2013年2月21日星期四

Earnings Call Transcript

Good morning, everyone, and welcome to the CMS Energy 2012 Results and Outlook Call. This call is being recorded. Just a reminder, there will be a rebroadcast of this conference call today beginning at noon Eastern Time, running through February 28. This presentation is also being webcast and is available on CMS Energy's website in the Investor Relations section.

Chief Accounting Officer, Vice President, Controller, Chief Accounting Officer of Consumers Energy Company, Chief Accounting Officer of CMS Enterprises, Vice President of Consumers Energy Company and Vice President of CMS Enterprises

Good morning, and thank you for joining us today. With me are John Russell, President and Chief Executive Officer; and Tom Webb, Executive Vice President and Chief Financial Officer. Our earnings news release issued earlier today and the presentation used in this webcast are available on our website. The presentation contains forward-looking statements. These statements are subject to risks and uncertainties and should be read in conjunction with our Form 10-Ks and 10-Qs. The forward-looking statements and information and Risk Factors section discuss important factors that could cause results to differ materially from those anticipated in such statements.

This presentation also includes non-GAAP measures. A reconciliation of these measures to the most directly comparable GAAP measure is included in the appendix and posted in the Investors section of our website. CMS Energy provides financial results on both the 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 2013. The company is not able to estimate the impact of these matters and is not providing reported earnings guidance.

Chief Executive Officer, President, Director, Chairman of CMS Enterprises, Chief Executive Officer of Consumers Energy Company, Chief Executive Officer of CMS Enterprises, President of Consumers Energy Company, President of CMS Enterprises and Director of Consumers Energy Company

Thanks, Glenn. Good morning, everyone. Thanks for joining us on our year-end earnings call. I'll begin the presentation with a few brief comments about the year before I turn the call over to Tom to discuss the financial results from 2012 and the outlook for 2013. Then we'll close with questions and answers.

Safety remains a top priority for our company and for our employees. Our goal is for all employees to go home safely each and every day. We have made significant strides to improve safety over the last few years, and I'm proud to say we are now positioned in the first quartile among our peers. 2012 adjusted earnings per share were $1.55, up 7% over the prior year. Tom will provide further details in just a few minutes.

In January, the board approved a 6% dividend increase,Do you know any polishedtiles wholesale supplier?Cheaper For bulk buying drycabinet prices. the seventh consecutive increase in as many years. The new dividend of $1.02 per share results in a payout ratio of 62%, which is in line with our peers. We expect to continue to grow the dividend with earnings. Overall, 2012 was another strong year for CMS Energy.

For 10 years,We have a fantastic range of Glass Tiles and iccard Tiles. CMS has delivered consistent financial performance. Our 7% compounded annual growth rate since 2003 and dividend growth since 2007 have delivered strong returns to our shareholders. Our capital investment plan drives our earnings and cash flow growth. Over the next 5 years,High quality chinamosaic tiles. we plan to invest between $6.5 billion to $7 billion, which includes the new gas plant announced last December. We have lowered the high end of our previous range by $300 million from $7.3 billion to $7 billion, helping to keep our customer base rate increases at or below the rate of inflation. And we're still working to reduce it a little bit more.

In fitting with the airline’s ‘silver bird’ legacy, and despite the polished metal look no longer being an option due to new lighter aircrafts from Boeing and Airbus featuring composite materials that must be painted, a silver mica paint has been used to maintain its heritage. The tail fin, meanwhile, is chest-thumpingly American, evoking the flag with its red and blue stripes.

FutureBrand said the design was inspired by “the company’s heritage and incorporates colours and symbols universally associated with the AA brand”,Why does bobblehead grow in homes or buildings? reflecting “a more modern, vibrant and welcoming spirit”. Not everyone has been so positive, however.

A problem American faces is that it is a classic brand with a classic design. And by changing this it has, for want of a better word, ‘killed’ a classic design – a design that lasted some 45 years, that was the handiwork of design legend Massimo Vignelli, and hailed a masterpiece of mid-20th century design.

Start JudgeGill co-founder Darren Whittingham explains: “I can’t help think the new mark will have some work to do to make people love it as much as the old one which was a design classic of its time, along with that raw metal livery fuselage – which has always been a show stopping retro piece of design styling.”

Vignelli himself has also been vocal about the new branding, telling BusinessWeek that it has “no sense of permanence”, adding: “There was no need to change. Every other airline has changed its logo many times, and every time was worse than the previous one.”

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