2022 and 2023 Ongoing Earnings Guidance
Affirmed
- 2022 Second Quarter GAAP earnings of $0.18 per diluted share, including unrealized
losses on investment securities
- 2022 Second Quarter ongoing earnings of $0.57 per diluted share
- Affirmed ongoing earnings guidance ranges of $2.50 - $2.60 for
2022 and $2.60 - $2.75 for 2023
ALBUQUERQUE, N.M., Aug. 4, 2022
/PRNewswire/ --
|
PNM Resources
(In millions, except EPS)
|
|
|
|
|
|
Q2
2022
|
Q2
2021
|
YTD
2022
|
YTD
2021
|
|
GAAP net earnings
attributable
to PNM Resources
|
$15.4
|
$53.7
|
$31.4
|
$71.3
|
|
GAAP diluted
EPS
|
$0.18
|
$0.62
|
$0.36
|
$0.83
|
|
Ongoing net
earnings
|
$49.4
|
$47.5
|
$92.7
|
$75.3
|
|
Ongoing diluted
EPS
|
$0.57
|
$0.55
|
$1.08
|
$0.88
|
PNM Resources (NYSE: PNM) today released its 2022 second quarter
results. In addition, management affirmed its 2022 consolidated
ongoing earnings guidance of $2.50 to
$2.60 per diluted share and its 2023
consolidated ongoing earnings guidance of $2.60 to $2.75 per
diluted share.
"The end of the second quarter marked an important milestone in
PNM's clean energy transition as we retired Unit 1 of the San Juan
Generating Station after powering New
Mexico for decades," said Pat
Vincent-Collawn, PNM Resources chairman and CEO. "We
sincerely appreciate the teams involved in the preparation and
transition of this key resource during a record-breaking peak
season at PNM."
"Our strong second quarter financial performance was driven by
robust load growth and weather at TNMP alongside the constructive
rate environment in Texas
encouraging continued investment to support this increased demand,"
added Vincent-Collawn. "Our teams across Texas and New
Mexico continue to prioritize the safety, reliability and
resiliency of our infrastructure to support the growing needs of
our customers."
SEGMENT REPORTING OF 2022 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.
|
EPS Results by
Segment
|
|
|
GAAP Diluted
EPS
|
|
Ongoing Diluted
EPS
|
|
Q2
2022
|
Q2
2021
|
|
Q2
2022
|
Q2
2021
|
|
PNM
|
($0.07)
|
$0.48
|
|
$0.32
|
$0.39
|
|
TNMP
|
$0.30
|
$0.18
|
|
$0.31
|
$0.18
|
|
Corporate and
Other
|
($0.05)
|
($0.04)
|
|
($0.06)
|
($0.02)
|
|
|
|
|
|
|
|
Consolidated PNM
Resources
|
$0.18
|
$0.62
|
|
$0.57
|
$0.55
|
Net changes to GAAP and ongoing earnings in the second
quarter of 2022 compared to the second quarter of 2021 include:
- PNM: Increased transmission margins due to higher system demand
and new customers, including the Western Spirit transmission
contract, were more than offset by realized losses in
decommissioning and reclamation trusts, O&M increases, planned
plant outage costs, and higher depreciation and property tax
expense associated with new capital investments.
- TNMP: Increased usage due to load growth and higher
temperatures and rate recovery through Transmission Cost of Service
(TCOS) and Distribution Cost of Service (DCOS) increases were
partially offset by higher depreciation and property tax expense
associated with new capital investments.
- Corporate and Other: Higher interest rates on variable rate
debt increased losses
In addition, GAAP earnings decreased in the second quarter of
2022 resulting from $39.0 million in
net unrealized losses on investment securities for decommissioning
and reclamation trusts compared to $10.4
million in net unrealized gains in the second quarter of
2021.
Additional materials with information on quarterly results are
available at
http://www.pnmresources.com/investors/results.cfm.
UPDATE ON MERGER
On January 3, 2022, PNM Resources
and AVANGRID announced an amendment and extension of their merger
agreement through April 20, 2023, and
an appeal of the NMPRC decision with the New Mexico Supreme Court.
The Court's briefing schedule will conclude on August 5, 2022 with the companies' response
brief. Oral arguments have been requested. There is no statutory
deadline for the Court to respond to the request for oral argument
nor to act on the appeal.
SECOND QUARTER CONFERENCE CALL: 11
A.M. EASTERN THURSDAY, AUGUST
4
PNM Resources will discuss these items during a live conference
call and webcast on Thursday, August
4th 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, 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/10168818/f38f044c3e. 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 referencing "the PNM
Resources second quarter earnings 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 2021 consolidated operating revenues of
$1.8 billion. Through its regulated
utilities, PNM and TNMP, PNM Resources provides electricity to
approximately 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 3.1
gigawatts of capacity, with a goal to achieve 100% emissions-free
energy by 2040. For more information, visit the company's website
at www.PNMResources.com.
|
CONTACTS:
|
|
|
Analysts
|
Media
|
|
Lisa Goodman
|
Ray
Sandoval
|
|
(505)
241-2160
|
(505)
241-2782
|
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. Additionally, there are risks and
uncertainties in connection with the proposed acquisition of us by
AVANGRID which may adversely affect our business, future
opportunities, employees and common stock, including without
limitation, (i) the expected timing and likelihood of completion of
the pending Merger, including the timing, receipt and terms and
conditions of any remaining required governmental and regulatory
approvals of the pending Merger that could reduce anticipated
benefits or cause the parties to abandon the transaction, (ii) the
occurrence of any event, change or other circumstances that could
give rise to the termination of the Merger Agreement, (iii) the
risk that the parties may not be able to satisfy the conditions to
the proposed Merger in a timely manner or at all, and (iv) the risk
that the proposed transaction could have an adverse effect on the
ability of PNMR to retain and hire key personnel and maintain
relationships with its customers and suppliers, and on its
operating results and businesses generally. 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
(Preliminary and
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
PNM
|
|
TNMP
|
|
Corporate
and Other
|
|
PNMR
Consolidated
|
|
|
(in
thousands)
|
|
Three Months Ended
June 30, 2022
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$ (6,217)
|
|
$ 26,051
|
|
$ (4,473)
|
|
$
15,361
|
|
Adjusting items before
income tax effects:
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized gains and losses on investment
securities2a
|
|
38,979
|
|
—
|
|
—
|
|
38,979
|
|
Regulatory
disallowances and restructuring costs2b
|
|
1,399
|
|
—
|
|
—
|
|
1,399
|
|
Pension expense
related to previously disposed of gas distribution
business2c
|
|
614
|
|
—
|
|
—
|
|
614
|
|
Merger related
costs2d
|
|
23
|
|
4
|
|
288
|
|
315
|
|
Total adjustments
before income tax effects
|
|
41,015
|
|
4
|
|
288
|
|
41,307
|
|
Income tax impact of
above adjustments1
|
|
(10,418)
|
|
(1)
|
|
(73)
|
|
(10,492)
|
|
Income tax
impact of non-deductible merger related
costs3
|
|
(80)
|
|
61
|
|
(4)
|
|
(23)
|
|
Timing of
statutory and effective tax rates on non-recurring
items4
|
|
3,326
|
|
379
|
|
(440)
|
|
3,265
|
|
Total income tax
impacts5
|
|
(7,172)
|
|
439
|
|
(517)
|
|
(7,250)
|
|
Adjusting items, net
of income taxes
|
|
33,843
|
|
443
|
|
(229)
|
|
34,057
|
|
Ongoing Earnings
(Loss)
|
|
$ 27,626
|
|
$ 26,494
|
|
$ (4,702)
|
|
$
49,418
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2022
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$ (1,906)
|
|
$ 41,111
|
|
$ (7,853)
|
|
$
31,352
|
|
Adjusting items before
income tax effects:
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized gains and losses on investment
securities2a
|
|
69,891
|
|
—
|
|
—
|
|
69,891
|
|
Regulatory
disallowances and restructuring costs2b
|
|
1,399
|
|
—
|
|
—
|
|
1,399
|
|
Pension expense
related to previously disposed of gas distribution
business2c
|
|
1,228
|
|
—
|
|
—
|
|
1,228
|
|
Merger related
costs2d
|
|
50
|
|
4
|
|
1,232
|
|
1,286
|
|
Total adjustments
before income tax effects
|
|
72,568
|
|
4
|
|
1,232
|
|
73,804
|
|
Income tax impact of
above adjustments1
|
|
(18,432)
|
|
(1)
|
|
(313)
|
|
(18,746)
|
|
Income tax
impact of non-deductible merger related
costs3
|
|
(11)
|
|
282
|
|
34
|
|
305
|
|
Timing of
statutory and effective tax rates on non-recurring
items4
|
|
5,974
|
|
194
|
|
(160)
|
|
6,008
|
|
Total income tax
impacts5
|
|
(12,469)
|
|
475
|
|
(439)
|
|
(12,433)
|
|
Adjusting items, net
of income taxes
|
|
60,099
|
|
479
|
|
793
|
|
61,371
|
|
Ongoing Earnings
(Loss)
|
|
$ 58,193
|
|
$ 41,590
|
|
$ (7,060)
|
|
$
92,723
|
|
|
|
|
|
|
|
|
|
|
1 Tax
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 Statements of Earnings as
follows:
|
|
a Decreases
in "Gains (losses) on investment securities" reflecting non-cash
performance relative to market, not indicative of funding
requirements
|
|
b Increases
in "Regulatory disallowances and restructuring costs"
|
|
c Increases
in "Other (deductions)"
|
|
d Increases
in "Administrative and general"
|
|
|
|
|
|
|
|
|
|
3 Increases
(decreases) in "Income Taxes"
|
|
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 23.2% for PNMR, and the GAAP
anticipated effective tax rates of 11.9% for PNM, 13.3% for TNMP,
and
10.8% for PNMR, which will reverse by year end
|
|
5 Income tax
impacts reflected in "Income Taxes"
|
|
|
|
|
|
|
|
|
|
PNM Resources, Inc.
and Subsidiaries
Schedule
2
Reconciliation of
GAAP to Ongoing Earnings
(Preliminary and
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
PNM
|
|
TNMP
|
|
Corporate
and Other
|
|
PNMR
Consolidated
|
|
|
(in
thousands)
|
|
Three Months Ended
June 30, 2021
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$ 41,352
|
|
$ 15,650
|
|
$ (3,293)
|
|
$
53,709
|
|
Adjusting items before
income tax effects:
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized gains and losses on investment
securities2a
|
|
(10,386)
|
|
—
|
|
—
|
|
(10,386)
|
|
Pension expense
related to previously disposed of gas distribution
business2b
|
|
849
|
|
—
|
|
—
|
|
849
|
|
Merger related
costs2c
|
|
154
|
|
212
|
|
1,710
|
|
2,076
|
|
Total adjustments
before income tax effects
|
|
(9,383)
|
|
212
|
|
1,710
|
|
(7,461)
|
|
Income tax impact of
above adjustments1
|
|
2,383
|
|
(45)
|
|
(434)
|
|
1,904
|
|
Income tax impact of
non-deductible merger related costs3
|
|
11
|
|
13
|
|
165
|
|
189
|
|
Timing of
statutory and effective tax rates on non-recurring
items4
|
|
(751)
|
|
(98)
|
|
54
|
|
(795)
|
|
Total income tax
impacts5
|
|
1,643
|
|
(130)
|
|
(215)
|
|
1,298
|
|
Adjusting items, net
of income taxes
|
|
(7,740)
|
|
82
|
|
1,495
|
|
(6,163)
|
|
Ongoing Earnings
(Loss)
|
|
$ 33,612
|
|
$ 15,732
|
|
$ (1,798)
|
|
$
47,546
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2021
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$ 59,888
|
|
$ 24,385
|
|
$
(12,985)
|
|
$
71,288
|
|
Adjusting items before
income tax effects:
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized gains and losses on investment
securities2a
|
|
(6,105)
|
|
—
|
|
—
|
|
(6,105)
|
|
Pension expense
related to previously disposed of gas distribution
business2b
|
|
1,698
|
|
—
|
|
—
|
|
1,698
|
|
Merger related
costs2c
|
|
358
|
|
428
|
|
8,380
|
|
9,166
|
|
Total adjustments
before income tax effects
|
|
(4,049)
|
|
428
|
|
8,380
|
|
4,759
|
|
Income tax impact of
above adjustments1
|
|
1,029
|
|
(90)
|
|
(2,128)
|
|
(1,189)
|
|
Income tax impact of
non-deductible merger related costs3
|
|
11
|
|
35
|
|
705
|
|
751
|
|
Timing of
statutory and effective tax rates on non-recurring
items4
|
|
(317)
|
|
(98)
|
|
148
|
|
(267)
|
|
Total income tax
impacts5
|
|
723
|
|
(153)
|
|
(1,275)
|
|
(705)
|
|
Adjusting items, net
of income taxes
|
|
(3,326)
|
|
275
|
|
7,105
|
|
4,054
|
|
Ongoing Earnings
(Loss)
|
|
$ 56,562
|
|
$ 24,660
|
|
$ (5,880)
|
|
$
75,342
|
|
|
|
|
|
|
|
|
|
|
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
(Increases) in "Gains on investment securities" reflecting non-cash
performance relative to market, not indicative of funding
requirements
|
|
b Increases
in "Other (deductions)"
|
|
|
|
|
|
|
|
|
|
c
Increases in "Administrative and general"
|
|
|
|
|
|
|
|
|
|
3 Increase
in "Income Tax Expense"
|
|
4 Income tax
timing impacts resulting from differences between the statutory tax
rates of 25.4% for PNM, 21.0% for TNMP and the average
expected statutory tax
rate of 24.0% for PNMR, and the GAAP anticipated effective tax
rates of 15.8% for PNM, 10.6% for TNMP, and
13.4% 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
(Preliminary and
Unaudited)
|
|
|
|
PNM
|
|
TNMP
|
|
Corporate
and Other
|
|
PNMR
Consolidated
|
|
|
(per diluted
share)
|
|
Three Months Ended
June 30, 2022
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$
(0.07)
|
|
$
0.30
|
|
$
(0.05)
|
|
$
0.18
|
|
Adjusting items, net of
income tax effects:
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized gains and losses on investment securities
|
|
0.34
|
|
—
|
|
—
|
|
0.34
|
|
Regulatory
disallowances and restructuring costs
|
|
0.01
|
|
—
|
|
—
|
|
0.01
|
|
Timing of
statutory and effective tax rates on non-recurring items
|
|
0.04
|
|
0.01
|
|
(0.01)
|
|
0.04
|
|
Total
Adjustments
|
|
0.39
|
|
0.01
|
|
(0.01)
|
|
0.39
|
|
Ongoing Earnings
(Loss)
|
|
$
0.32
|
|
$
0.31
|
|
$
(0.06)
|
|
$
0.57
|
|
Average Diluted Shares
Outstanding: 86,226,318
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2022
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$
(0.02)
|
|
$
0.47
|
|
$
(0.09)
|
|
$
0.36
|
|
Adjusting items, net of
income tax effects:
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized gains and losses on investment securities
|
|
0.61
|
|
—
|
|
—
|
|
0.61
|
|
Regulatory
disallowances and restructuring costs
|
|
0.01
|
|
—
|
|
—
|
|
0.01
|
|
Pension expense
related to previously disposed of gas distribution
business
|
|
0.01
|
|
—
|
|
—
|
|
0.01
|
|
Merger related
costs
|
|
—
|
|
0.01
|
|
0.01
|
|
0.02
|
|
Timing of
statutory and effective tax rates on non-recurring items
|
|
0.07
|
|
—
|
|
—
|
|
0.07
|
|
Total
Adjustments
|
|
0.70
|
|
0.01
|
|
0.01
|
|
0.72
|
|
Ongoing Earnings
(Loss)
|
|
$
0.68
|
|
$
0.48
|
|
$
(0.08)
|
|
$
1.08
|
|
Average Diluted Shares
Outstanding: 86,198,407
|
|
|
|
|
|
|
PNM Resources, Inc.
and Subsidiaries
Schedule
4
Reconciliation of
GAAP to Ongoing Earnings Per Diluted Share
(Preliminary and
Unaudited)
|
|
|
|
PNM
|
|
TNMP
|
|
Corporate
and Other
|
|
PNMR
Consolidated
|
|
|
(per diluted
share)
|
|
Three Months Ended
June 30, 2021
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$
0.48
|
|
$
0.18
|
|
$
(0.04)
|
|
$
0.62
|
|
Adjusting items, net of
income tax effects:
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized gains and losses on investment securities
|
|
(0.09)
|
|
—
|
|
—
|
|
(0.09)
|
|
Pension expense
related to previously disposed of gas distribution
business
|
|
0.01
|
|
—
|
|
—
|
|
0.01
|
|
Merger related
costs
|
|
—
|
|
—
|
|
0.02
|
|
0.02
|
|
Timing of
statutory and effective tax rates on non-recurring items
|
|
(0.01)
|
|
—
|
|
—
|
|
(0.01)
|
|
Total
Adjustments
|
|
(0.09)
|
|
—
|
|
0.02
|
|
(0.07)
|
|
Ongoing Earnings
(Loss)
|
|
$
0.39
|
|
$
0.18
|
|
$
(0.02)
|
|
$
0.55
|
|
Average Diluted Shares
Outstanding: 86,106,810
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2021
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$
0.70
|
|
$
0.28
|
|
$
(0.15)
|
|
$
0.83
|
|
Adjusting items, net of
income tax effects:
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized gains and losses on investment securities
|
|
(0.05)
|
|
—
|
|
—
|
|
(0.05)
|
|
Pension expense
related to previously disposed of gas distribution
business
|
|
0.01
|
|
—
|
|
—
|
|
0.01
|
|
Merger related
costs
|
|
—
|
|
0.01
|
|
0.08
|
|
0.09
|
|
Total
Adjustments
|
|
(0.04)
|
|
0.01
|
|
0.08
|
|
0.05
|
|
Ongoing Earnings
(Loss)
|
|
$
0.66
|
|
$
0.29
|
|
$
(0.07)
|
|
$
0.88
|
|
Average Diluted Shares
Outstanding: 86,102,436
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PNM Resources, Inc.
and Subsidiaries
Schedule
5
Condensed
Consolidated Statements of Earnings
(Preliminary and
Unaudited)
|
|
|
Three Months
Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
(In thousands, except
per share amounts)
|
|
Electric Operating
Revenues:
|
|
|
|
|
|
|
|
|
Contracts with
customers
|
$
404,320
|
|
$
368,893
|
|
$
788,813
|
|
$
715,478
|
|
Alternative revenue
programs
|
2,579
|
|
7,236
|
|
(2,926)
|
|
6,327
|
|
Other electric
operating revenue
|
92,831
|
|
50,411
|
|
157,961
|
|
69,442
|
|
Total electric
operating revenues
|
499,730
|
|
426,540
|
|
943,848
|
|
791,247
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
Cost of
energy
|
195,596
|
|
152,676
|
|
364,010
|
|
268,072
|
|
Administrative and
general
|
51,342
|
|
52,473
|
|
107,203
|
|
111,938
|
|
Energy production
costs
|
42,499
|
|
37,439
|
|
76,065
|
|
74,335
|
|
Regulatory
disallowances and restructuring costs
|
1,399
|
|
—
|
|
1,399
|
|
—
|
|
Depreciation and
amortization
|
76,769
|
|
70,727
|
|
152,533
|
|
140,601
|
|
Transmission and
distribution costs
|
21,156
|
|
18,853
|
|
39,622
|
|
36,170
|
|
Taxes other than
income taxes
|
24,577
|
|
20,169
|
|
48,556
|
|
42,762
|
|
Total operating
expenses
|
413,338
|
|
352,337
|
|
789,388
|
|
673,878
|
|
Operating
income
|
86,392
|
|
74,203
|
|
154,460
|
|
117,369
|
|
Other Income and
Deductions:
|
|
|
|
|
|
|
|
|
Interest
income
|
3,327
|
|
3,578
|
|
7,619
|
|
7,137
|
|
Gains (losses) on
investment securities
|
(41,795)
|
|
13,192
|
|
(68,368)
|
|
14,160
|
|
Other
income
|
5,151
|
|
4,654
|
|
9,481
|
|
8,906
|
|
Other
(deductions)
|
(3,641)
|
|
(5,448)
|
|
(5,882)
|
|
(8,738)
|
|
Net other income and
deductions
|
(36,958)
|
|
15,976
|
|
(57,150)
|
|
21,465
|
|
Interest
Charges
|
29,217
|
|
24,119
|
|
55,437
|
|
50,003
|
|
Earnings before
Income Taxes
|
20,217
|
|
66,060
|
|
41,873
|
|
88,831
|
|
Income
Taxes
|
1,094
|
|
8,299
|
|
3,532
|
|
9,865
|
|
Net
Earnings
|
19,123
|
|
57,761
|
|
38,341
|
|
78,966
|
|
(Earnings)
Attributable to Valencia Non-controlling Interest
|
(3,630)
|
|
(3,920)
|
|
(6,725)
|
|
(7,414)
|
|
Preferred Stock
Dividend Requirements of Subsidiary
|
(132)
|
|
(132)
|
|
(264)
|
|
(264)
|
|
Net Earnings
Attributable to PNMR
|
$ 15,361
|
|
$ 53,709
|
|
$ 31,352
|
|
$
71,288
|
|
Net Earnings
Attributable to PNMR per Common Share:
|
|
|
|
|
|
|
|
|
Basic
|
$
0.18
|
|
$
0.62
|
|
$
0.36
|
|
$
0.83
|
|
Diluted
|
$
0.18
|
|
$
0.62
|
|
$
0.36
|
|
$
0.83
|
|
Dividends Declared
per Common Share
|
$ 0.3475
|
|
$ 0.3275
|
|
$ 0.6950
|
|
$
0.6550
|
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SOURCE PNM Resources, Inc.