(Source: Associated Press/AP Online)
JACKSON, Mich. - Power company CMS Energy on Thursday reaffirmed its adjusted profit outlook for 2009 of $1.25 per share.
The outlook is 2 cents below estimates of analysts surveyed by Thomson Reuters.
The company reported that its second-quarter profit rose 68 percent as lower operating expenses offset a decline in revenue along with one-time gains that included the early retirement of debt at a discount.
CMS said it made $74 million, or 32 cents per share, for the quarter ended June 30 compared with profit of $44 million, or 18 cents per share, in the year-ago quarter. Revenue fell to $1.2 billion from $1.4 billion.
Discounting one-time gains and a charge for an environmental project, CMS reported profit of $62 million, or 26 cents a share, for the quarter.
CMS shares rose 38 cents, or 3 percent, to $13.03 in trading Thursday. The shares have traded between $8.33 and $14.88 over the past year.
CMS Energy has an electric and natural gas utility, Consumers Energy, as its primary business and also owns and operates independent power generation businesses.
A service of YellowBrix, Inc.
