2024 Ongoing Earnings Guidance Affirmed
- 2024 second quarter GAAP earnings of $0.53 per diluted share
- 2024 second quarter ongoing earnings of $0.60 per diluted share
- Affirmed ongoing earnings guidance range of $2.65 - $2.75
- Name change to TXNM Energy, trading under TXNM ticker
expected August 5, 2024
ALBUQUERQUE, N.M.,
July 31,
2024 /PRNewswire/
--
|
PNM Resources
(In millions, except EPS)
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Q2 2024
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Q2 2023
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YTD 2024
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YTD 2023
|
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GAAP net earnings attributable to PNM
Resources
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$48.0
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$45.3
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$95.2
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$100.3
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|
GAAP diluted EPS
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$0.53
|
$0.53
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$1.05
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$1.16
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Ongoing net earnings
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$54.3
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$47.4
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$91.3
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$95.1
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Ongoing diluted EPS
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$0.60
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$0.55
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$1.01
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$1.10
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PNM Resources (NYSE: PNM) today released its 2024 second quarter
results. In addition, management affirmed its 2024 consolidated
ongoing earnings guidance of $2.65 to
$2.75 per diluted share.
As approved by shareholders, PNM Resources is changing its name
to TXNM Energy (NYSE: TXNM) to better reflect its changing business
profile. Trading under the new name is expected to begin
Monday, August 5, 2024. There are no
changes to wholly-owned subsidiaries PNM and TNMP.
"Results for the second quarter and first half of the year are
ahead of expectations," said Pat
Vincent-Collawn, PNM Resources Chairman and CEO. "Our
long-term plans incorporate opportunities to invest and advance our
grid infrastructure, including the System Resiliency Plan we will
file at TNMP and Grid Modernization at PNM. As we move forward
under the TXNM Energy name, we remain committed to providing
reliable energy to our customers and communities across
New Mexico and Texas."
SEGMENT REPORTING OF 2024 SECOND QUARTER EARNINGS
- PNM – a vertically integrated electric utility in
New Mexico with distribution,
transmission and generation assets.
- TNMP – an electric transmission and distribution
utility in Texas.
- Corporate and Other – reflects the PNM Resources
holding company and other subsidiaries.
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EPS Results
by Segment
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GAAP Diluted EPS
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Ongoing Diluted EPS
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Q2 2024
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Q2 2023
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Q2 2024
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Q2 2023
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PNM
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$0.34
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$0.36
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$0.41
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$0.38
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TNMP
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$0.33
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$0.29
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$0.33
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$0.29
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Corporate and Other
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($0.14)
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($0.12)
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($0.14)
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($0.12)
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Consolidated PNM Resources
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$0.53
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$0.53
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$0.60
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$0.55
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Net changes to GAAP and ongoing earnings in the second quarter
of 2024 compared to the second quarter of 2023 include:
- PNM: The implementation of new retail rates, load growth,
hotter weather and improved performance by the decommissioning and
reclamation trusts were partially offset by lower transmission
margins due to market prices, higher demand charges from battery
storage contracts, new depreciation rates implemented as part of
new retail rates as well as depreciation expense associated with
new capital investments.
- TNMP: Rate recovery through Transmission Cost of Service (TCOS)
and Distribution Cost Recovery Factor (DCRF) increases were
partially offset by depreciation and interest expense associated
with new capital investments.
- Corporate and Other: Higher interest rates on variable rate
debt increased losses, net of hedges.
GAAP and ongoing earnings per share were reduced in the second
quarter of 2024 by additional shares issued in December 2023.
In addition, GAAP earnings in the second quarter of 2024
included $5.6 million of net
unrealized losses on investment securities compared to $2.5 million of net unrealized gains in the
second quarter of 2023.
Additional materials with information on quarterly results are
available at
http://www.pnmresources.com/investors/results.cfm.
SECOND QUARTER CONFERENCE CALL: 11
A.M. EASTERN WEDNESDAY, JULY
31
PNM Resources will discuss these items during a live conference
call and webcast on Wednesday, July
31st at 11 a.m.
Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources Chairman and
Chief Executive Officer, Don Tarry,
PNM Resources President and Chief Operating Officer, and
Lisa Eden, PNM Resources Senior Vice
President and Chief Financial Officer.
The conference call will be simultaneously broadcast and
archived on our website at
http://www.pnmresources.com/investors/events-and-presentations.
Listeners are encouraged to visit the website at least 30 minutes
before the event to register, download and install any necessary
audio software.
Investors and analysts can participate in the live conference
call by pre-registering using the following link to receive a
special dial-in number and PIN:
https://dpregister.com/sreg/10187942/fc2075e26c. Telephone
participants who are unable to pre-register may participate in the
live conference call by dialing (877) 276-8648 or (412) 317-5474
fifteen minutes prior to the event and asking to join the PNM
Resources call.
Supporting material for PNM Resources earnings announcements can
be viewed and downloaded at
http://www.pnmresources.com/investors/results.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in
Albuquerque, N.M., with 2023
consolidated operating revenues of $1.9
billion. Through its regulated utilities, PNM and TNMP, PNM
Resources provides electricity to more than 800,000 homes and
businesses in New Mexico and
Texas. PNM serves its customers
with a diverse mix of generation and purchased power resources
totaling 3.3 gigawatts of capacity, with a goal to achieve 100%
emissions-free generation by 2040. For more information, visit the
company's website at www.PNMResources.com.
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CONTACTS:
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Analysts
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Media
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Lisa Goodman
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Corporate
Communications
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(505) 241-2160
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505)
241-2783
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Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
Statements made in this news release for PNM Resources, Inc.
("PNMR"), Public Service Company of New
Mexico ("PNM"), or Texas-New Mexico Power Company ("TNMP")
(collectively, the "Company") that relate to future events or
expectations, projections, estimates, intentions, goals, targets,
and strategies, including the unaudited financial results and
earnings guidance, are made pursuant to the Private Securities
Litigation Reform Act of 1995. Readers are cautioned that all
forward-looking statements are based upon current expectations and
estimates and apply only as of the date of this report. PNMR, PNM,
and TNMP assume no obligation to update this information. Because
actual results may differ materially from those expressed or
implied by these forward-looking statements, PNMR, PNM, and TNMP
caution readers not to place undue reliance on these statements.
PNMR's, PNM's, and TNMP's business, financial condition, cash flow,
and operating results are influenced by many factors, which are
often beyond their control, that can cause actual results to differ
from those expressed or implied by the forward-looking statements.
For a discussion of risk factors and other important factors
affecting forward-looking statements, please see the Company's Form
10-K, Form 10-Q filings and the information included in the
Company's Forms 8-K with the Securities and Exchange Commission,
which factors are specifically incorporated by reference
herein.
Non-GAAP Financial Measures
GAAP refers to generally accepted accounting
principles in the U.S. Ongoing earnings is a non-GAAP financial
measure that excludes the impact of net unrealized mark-to-market
gains and losses on economic hedges, the net change in unrealized
gains and losses on investment securities, pension expense related
to previously disposed of gas distribution business, and certain
non-recurring, infrequent, and other items that are not indicative
of fundamental changes in the earnings capacity of the Company's
operations. The Company uses ongoing earnings and ongoing earnings
per diluted share to evaluate the operations of the Company and to
establish goals, including those used for certain aspects of
incentive compensation, for management and employees. While the
Company believes these financial measures are appropriate and
useful for investors, they are not measures presented in accordance
with GAAP. The Company does not intend for these measures, or any
piece of these measures, to represent any financial measure as
defined by GAAP. Furthermore, the Company's calculations of these
measures as presented may or may not be comparable to similarly
titled measures used by other companies. The Company uses ongoing
earnings guidance to provide investors with management's
expectations of ongoing financial performance over the period
presented. While the Company believes ongoing earnings guidance is
an appropriate measure, it is not a measure presented in accordance
with GAAP. The Company does not intend for ongoing earnings
guidance to represent an expectation of net earnings as defined by
GAAP. Since the future differences between GAAP and ongoing
earnings are frequently outside the control of the Company,
management is generally not able to estimate the impact of the
reconciling items between forecasted GAAP net earnings and ongoing
earnings guidance, nor their probable impact on GAAP net earnings
without unreasonable effort, therefore, management is generally not
able to provide a corresponding GAAP equivalent for ongoing
earnings guidance. Reconciliations between GAAP and ongoing
earnings are contained in schedules 1-4.
|
PNM Resources,
Inc. and Subsidiaries
Schedule
1
Reconciliation of
GAAP to Ongoing Earnings
(Unaudited)
|
|
|
PNM
|
|
TNMP
|
|
Corporate
and Other
|
|
PNMR
Consolidated
|
|
|
(in
thousands)
|
|
Three Months Ended June 30,
2024
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings (Loss) Attributable to
PNMR
|
|
$
30,787
|
|
$
29,925
|
|
$
(12,663)
|
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$
48,049
|
|
Adjusting items before
income tax effects:
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment
securities2a
|
|
5,573
|
|
—
|
|
—
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5,573
|
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Regulatory
disallowances2b
|
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246
|
|
—
|
|
—
|
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246
|
|
Pension expense
related to previously disposed of gas distribution
business2c
|
|
433
|
|
—
|
|
—
|
|
433
|
|
Merger related
costs2d
|
|
131
|
|
(26)
|
|
800
|
|
905
|
|
Total adjustments
before income tax effects
|
|
6,383
|
|
(26)
|
|
800
|
|
7,157
|
|
Income tax impact of
above adjustments1
|
|
(1,621)
|
|
5
|
|
(203)
|
|
(1,819)
|
|
Timing of
statutory and effective tax rates on non-recurring
items5
|
|
1,626
|
|
(83)
|
|
(593)
|
|
950
|
|
Total income tax
impacts4
|
|
5
|
|
(78)
|
|
(796)
|
|
(869)
|
|
Adjusting items, net
of income taxes
|
|
6,388
|
|
(104)
|
|
4
|
|
6,288
|
|
Ongoing Earnings (Loss)
|
|
$
37,175
|
|
$
29,821
|
|
$
(12,659)
|
|
$
54,337
|
|
|
|
|
|
|
|
|
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Six Months Ended June 30, 2024
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GAAP Net Earnings (Loss) Attributable to
PNMR
|
|
$
72,707
|
|
$
44,508
|
|
$
(21,976)
|
|
$
95,239
|
|
Adjusting items before
income tax effects:
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment
securities2a
|
|
(6,658)
|
|
—
|
|
—
|
|
(6,658)
|
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Regulatory
disallowances2b
|
|
4,705
|
|
—
|
|
—
|
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4,705
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Pension expense
related to previously disposed of gas distribution
business2c
|
|
866
|
|
—
|
|
—
|
|
866
|
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Merger related
costs2d
|
|
134
|
|
(22)
|
|
1,650
|
|
1,762
|
|
Sale of
NMRD3
|
|
—
|
|
—
|
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15,097
|
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15,097
|
|
Total adjustments
before income tax effects
|
|
(953)
|
|
(22)
|
|
16,747
|
|
15,772
|
|
Income tax impact of
above adjustments1
|
|
243
|
|
4
|
|
(4,254)
|
|
(4,007)
|
|
Sale of
NMRD3
|
|
—
|
|
—
|
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(15,712)
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|
(15,712)
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Total income tax
impacts4
|
|
243
|
|
4
|
|
(19,966)
|
|
(19,719)
|
|
Adjusting items, net
of income taxes
|
|
(710)
|
|
(18)
|
|
(3,219)
|
|
(3,947)
|
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Ongoing Earnings (Loss)
|
|
$
71,997
|
|
$
44,490
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$
(25,195)
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$
91,292
|
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|
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1 Tax
effects calculated using a tax rate of 21.0% for TNMP and 25.4% for
other segments
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2 The
pre-tax impacts (in thousands) of adjusting items are reflected on
the GAAP Condensed Consolidated Statements of Earnings as
follows:
|
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a Changes
in "Gains on investment securities" reflecting non-cash performance
relative to market, not indicative of funding
requirements
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b Decrease
in "Electric Operating Revenue" of $0.2 million for the three and
six months ended June 30, 2024 and an increase in "Regulatory
disallowances" of zero and $4.5 million for the three and six
months ended June 30, 2024
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c Increases
in "Other (deductions)"
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d Increases
(decreases) in "Administrative and general"
|
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|
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|
|
|
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|
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3 Net gain
of $4.4 million on the sale of NMRD: Increase in "Other
(deductions)" of $15.1 million, decrease in "Income Taxes
(Benefits)" of $3.8 million for federal income tax and a decrease
in "Income Taxes (Benefits)" of $15.7 million for investment tax
credits
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4 Increases
(decreases) in "Income Taxes (Benefits)"
|
|
5 Income tax
timing impacts resulting from differences between the statutory
rates of 25.4% for PNM, 21.0% for TNMP and the average expected
statutory tax rate of 23.4% for PNMR, and the GAAP anticipated
effective tax rates of 14.3% for PNM, 20.7% for TNMP, and 15.3% for
PNMR, which have reversed
|
|
PNM Resources,
Inc. and Subsidiaries
Schedule
2
Reconciliation of
GAAP to Ongoing Earnings
(Unaudited)
|
|
|
PNM
|
|
TNMP
|
|
Corporate
and Other
|
|
PNMR
Consolidated
|
|
|
(in
thousands)
|
|
Three Months Ended June 30,
2023
|
|
|
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|
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|
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GAAP Net Earnings (Loss) Attributable to
PNMR
|
|
$
31,184
|
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$
24,632
|
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$
(10,512)
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$
45,304
|
|
Adjusting items before
income tax effects:
|
|
|
|
|
|
|
|
|
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Net change in
unrealized (gains) and losses on investment
securities2a
|
|
(2,504)
|
|
—
|
|
—
|
|
(2,504)
|
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Regulatory
disallowances2b
|
|
3,731
|
|
—
|
|
—
|
|
3,731
|
|
Pension expense
related to previously disposed of gas distribution
business2c
|
|
679
|
|
—
|
|
—
|
|
679
|
|
Merger related
costs2d
|
|
15
|
|
2
|
|
233
|
|
250
|
|
Total adjustments
before income tax effects
|
|
1,921
|
|
2
|
|
233
|
|
2,156
|
|
Income tax impact of
above adjustments1
|
|
(488)
|
|
—
|
|
(59)
|
|
(547)
|
|
Income tax impact of
non-deductible merger related costs3
|
|
4
|
|
—
|
|
31
|
|
35
|
|
Timing of
statutory and effective tax rates on non-recurring
items4
|
|
275
|
|
221
|
|
(2)
|
|
494
|
|
Total income tax
impacts5
|
|
(209)
|
|
221
|
|
(30)
|
|
(18)
|
|
Adjusting items, net
of income taxes
|
|
1,712
|
|
223
|
|
203
|
|
2,138
|
|
Ongoing Earnings (Loss)
|
|
$
32,896
|
|
$
24,855
|
|
$
(10,309)
|
|
$
47,442
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2023
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings (Loss) Attributable to
PNMR
|
|
$
85,760
|
|
$
34,665
|
|
$
(20,107)
|
|
$
100,318
|
|
Adjusting items before
income tax effects:
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment
securities2a
|
|
(11,989)
|
|
—
|
|
—
|
|
(11,989)
|
|
Regulatory
disallowances2b
|
|
3,731
|
|
—
|
|
—
|
|
3,731
|
|
Pension expense
related to previously disposed of gas distribution
business2c
|
|
1,358
|
|
—
|
|
—
|
|
1,358
|
|
Merger related
costs2d
|
|
27
|
|
2
|
|
519
|
|
548
|
|
Total adjustments
before income tax effects
|
|
(6,873)
|
|
2
|
|
519
|
|
(6,352)
|
|
Income tax impact of
above adjustments1
|
|
1,746
|
|
—
|
|
(132)
|
|
1,614
|
|
Income tax impact of
non-deductible merger related costs3
|
|
5
|
|
—
|
|
85
|
|
90
|
|
Timing of
statutory and effective tax rates on non-recurring
items4
|
|
(452)
|
|
157
|
|
(285)
|
|
(580)
|
|
Total income tax
impacts5
|
|
1,299
|
|
157
|
|
(332)
|
|
1,124
|
|
Adjusting items, net
of income taxes
|
|
(5,574)
|
|
159
|
|
187
|
|
(5,228)
|
|
Ongoing Earnings (Loss)
|
|
$
80,186
|
|
$
34,824
|
|
$
(19,920)
|
|
$
95,090
|
|
|
|
|
|
|
|
|
|
|
1Tax effects
calculated using a tax rate of 21.0% for TNMP and 25.4% for other
segments
|
|
2 The
pre-tax impacts (in thousands) of adjusting items are reflected on
the GAAP Condensed Consolidated Statement of Earnings as
follows:
|
|
a
Changes in "Gains on investment securities" reflecting
non-cash performance relative to market, not indicative of funding
requirements
|
|
b Decreases
in "Regulatory disallowances"
|
|
c Increases
in "Other (deductions)"
|
|
|
|
|
|
|
|
|
|
d
Increases in "Administrative and general"
|
|
|
|
|
|
|
|
|
|
3 Increases
(decreases) in "Income Tax Expense"
|
|
4 Income tax
timing impacts resulting from differences between the statutory
rates of 25.4% for PNM, 21.0% for TNMP and the average expected
statutory tax rate of 23.8% for PNMR, and the GAAP anticipated
effective tax rates of 18.7% for PNM, 14.7% for TNMP, and 15.7% for
PNMR, which will reverse by year end
|
|
5 Income tax
impacts reflected in "Income Taxes"
|
|
|
|
|
|
|
|
|
|
PNM Resources,
Inc. and Subsidiaries
Schedule
3
Reconciliation of
GAAP to Ongoing Earnings Per Diluted Share
(Unaudited)
|
|
|
PNM
|
|
TNMP
|
|
Corporate
and Other
|
|
PNMR
Consolidated
|
|
|
(per diluted
share)
|
|
Three Months Ended June 30,
2024
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings (Loss) Attributable to
PNMR
|
|
$
0.34
|
|
$
0.33
|
|
$
(0.14)
|
|
$
0.53
|
|
Adjusting items, net of
income tax effects:
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment securities
|
|
0.05
|
|
—
|
|
—
|
|
0.05
|
|
Merger related
costs
|
|
—
|
|
—
|
|
0.01
|
|
0.01
|
|
Timing of
statutory and effective tax rates on non-recurring items
|
|
0.02
|
|
—
|
|
(0.01)
|
|
0.01
|
|
Total
Adjustments
|
|
0.07
|
|
—
|
|
—
|
|
0.07
|
|
Ongoing Earnings (Loss)
|
|
$
0.41
|
|
$
0.33
|
|
$
(0.14)
|
|
$
0.60
|
|
Average Diluted Shares
Outstanding: 90,552,082
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2024
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings (Loss) Attributable to
PNMR
|
|
$
0.80
|
|
$
0.49
|
|
$
(0.24)
|
|
$
1.05
|
|
Adjusting items, net of
income tax effects:
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment securities
|
|
(0.05)
|
|
—
|
|
—
|
|
(0.05)
|
|
Sale of
NMRD
|
|
—
|
|
—
|
|
(0.05)
|
|
(0.05)
|
|
Regulatory
disallowances
|
|
0.04
|
|
—
|
|
—
|
|
0.04
|
|
Pension expense
related to previously disposed of gas distribution
business
|
|
0.01
|
|
—
|
|
—
|
|
0.01
|
|
Merger related
costs
|
|
—
|
|
—
|
|
0.01
|
|
0.01
|
|
Total
Adjustments
|
|
—
|
|
—
|
|
(0.04)
|
|
(0.04)
|
|
Ongoing Earnings (Loss)
|
|
$
0.80
|
|
$
0.49
|
|
$
(0.28)
|
|
$
1.01
|
|
Average Diluted Shares
Outstanding: 90,532,986
|
|
|
|
|
|
|
PNM Resources,
Inc. and Subsidiaries
Schedule
4
Reconciliation of
GAAP to Ongoing Earnings Per Diluted Share
(Unaudited)
|
|
|
PNM
|
|
TNMP
|
|
Corporate
and Other
|
|
PNMR
Consolidated
|
|
|
(per diluted
share)
|
|
Three Months Ended June 30,
2023
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings (Loss) Attributable to
PNMR
|
|
$
0.36
|
|
$
0.29
|
|
$
(0.12)
|
|
$
0.53
|
|
Adjusting items, net of
income tax effects:
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment securities
|
|
(0.02)
|
|
—
|
|
—
|
|
(0.02)
|
|
Regulatory
disallowances
|
|
0.03
|
|
—
|
|
—
|
|
0.03
|
|
Pension expense
related to previously disposed of gas distribution
business
|
|
0.01
|
|
—
|
|
—
|
|
0.01
|
|
Total
Adjustments
|
|
0.02
|
|
—
|
|
—
|
|
0.02
|
|
Ongoing Earnings (Loss)
|
|
$
0.38
|
|
$
0.29
|
|
$
(0.12)
|
|
$
0.55
|
|
Average Diluted Shares
Outstanding: 86,129,124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2023
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings (Loss) Attributable to
PNMR
|
|
$
1.00
|
|
$
0.40
|
|
$
(0.24)
|
|
$
1.16
|
|
Adjusting items, net of
income tax effects:
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment securities
|
|
(0.10)
|
|
—
|
|
—
|
|
(0.10)
|
|
Regulatory
disallowances
|
|
0.03
|
|
—
|
|
—
|
|
0.03
|
|
Pension expense
related to previously disposed of gas distribution
business
|
|
0.01
|
|
—
|
|
—
|
|
0.01
|
|
Merger related
costs
|
|
—
|
|
—
|
|
0.01
|
|
0.01
|
|
Timing of
statutory and effective tax rates on non-recurring items
|
|
(0.01)
|
|
—
|
|
—
|
|
(0.01)
|
|
Total
Adjustments
|
|
(0.07)
|
|
—
|
|
0.01
|
|
(0.06)
|
|
Ongoing Earnings (Loss)
|
|
$
0.93
|
|
$
0.40
|
|
$
(0.23)
|
|
$
1.10
|
|
Average Diluted Shares
Outstanding: 86,133,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PNM Resources,
Inc. and Subsidiaries
Schedule
5
Condensed
Consolidated Statements of Earnings
(Unaudited)
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
(In thousands, except
per share amounts)
|
|
|
|
|
|
|
|
|
|
Electric Operating Revenues
|
$
488,102
|
|
$
477,156
|
|
$
924,979
|
|
$ 1,021,233
|
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
Cost of
energy
|
154,706
|
|
172,452
|
|
287,010
|
|
414,138
|
|
Administrative and
general
|
59,581
|
|
54,039
|
|
115,008
|
|
109,149
|
|
Energy production
costs
|
24,584
|
|
25,599
|
|
46,796
|
|
47,957
|
|
Regulatory
disallowances
|
—
|
|
3,731
|
|
4,459
|
|
3,731
|
|
Depreciation and
amortization
|
94,413
|
|
79,139
|
|
187,600
|
|
157,213
|
|
Transmission and
distribution costs
|
25,051
|
|
25,465
|
|
47,815
|
|
47,661
|
|
Taxes other than
income taxes
|
24,084
|
|
24,401
|
|
50,018
|
|
49,963
|
|
Total operating
expenses
|
382,419
|
|
384,826
|
|
738,706
|
|
829,812
|
|
Operating
income
|
105,683
|
|
92,330
|
|
186,273
|
|
191,421
|
|
Other Income and Deductions:
|
|
|
|
|
|
|
|
|
Interest
income
|
4,470
|
|
5,359
|
|
9,050
|
|
10,202
|
|
Gains on investment
securities
|
558
|
|
3,777
|
|
18,556
|
|
10,219
|
|
Other
income
|
7,688
|
|
5,600
|
|
12,599
|
|
8,693
|
|
Other
(deductions)
|
(1,636)
|
|
(3,515)
|
|
(18,158)
|
|
(6,008)
|
|
Net other income and
deductions
|
11,080
|
|
11,221
|
|
22,047
|
|
23,106
|
|
Interest Charges
|
55,828
|
|
45,899
|
|
109,590
|
|
86,822
|
|
Earnings before Income Taxes
|
60,935
|
|
57,652
|
|
98,730
|
|
127,705
|
|
Income Taxes (Benefits)
|
8,971
|
|
8,229
|
|
(3,600)
|
|
18,009
|
|
Net Earnings
|
51,964
|
|
49,423
|
|
102,330
|
|
109,696
|
|
(Earnings) Attributable to Valencia Non-controlling
Interest
|
(3,783)
|
|
(3,987)
|
|
(6,827)
|
|
(9,114)
|
|
Preferred Stock Dividend Requirements of
Subsidiary
|
(132)
|
|
(132)
|
|
(264)
|
|
(264)
|
|
Net Earnings Attributable to
PNMR
|
$ 48,049
|
|
$ 45,304
|
|
$
95,239
|
|
$
100,318
|
|
Net Earnings Attributable to PNMR per Common
Share:
|
|
|
|
|
|
|
|
|
Basic
|
$
0.53
|
|
$
0.53
|
|
$
1.05
|
|
$
1.17
|
|
Diluted
|
$
0.53
|
|
$
0.53
|
|
$
1.05
|
|
$
1.16
|
|
Dividends Declared per Common
Share
|
$ 0.3875
|
|
$ 0.3675
|
|
$
0.7750
|
|
$
0.7350
|
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SOURCE PNM Resources, Inc.