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| December 31 | 1998 | 1997 | Percent Change |
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| Revenue | |||
| Electric utility | $2,606 | $2,515 | 3.6 |
| Gas utility | 1,051 | 1,204 | (12.7) |
| Independent power production(a) | 880 | 700 | 25.7 |
| Oil and gas exploration and production(b) | 127 | 168 | (24.4) |
| Natural gas transmission, storage and processing(a) | 218 | 143 | 52.4 |
| Marketing, services and trading(a) | 1,228 | 892 | 37.7 |
| International energy distribution(a) | 233 | 41 | 468.3 |
| Other | 15 | 9 | 66.7 |
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| Total revenue(a)(b) | $6,358 | $5,672 | 12.1 |
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| Consolidated revenue | $5,141 | $4,781 | 7.5 |
| Consolidated net income | $285 | $244 | 16.8 |
| Return on equity (percent) | 14.2 | 14.7 | (3.4) |
| Per common share | |||
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Net income--basic |
$2.65 | $2.39 | 10.9 |
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Net income--diluted |
$2.62 | $2.37 | 10.5 |
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Dividends declared |
$1.26 | $1.14 | 10.5 |
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Book value |
$19.61 | $16.84 | 16.4 |
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Market value (year-end) |
$48.44 | $44.06 | 9.9 |
(a) Includes CMS Energy's share of unconsolidated revenue.
(b) Before intercompany eliminations.
1998 Operating Highlights
- 17 percent increase in net income; 11 percent increase in earnings per share.
- Sixth straight year of double-digit dividend increases.
- Received the electric industry's top award for outstanding financial performance.
- Signed agreement to acquire the Panhandle Companies for $2.2 billion.
- New business development reached record level.
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