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CMS Energy's CEO Discusses Q2 2012 Results - Earnings Call Transcript

This presentation also includes non-GAAP measures. A reconciliation of each of these measures to the most directly comparable GAAP measures is included in the appendix and posted in the Investor section of our website.

CMS Energy provides financial results, both on a reported Generally Accepted Accounting Principles and adjusted or non-GAAP basis. Management views adjusted earnings as a key measure of the company's present operating financial performance unaffected by discontinued operations, asset sales, impairments, regulatory items from prior years or other items. Certain of these items have the potential to impact favorably or unfavorably the company's reported earnings in 2012.

The company is not able to estimate the impact of these matters and is not providing reported earnings guidance.

Now, I’ll turn the call over to John.

John Russell

Thanks, Glenn. And good morning, everyone. Thank you for joining us today on our second quarter earnings call. I’ll begin the presentation with a few brief comments about the quarter before I turn the call over to Tom to discuss the financial results and the outlook for the remainder of the year. Then as usual, we’ll close with Q&A.

Second quarter adjusted EPS was $0.40 per share, up $0.14 from last year. Strong second quarter results give us the opportunity to reinvest back into the system to further improve reliability and customer service. Year-to-date results of $0.77 a share keeps us firmly on track to achieve our full-year adjusted EPS guidance of $1.52 to $1.55 a share.

In June, the Michigan Public Service Commission authorized us to increase our electric rates by $118 million and our gas rates by $16 million. A significant portion of the amount authorized reflects our investment in distribution and generation reliability, environmental compliance and technology.

We’ve experienced extremely hot weather in Michigan during the past two months. We set a record peak load for June and broke the all-time record on July 17, beating the previous mark by 2% set in July of 2011.

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