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CMS Energy reported earnings per share (EPS) of $0.69 for Q1 2023, down from $1.21 in Q1 2022. Adjusted EPS also declined to $0.70 from $1.20 year-over-year, largely due to adverse weather conditions affecting sales volumes and increased service restoration costs from significant storms. Despite these challenges, the company reaffirmed its 2023 adjusted EPS guidance of $3.06 to $3.12 and long-term growth expectations of 6 to 8 percent in adjusted EPS. CEO Garrick Rochow expressed confidence in meeting full-year earnings guidance, citing ongoing investments in infrastructure to enhance customer reliability. A webcast discussing detailed financial results and outlook is scheduled for April 27, 2023.
The Board of Directors of CMS Energy has announced a quarterly dividend of 48.75 cents per share on its common stock. This dividend is set to be paid on May 31, 2023, to shareholders on record as of May 5, 2023. The company operates primarily through its subsidiary, Consumers Energy, and is based in Michigan. CMS Energy is also engaged in independent power generation.
CMS Energy will announce its 2023 first quarter results on April 27, 2023, at 9:00 a.m. EDT. This will include a comprehensive business and financial outlook. Interested parties can access the presentation via a webcast on CMS Energy's website, with an audio replay available shortly after the event.
As a major energy provider in Michigan, CMS Energy primarily operates through Consumers Energy and manages independent power generation businesses.
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Consumers Energy announced the installation of 123 new automatic transfer reclosers (ATRs) in 2023 to enhance electric reliability and minimize outages. This initiative is a vital part of the company's $5.4 billion electric reliability plan, which aims to reduce both the frequency and duration of power outages. ATRs, key technologies for isolating problems on electric lines, have previously prevented tens of thousands of outages, including nearly 9,000 during the August 2022 thunderstorms. The majority of the ATRs will be operational by summer 2023 and are part of a broader strategy to improve grid safety and reliability amidst changing climate conditions.
On March 23, 2023, Consumers Energy announced it is providing rebates for electric vehicle (EV) chargers at seven Domino's Pizza locations across Michigan. This initiative is part of Consumers Energy's efforts to support over 50 Michigan businesses in shifting to clean transportation. Each location will benefit from the PowerMIFleet program, designed to reduce costs and emissions for fleet operators. Domino's is expected to deploy nearly 900 EVs nationwide by year-end 2023, with a focus on environmental sustainability. Consumers Energy aims to power 1 million EVs in Michigan by 2030 and install additional public chargers.
The Consumers Energy Foundation has launched the annual "Put Your Town on the Map" pitch competition, offering a total of $50,000 in grants for innovative projects aimed at improving small communities in Michigan. Communities with populations under 10,000 can submit proposals until April 7. The competition will grant $25,000, $15,000, and $10,000 to the top three projects, which will be announced at the Small Town and Rural Development Conference in June. Since its inception in 2019, this initiative has supported various community-focused projects across Michigan.
Consumers Energy co-sponsored the Girls Dream Big Summit with the Detroit Pistons on March 1, 2023, aimed at empowering young women through mentorship and networking opportunities. Over 125 students from various schools participated, engaging with women leaders in sports and media. Additionally, Consumers Energy contributed a $10,000 scholarship at the Black History Month Scholarship Event, supporting a student from Jalen Rose Academy. The company emphasizes its commitment to diversity, equity, and inclusion, aiming to foster future leaders in Michigan.
