CMS Energy says 3Q profit fell on lower demand

JACKSON, Mich. (AP) — CMS Energy Corp., a power company serving Michigan, said Friday its third-quarter net income fell 6.4 percent because of a sluggish economy and a cooler summer that reduced the demand for electricity.

For the July-September quarter, CMS had net income of $73 million, or 31 cents a share, compared with net income of $78 million, or 33 cents per share, in the same quarter a year ago.

Excluding special items, CMS earned $76 million, or 32 cents a share.

Analysts surveyed by Thomson Reuters had forecast third-quarter earnings of 34 cents per share. Analyst estimates typically exclude one-time items.

CMS said its revenue fell to $1.27 billion from $1.4 billion

CMS reaffirmed its 2009 forecast for adjusted earnings of $1.25 per share, in line with analyst estimates.

CMS has an electric and natural gas utility, Consumers Energy, as its primary business, serving about 6.5 million Michigan residents. It also owns and operates independent power generation businesses.

Shares of CMS Energy fell 28 cents, or 2 percent, to $13.46 in morning trading.