JACKSON, Mich., Feb. 2, 2017 /PRNewswire/ -- CMS Energy announced today 2016 reported net income of $551 million, or $1.98 per share, compared to $523 million, or $1.89 per share for 2015. Adjusted net income for 2016 was $563 million, or $2.02 per share, at the high end of guidance, compared to $523 million or $1.89 per share for 2015.

CMS Energy raised guidance for 2017 adjusted earnings to $2.14 to $2.18 per share (*See below for important information about non-GAAP measures) building, as always over the last 14 years, on the company's actual high-end performance. CMS Energy has increased its adjusted earnings per share guidance to 6% to 8% in 2017.

The company also increased its projected spending on capital expenditures over the next 10 years from $17 billion to $18 billion.

"Our 10-year plan includes $18 billion of needed capital investment projects to strengthen and improve customer service, including upgrading our gas and electric infrastructure, and making renewable energy investments," said Patti Poppe, CMS Energy's president and chief executive officer.

In reflecting on year-end results, Poppe commended Michigan's policymakers on their passage of a new energy law providing upgrades and benefits to all stakeholders. The new law protects electric reliability, authorizes fair electric choice, increases renewable energy requirements from 10% to 15%, and expands programs to further reduce energy waste.

Specific to CMS Energy, Poppe commented, "2016 marked continued progress for CMS Energy as we executed our long-term plan focused on the triple bottom line --people, planet and profit -- through excellent customer service, sustainable business practices and top-end earnings growth. 2016 represents our 14th consecutive year of consistent financial performance. I am particularly proud that this was the safest year in our company's history."

Several other important CMS Energy 2016 accomplishments were highlighted:

• Completion of $536 million in natural gas delivery system upgrades, improving safety and reliability for customers.
• Reduced natural gas prices for customers again, making Consumers Energy gas supply costs the lowest of regulated suppliers in Michigan.
• Best year in the Company's history for electric generation reliability.
• Significant improvement in the sustainability of our electric generation portfolio – seven coal plants retired and two solar power plants added.
• Received highest score among 54 U.S. utilities assessed on environmental, social and governance performance by Sustainalytics, a global leader in sustainability research and analysis.

CMS Energy (NYSE: CMS) is a Michigan-based company that has an electric and natural gas utility, Consumers Energy, as its primary business and also owns and operates independent power generation businesses.

CMS Energy will hold a webcast to discuss its 2016 fourth-quarter results and provide a business and financial outlook on February 2 at 9:00 AM (EST). To participate in the Webcast, go to CMS Energy's home page (www.cmsenergy.com) and select "Investor Meeting."

Important information for investors about non-GAAP measures and other disclosures.

*This news release contains non-Generally Accepted Accounting Principles (non-GAAP) measures, such as adjusted earnings. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, regulatory items from prior years, or other items detailed in the attached summary financial statements. Management views adjusted earnings as a key measure of the company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the company uses adjusted earnings to measure and assess performance. Because the company is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, the company's reported earnings in future periods, the company is not providing reported earnings guidance nor is it providing a reconciliation for the comparable future period earnings. The adjusted earnings should be considered supplemental information to assist in fully understanding our business results, rather than as a substitute for the reported earnings.

This news release contains "forward-looking statements." The forward-looking statements are subject to risks and uncertainties that could cause CMS Energy's and Consumers Energy's results to differ materially. All forward-looking statements should be considered in the context of the risk and other factors detailed from time to time in CMS Energy's and Consumers Energy's Securities and Exchange Commission filings.

Investors and others should note that CMS Energy routinely posts important information on its website and considers the Investor Relations section, www.cmsenergy.com/investor-relations, a channel of distribution.

For more information on CMS Energy, please visit our website: www.cmsenergy.com. To sign up for email alert notifications, please visit the Investor Relations section of our website.

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SOURCE CMS Energy