric
Portland General Electric Earnings Conference Call First Quarter 2017 Cautionary Statement Information Current as of April 27, 2017 Except as expressly noted, the information in this presentation is current
More informationFocused on Energy Delivery, Positioned to Execute
Focused on Energy Delivery, Positioned to Execute Introduction to CenterPoint Energy March 2018 For more information visit centerpointenergy.com Our 2016 Corporate Responsibility Report can be found at
More informationPublic Service Enterprise Group
Public Service Enterprise Group PSEG Earnings Conference Call 2 nd Quarter 2018 August 1, 2018 Forward-Looking Statements Certain of the matters discussed in this report about our and our subsidiaries
More informationPPL CORPORATION Poised for growth. Investing in our future.
PPL CORPORATION Poised for growth. Investing in our future. 2nd Quarter Earnings Call August 3, 2017 Cautionary Statements and Factors That May Affect Future Results Any statements made in this presentation
More informationResults Presentation /1Q2018. Avangrid, utility of the future
Results Presentation /1Q2018 Legal Notice FORWARD LOOKING STATEMENTS Certain statements in this presentation may relate to our future business and financial performance and future events or developments
More informationBoston & New York City February 26-28, Investor Meetings
Boston & New York City February 26-28, 2018 Investor Meetings Forward-Looking Statements Statements contained in this presentation that include company expectations or predictions should be considered
More informationCENTERPOINT ENERGY Investor Update
CENTERPOINT ENERGY Investor Update October 2, 2018 Cautionary Statement This presentation and the oral statements made in connection herewith contain forward-looking statements within the meaning of Section
More informationPhoenix January 11-12, Evercore ISI Utility CEO Conference
Phoenix January 11-12, 2018 Evercore ISI Utility CEO Conference Forward-Looking Statements Statements contained in this presentation that include company expectations or predictions should be considered
More information1 st Quarter 2018 Earnings Conference Call. April 25, 2018
1 st Quarter 2018 Earnings Conference Call April 25, 2018 Safe Harbor Statement Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the
More informationPG&E Corporation. Christopher P. Johns Senior Vice President and CFO. Lehman Brothers CEO Energy/Power Conference September 2-4, 2008 New York City
PG&E Corporation Christopher P. Johns Senior Vice President and CFO Lehman Brothers CEO Energy/Power Conference September 2-4, 2008 New York City This presentation is not complete without the accompanying
More informationFOURTH QUARTER AND FULL-YEAR 2017 RESULTS. February 23, 2018
FOURTH QUARTER AND FULL-YEAR 2017 RESULTS February 23, 2018 FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES This presentation contains forward-looking statements based on current expectations,
More informationAGA Financial Forum Phoenix, AZ. May 20-22, 2018
AGA Financial Forum Phoenix, AZ May 20-22, 2018 Safe Harbor Statement This presentation includes forward-looking statements as defined by the Securities and Exchange Commission (SEC). We make these forwardlooking
More informationEarnings Conference Call. First Quarter 2013 April 30, 2013
Earnings Conference Call First Quarter 2013 April 30, 2013 Cautionary Statements And Risk Factors That May Affect Future Results Any statements made herein about future operating and/or financial results
More informationPublic Service Enterprise Group
Public Service Enterprise Group PSEG Earnings Conference Call 3 rd Quarter 2017 October 31, 2017 Forward-Looking Statements Certain of the matters discussed in this presentation about our and our subsidiaries
More informationNiSource Reports 2018 Results
February 20, 2019 FOR ADDITIONAL INFORMATION Media Investors Ken Stammen Randy Hulen Sara Macioch Corporate Media Relations VP, Investor Relations & Treasurer Manager, Investor Relations (614) 460-5544
More informationDominion Resources Inc. (D-NYSE)
January 29, 2010 Dominion Resources Inc. (D-NYSE) Current Recommendation Prior Recommendation UNDERPERFORM Date of Last Change 03/18/2004 Current Price (01/28/10) $37.60 Target Price $39.00 NEUTRAL SUMMARY
More informationMerrill Lynch Analyst Day May 15, 2007
Merrill Lynch Analyst Day May 15, 2007 Notice Regarding Forward-Looking Statements Certain statements contained in this presentation are forward-looking statements within the meaning of the Private Securities
More informationBank of America Merrill Lynch Power & Gas Leaders Conference. September 16, 2014 Boston, MA
Bank of America Merrill Lynch Power & Gas Leaders Conference September 16, 2014 Boston, MA Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This presentation contains forward-looking
More informationPortland General Electric Reports 2017 Financial Results and Initiates 2018 Earnings Guidance
February 16, 2018 Portland General Electric Reports 2017 Financial Results and Initiates 2018 Earnings Guidance Full-year 2017 financial results on target excluding the effects of the Tax Cuts and Jobs
More information2 nd Quarter 2017 Earnings Release Presentation. July 27, 2017
2 nd Quarter 2017 Earnings Release Presentation July 27, 2017 Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This presentation contains forward-looking statements within
More information1st Quarter Earnings Call May 5, 2011
1st Quarter Earnings Call May 5, 2011 Bill Johnson Mark Mulhern Chairman, President & CEO Chief Financial Officer Caution Regarding Forward-Looking Statements This presentation contains forward-looking
More informationNextEra Energy Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (NEE-NYSE)
March 10, 2015 NextEra Energy Inc. Current Recommendation Prior Recommendation NEUTRAL Outperform Date of Last Change 01/14/2010 Current Price (03/09/15) $98.93 Target Price $104.00 (NEE-NYSE) SUMMARY
More informationCautionary Statements and Factors That May Affect Future Results
Cautionary Statements and Factors That May Affect Future Results Any statements made in this presentation about future operating results or other future events are forward looking statements under the
More informationPurpose-Driven Performance
Purpose-Driven Performance Late May Investor Meetings May 21-23, 2018 Cautionary Statements Use of Non-GAAP Financial Measures In this presentation, Ameren has presented core earnings per share, which
More informationFourth Quarter 2017 Supplementary Slides
Fourth Quarter 2017 Supplementary Slides February 14, 2018 1 Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act
More informationBoston, Mass. March 3, UBS Utilities & Natural Gas Conference
Boston, Mass. March 3, 2015 UBS Utilities & Natural Gas Conference Forward-Looking Statements Statements contained in this presentation that include company expectations or predictions should be considered
More informationFIRST QUARTER 2018 BUSINESS AND FINANCIAL UPDATE
FIRST QUARTER 2018 BUSINESS AND FINANCIAL UPDATE May 3, 2018 Presented by: Terry Bassham Chairman, President and CEO Kevin Bryant SVP Finance and Strategy and CFO 1 FORWARD-LOOKING STATEMENTS Statements
More informationPhoenix, Ariz. January 7-8, Evercore ISI Utility CEO Conference
Phoenix, Ariz. January 7-8, 2016 Evercore ISI Utility CEO Conference Forward-Looking Statements Statements contained in this presentation that include company expectations or predictions should be considered
More informationPortland General Electric
Portland General Electric Earnings Conference Call Fourth Quarter and Full Year 2016 Cautionary Statement Information Current as of February 17, 2017 Except as expressly noted, the information in this
More informationSeptember Investor Meetings aep.com. 4th Quarter 2018 EARNINGS RELEASE PRESENTATION January 24, 2019
September Investor Meetings aep.com 4th Quarter 2018 EARNINGS RELEASE PRESENTATION January 24, 2019 1 Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This presentation
More informationINVESTOR UPDATE. September 2018
INVESTOR UPDATE September 2018 FORWARD-LOOKING STATEMENTS Statements contained in this presentation that include company expectations or predictions should be considered forward-looking statements that
More informationPublic Service Enterprise Group
Public Service Enterprise Group PSEG Earnings Conference Call 1 st Quarter 2018 April 30, 2018 Forward-Looking Statements Certain of the matters discussed in this presentation about our and our subsidiaries
More informationFIRST QUARTER 2016 RESULTS. April 29, 2016
FIRST QUARTER 2016 RESULTS April 29, 2016 FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES This presentation contains forward-looking statements based on current expectations, including statements
More informationAmerican Gas Association. Financial Forum May 2018 Thomas P. Meissner, Jr. Chairman, Chief Executive Officer and President
American Gas Association Financial Forum May 2018 Thomas P. Meissner, Jr. Chairman, Chief Executive Officer and President Safe Harbor Provision This presentation contains forward-looking statements made
More information2017 Earnings Webcast February 13, 2018
2017 Earnings Webcast February 13, 2018 Presenting Today Bob Rowe, President & CEO Brian Bird, Vice President & CFO Forward Looking Statements During the course of this presentation, there will be forward-looking
More informationEnergy for You Introduction to CenterPoint Energy Fixed Income Investors
Energy for You Introduction to CenterPoint Energy Fixed Income Investors March 2018 Cautionary Statement This presentation and the oral statements made in connection herewith contain statements concerning
More informationPortland General Electric
Portland General Electric Earnings Conference Call First Quarter 2018 Cautionary Statement Information Current as of April 27, 2018 Except as expressly noted, the information in this presentation is current
More informationMorgan Stanley Utilities, Clean Tech and Midstream Energy Conference New York, Tuesday, February 27, Delivering today for a brighter tomorrow
Morgan Stanley Utilities, Clean Tech and Midstream Energy Conference New York, Tuesday, February 27, 2018 Delivering today for a brighter tomorrow Cautionary Statements and Factors That May Affect Future
More information