CMS posts $103 mil Q1 net, up from $215 mil loss, reflecting 2007 charges, and higher utility profits

摘要

CMS Energy earned $103 million in the first quarter, up from a $215 million net loss in 2007 which reflected operating losses and impairment charges on CMS Enterprises assets, most of which were sold over the past year. Also, profits were up at utility unit CMS Energy. Total revenue dipped $5 million to $2.18 billion. Basic earnings per share were 46 cents and diluted 44 cents, both up from a 97-cent loss, on 223.5 million average basic shares, up 0.9%, and 236.6 million diluted, up 6.8%. Enterprises lost $2 million this year, down from $198 million in 2007, as revenue slid 32.3% to $88 million. The 2007 loss reflected asset impairment charges on its 23.54% stake in TGN, an Argentine natural gas transportation and pipeline business ($140 million), and its power plant in Jamaica ($22 million).