CMS Posts Loss After Trading Scandals
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CMS Energy Corp., an energy conglomerate that is under investigation for conducting false trades, posted a quarterly loss on charges for restructuring and the planned sale of its oil and gas production business.
In a second quarter marked by turmoil--including government probes of energy deals, the resignation of its chief executive and credit problems--the firm posted a net loss of $75 million, or 56 cents a share. That contrasts with income of $53 million, or 40 cents, a year earlier.
Excluding items, the company earned 44 cents a share, which was above analysts’ forecasts.
Shares of CMS Energy rose $1.10 to $9.03 on the NYSE.
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