CMS Energy posted strong third quarter earnings on Thursday, but the good news came with warnings that the dividend may be cut even more to conserve cash, and that write-offs will affect the fourth quarter’s numbers.
Posted
Articles from Posted
CMS Posts Strong 3Q, But Warns of Possible 4Q Write-offs, Further Dividend Cut
CMS Energy posted strong third quarter earnings on Thursday, but the good news came with warnings that the dividend may be cut even more to conserve cash, and that write-offs will affect the fourth quarter’s numbers.
Earnings of Majors, Independents a Mixed Bag
Three of the largest oil and gas companies in the world, Exxon Mobil (XOM), ChevronTexaco and Royal Dutch/Shell Group, posted third quarter earnings Thursday, with both Exxon and Shell reporting encouraging production results. Meanwhile, ChevronTexaco was blasted off its track with more than $2 billion in charges, including a $1.55 billion write-down against Dynegy Inc., in which it is a 26.5% shareholder (see related story). Meanwhile, independents’ quarterly earnings also are coming in, including Anadarko Petroleum Corp., which upped its fourth quarter and year-end earnings on stronger-than-expected results.
AGL Posts Sharply Higher 3Q Earnings, Raises 2002 Estimates
AGL Resources Inc. posted better than expected third quarter earnings and raised estimates for the year on Thursday. Net income for the quarter rose 96% to $9.4 million, or $0.17/share, compared with $4.8 million, or $0.09/share. Thomson FirstCall consensus estimates for the quarter were $0.14/share.
AGL Posts Sharply Higher 3Q Earnings, Raises 2002 Estimates
AGL Resources Inc. posted better than expected third quarter earnings and raised estimates for the year on Thursday. Net income for the quarter rose 96% to $9.4 million, or $0.17/share, compared with $4.8 million, or $0.09/share. Thomson FirstCall consensus estimates for the quarter were $0.14/share.
TransCanada’s Strong Earnings Reflect Timely Exit of Marketing Business
TransCanada PipeLines Limited posted C$202 million or C$0.42 per share net income from continuing operations for the second quarter 2002, compared to second quarter 2001 net earnings of C$175 million or C$0.37 per share. The company noted that second quarter 2002 results include $25 million of earnings related to the recent Fair Return Application decision by the National Energy Board (NEB) for the period Jan. 1, 2001 to June 30, 2002.
Reliant Reports Lower Earnings, But Above Analysts’ Predictions
Reliant Energy posted second quarter earnings down from last year, but significantly above analysts’ predictions, leading to a 50% pop in its common stock last Thursday following a dramatic two-day decline. Wholesale energy led the drop-off in earnings, bringing in $31 million in earnings before interest and taxes (EBIT), compared to $298 million EBIT in the second quarter of 2001.
TransCanada’s Strong Earnings Reflect Timely Exit of Marketing Business
TransCanada PipeLines Limited posted C$202 million or C$0.42 per share net income from continuing operations for the second quarter 2002, compared to second quarter 2001 net earnings of C$175 million or C$0.37 per share. The company noted that second quarter 2002 results include $25 million of earnings related to the recent Fair Return Application decision by the National Energy Board (NEB) for the period Jan. 1, 2001 to June 30, 2002.
TransCanada’s Strong Earnings Reflect Timely Exit of Marketing Business
TransCanada PipeLines Limited posted C$202 million or C$0.42 per share net income from continuing operations for the second quarter 2002, compared to second quarter 2001 net earnings of C$175 million or C$0.37 per share. The company noted that second quarter 2002 results include $25 million of earnings related to the recent Fair Return Application decision by the National Energy Board (NEB) for the period Jan. 1, 2001 to June 30, 2002.
Reliant Reports Lower Earnings, But Above Analysts’ Predictions
Reliant Energy Thursday posted second quarter earnings down from last year, but significantly above analysts’ predictions, leading to a 50% pop in its common stock following a dramatic two-day decline. Wholesale energy led the drop-off in earnings, bringing in $31 million in earnings before interest and taxes (EBIT), compared to $298 million EBIT in the second quarter of 2001.