2022 Ongoing Earnings Guidance Raised
- 2022 third quarter GAAP earnings of $1.42 per diluted share
- 2022 third quarter ongoing earnings of $1.46 per diluted share
- 2022 ongoing earnings guidance range raised to $2.63 - $2.68
- 2023 ongoing earnings guidance range maintained at
$2.60 - $2.75
ALBUQUERQUE, N.M. ,
Nov. 4,
2022 /PRNewswire/ --
PNM Resources (In millions, except
EPS)
|
|
|
Q3
2022
|
Q3
2021
|
YTD
2022
|
YTD
2021
|
GAAP net earnings
attributable to PNM Resources
|
$122.4
|
$113.3
|
$153.8
|
$184.6
|
GAAP diluted
EPS
|
$1.42
|
$1.32
|
$1.78
|
$2.14
|
Ongoing net
earnings
|
$126.1
|
$118.0
|
$218.9
|
$193.3
|
Ongoing diluted
EPS
|
$1.46
|
$1.37
|
$2.54
|
$2.25
|
|
PNM Resources (NYSE: PNM) today released its 2022 third quarter
results and raised its full-year 2022 consolidated ongoing earnings
guidance range to $2.63 to
$2.68 per diluted share. Consolidated
ongoing earnings guidance for 2023 was maintained at a range of
$2.60 to $2.75 per diluted share.
"Results for the third quarter were driven by increased demand
at TNMP, PNM and across the Western region," said Pat Vincent-Collawn, PNM Resources chairman and
CEO. "We remain committed to our customers, community and the
environment as we work to support growing needs across Texas and New
Mexico."
"The end of the third quarter also marked the end of our San
Juan Generating Station operations, reducing coal generation to
less than 10% of PNM's generation portfolio capacity as we follow
through on our plans to exit coal and fully eliminate carbon
emissions by 2040," added Vincent-Collawn.
SEGMENT REPORTING OF 2022 THIRD 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
|
|
Q3
2022
|
Q3
2021
|
Q3
2022
|
Q3
2021
|
PNM
|
$1.13
|
$1.01
|
$1.17
|
$1.05
|
TNMP
|
$0.36
|
$0.33
|
$0.36
|
$0.33
|
Corporate and
Other
|
($0.07)
|
($0.02)
|
($0.07)
|
($0.01)
|
|
|
|
|
|
Consolidated PNM
Resources
|
$1.42
|
$1.32
|
$1.46
|
$1.37
|
|
Net changes to GAAP and ongoing earnings in the third
quarter of 2022 compared to the third quarter of 2021 include:
- PNM: Increased transmission margins due to higher system demand
and new customers, including the Western Spirit transmission
contract, higher market prices and increased usage due to load
growth and weather were partially offset by realized losses in
decommissioning and reclamation trusts.
- TNMP: Increased usage due to load growth and weather, along
with 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 and higher O&M expenses.
- Corporate and Other: Higher interest rates on variable rate
debt increased losses.
In addition, GAAP earnings decreased in the third quarter
of 2022 resulting from $11.2 million
in net unrealized losses on investment securities for
decommissioning and reclamation trusts compared to $2.5 million in net unrealized losses in the
third quarter of 2021.
Additional materials with information on quarterly results are
available at
http://www.pnmresources.com/investors/results.cfm.
STATUS OF 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 concluded in August 2022. No response has been provided on the
companies' request for oral argument. There is no statutory
deadline for the Court to respond to the request for oral argument
nor to act on the appeal.
THIRD QUARTER CONFERENCE CALL: 11
A.M. EASTERN FRIDAY, NOVEMBER
4
PNM Resources will discuss these items during a live conference
call and webcast on Friday, November
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, 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/10172346/f4d6d71520. 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 third 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 2.7
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.
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
September 30, 2022
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$ 97,468
|
|
$ 31,431
|
|
$ (6,466)
|
|
$
122,433
|
Adjusting items before
income tax effects:
|
|
|
|
|
|
|
|
|
Net change in
unrealized gains and losses on investment
securities2a
|
|
11,194
|
|
—
|
|
—
|
|
11,194
|
Regulatory
disallowances and restructuring costs2b
|
|
625
|
|
—
|
|
—
|
|
625
|
Pension expense
related to previously disposed of gas distribution
business2c
|
|
614
|
|
—
|
|
—
|
|
614
|
Merger related
costs2d
|
|
17
|
|
1
|
|
337
|
|
355
|
Total adjustments
before income tax effects
|
|
12,450
|
|
1
|
|
337
|
|
12,788
|
Income tax impact of
above adjustments1
|
|
(3,162)
|
|
—
|
|
(86)
|
|
(3,248)
|
Income tax
impact of non-deductible merger related
costs3
|
|
262
|
|
(125)
|
|
7
|
|
144
|
Timing of
statutory and effective tax rates on non-recurring
items4
|
|
(5,933)
|
|
51
|
|
12
|
|
(5,972)
|
Total income tax
impacts5
|
|
(8,833)
|
|
(176)
|
|
(67)
|
|
(9,076)
|
Adjusting items, net
of income taxes
|
|
3,617
|
|
(175)
|
|
270
|
|
3,712
|
Ongoing Earnings
(Loss)
|
|
$
101,085
|
|
$
31,256
|
|
$ (6,196)
|
|
$
126,145
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2022
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$
95,562
|
|
$
72,542
|
|
$
(14,319)
|
|
$
153,785
|
Adjusting items before
income tax effects:
|
|
|
|
|
|
|
|
|
Net change in
unrealized gains and losses on investment
securities2a
|
|
81,084
|
|
—
|
|
—
|
|
81,084
|
Regulatory
disallowances and restructuring costs2b
|
|
2,025
|
|
—
|
|
—
|
|
2,025
|
Pension expense
related to previously disposed of gas distribution
business2c
|
|
1,842
|
|
—
|
|
—
|
|
1,842
|
Merger related
costs2d
|
|
67
|
|
4
|
|
1,569
|
|
1,640
|
Total adjustments
before income tax effects
|
|
85,018
|
|
4
|
|
1,569
|
|
86,591
|
Income tax impact of
above adjustments1
|
|
(21,595)
|
|
(1)
|
|
(398)
|
|
(21,994)
|
Income tax
impact of non-deductible merger related
costs3
|
|
252
|
|
156
|
|
42
|
|
450
|
Timing of
statutory and effective tax rates on non-recurring
items4
|
|
41
|
|
144
|
|
(149)
|
|
36
|
Total income tax
impacts5
|
|
(21,302)
|
|
299
|
|
(505)
|
|
(21,508)
|
Adjusting items, net
of income taxes
|
|
63,716
|
|
303
|
|
1,064
|
|
65,083
|
Ongoing Earnings
(Loss)
|
|
$
159,278
|
|
$ 72,845
|
|
$
(13,255)
|
|
$
218,868
|
|
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 Decrease
in "Regulatory disallowances and restructuring costs" of $0.6
million for the three months ended September 30, 2022, an increase
in "Regulatory
disallowances and restructuring costs" of $0.8 million for the nine
months ended September 30, 2022 and a decrease in "Electric
Operating Revenues" of
$1.2 million for the three and nine months ended September 30,
2022
|
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 23.1% for PNMR, and the GAAP anticipated effective tax
rates of 11.0% for PNM, 13.4% for TNMP, and 10.1% 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
September 30, 2021
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$ 86,915
|
|
$ 27,942
|
|
$ (1,536)
|
|
$
113,321
|
Adjusting items before
income tax effects:
|
|
|
|
|
|
|
|
|
Net change in
unrealized gains and losses on investment
securities2a
|
|
2,512
|
|
—
|
|
—
|
|
2,512
|
Regulatory
disallowances and restructuring costs2b
|
|
436
|
|
—
|
|
—
|
|
436
|
Pension expense
related to previously disposed of gas distribution
business2c
|
|
849
|
|
—
|
|
—
|
|
849
|
Merger related
costs2d
|
|
204
|
|
5
|
|
1,364
|
|
1,573
|
Total adjustments
before income tax effects
|
|
4,001
|
|
5
|
|
1,364
|
|
5,370
|
Income tax impact of
above adjustments1
|
|
(1,016)
|
|
(1)
|
|
(346)
|
|
(1,363)
|
Income tax impact of
non-deductible merger related costs3
|
|
12
|
|
1
|
|
130
|
|
143
|
Timing of
statutory and effective tax rates on non-recurring
items4
|
|
317
|
|
226
|
|
(14)
|
|
529
|
Total income tax
impacts5
|
|
(687)
|
|
226
|
|
(230)
|
|
(691)
|
Adjusting items, net
of income taxes
|
|
3,314
|
|
231
|
|
1,134
|
|
4,679
|
Ongoing Earnings
(Loss)
|
|
$
90,229
|
|
$ 28,173
|
|
$
(402)
|
|
$
118,000
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2021
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$
146,804
|
|
$ 52,326
|
|
$
(14,521)
|
|
$
184,609
|
Adjusting items before
income tax effects:
|
|
|
|
|
|
|
|
|
Net change in
unrealized gains and losses on investment
securities2a
|
|
(3,594)
|
|
—
|
|
—
|
|
(3,594)
|
Regulatory
disallowances and restructuring costs2b
|
|
436
|
|
—
|
|
—
|
|
436
|
Pension expense
related to previously disposed of gas distribution
business2c
|
|
2,547
|
|
—
|
|
—
|
|
2,547
|
Merger related
costs2d
|
|
562
|
|
433
|
|
9,743
|
|
10,738
|
Total adjustments
before income tax effects
|
|
(49)
|
|
433
|
|
9,743
|
|
10,127
|
Income tax impact of
above adjustments1
|
|
12
|
|
(91)
|
|
(2,475)
|
|
(2,554)
|
Income tax impact of
non-deductible merger related costs3
|
|
24
|
|
36
|
|
835
|
|
895
|
Timing of
statutory and effective tax rates on non-recurring
items4
|
|
—
|
|
128
|
|
135
|
|
263
|
Total income tax
impacts5
|
|
36
|
|
73
|
|
(1,505)
|
|
(1,396)
|
Adjusting items, net
of income taxes
|
|
(13)
|
|
506
|
|
8,238
|
|
8,731
|
Ongoing Earnings
(Loss)
|
|
$
146,791
|
|
$ 52,832
|
|
$ (6,283)
|
|
$
193,340
|
|
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) decreases in "Gains 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 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 24.2% for PNMR, and the GAAP
anticipated effective tax rates of 15.4% for PNM, 11.1% for TNMP,
and 13.1%
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
September 30, 2022
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$
1.13
|
|
$
0.36
|
|
$
(0.07)
|
|
$
1.42
|
Adjusting items, net of
income tax effects:
|
|
|
|
|
|
|
|
|
Net change in
unrealized gains and losses on investment securities
|
|
0.10
|
|
—
|
|
—
|
|
0.10
|
Regulatory
disallowances and restructuring costs
|
|
0.01
|
|
—
|
|
—
|
|
0.01
|
Timing of
statutory and effective tax rates on non-recurring items
|
|
(0.07)
|
|
—
|
|
—
|
|
(0.07)
|
Total
Adjustments
|
|
0.04
|
|
—
|
|
—
|
|
0.04
|
Ongoing Earnings
(Loss)
|
|
$
1.17
|
|
$
0.36
|
|
$
(0.07)
|
|
$
1.46
|
Average Diluted Shares
Outstanding: 86,135,756
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2022
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$
1.11
|
|
$
0.84
|
|
$
(0.17)
|
|
$
1.78
|
Adjusting items, net of
income tax effects:
|
|
|
|
|
|
|
|
|
Net change in
unrealized gains and losses on investment securities
|
|
0.70
|
|
—
|
|
—
|
|
0.70
|
Regulatory
disallowances and restructuring costs
|
|
0.02
|
|
—
|
|
—
|
|
0.02
|
Pension expense
related to previously disposed of gas distribution
business
|
|
0.02
|
|
—
|
|
—
|
|
0.02
|
Merger related
costs
|
|
—
|
|
—
|
|
0.02
|
|
0.02
|
Total
Adjustments
|
|
0.74
|
|
—
|
|
0.02
|
|
0.76
|
Ongoing Earnings
(Loss)
|
|
$
1.85
|
|
$
0.84
|
|
$
(0.15)
|
|
$
2.54
|
Average Diluted Shares
Outstanding: 86,177,523
|
|
|
|
|
|
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
September 30, 2021
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$
1.01
|
|
$
0.33
|
|
$
(0.02)
|
|
$
1.32
|
Adjusting items, net of
income tax effects:
|
|
|
|
|
|
|
|
|
Net change in
unrealized gains and losses on investment securities
|
|
0.02
|
|
—
|
|
—
|
|
0.02
|
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
|
Total
Adjustments
|
|
0.04
|
|
—
|
|
0.01
|
|
0.05
|
Ongoing Earnings
(Loss)
|
|
$
1.05
|
|
$
0.33
|
|
$
(0.01)
|
|
$
1.37
|
Average Diluted Shares
Outstanding: 86,112,742
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2021
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$
1.70
|
|
$
0.61
|
|
$
(0.17)
|
|
$
2.14
|
Adjusting items, net of
income tax effects:
|
|
|
|
|
|
|
|
|
Net change in
unrealized gains and losses on investment securities
|
|
(0.03)
|
|
—
|
|
—
|
|
(0.03)
|
Regulatory
disallowances and restructuring costs
|
|
0.01
|
|
—
|
|
—
|
|
0.01
|
Pension expense
related to previously disposed of gas distribution
business
|
|
0.02
|
|
—
|
|
—
|
|
0.02
|
Merger related
costs
|
|
—
|
|
0.01
|
|
0.10
|
|
0.11
|
Total
Adjustments
|
|
—
|
|
0.01
|
|
0.10
|
|
0.11
|
Ongoing Earnings
(Loss)
|
|
$
1.70
|
|
$
0.62
|
|
$
(0.07)
|
|
$
2.25
|
Average Diluted Shares
Outstanding: 86,105,871
|
|
|
|
|
|
PNM Resources,
Inc. and Subsidiaries
|
Schedule
5
|
Condensed
Consolidated Statements of Earnings
|
(Preliminary and
Unaudited)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
(In thousands, except
per share amounts)
|
Electric Operating
Revenues:
|
|
|
|
|
|
|
|
Contracts with
customers
|
$
531,966
|
|
$
481,881
|
|
$
1,320,779
|
|
$
1,197,359
|
Alternative revenue
programs
|
(11,643)
|
|
(9,483)
|
|
(14,569)
|
|
(3,156)
|
Other electric
operating revenue
|
209,565
|
|
82,153
|
|
367,526
|
|
151,595
|
Total electric
operating revenues
|
729,888
|
|
554,551
|
|
1,673,736
|
|
1,345,798
|
Operating
Expenses:
|
|
|
|
|
|
|
|
Cost of
energy
|
334,339
|
|
199,380
|
|
698,349
|
|
467,452
|
Administrative and
general
|
58,125
|
|
56,520
|
|
165,328
|
|
168,458
|
Energy production
costs
|
34,469
|
|
32,374
|
|
110,534
|
|
106,709
|
Regulatory
disallowances and restructuring costs
|
(567)
|
|
436
|
|
832
|
|
436
|
Depreciation and
amortization
|
76,570
|
|
71,438
|
|
229,103
|
|
212,039
|
Transmission and
distribution costs
|
21,538
|
|
19,996
|
|
61,160
|
|
56,166
|
Taxes other than
income taxes
|
22,651
|
|
22,678
|
|
71,207
|
|
65,440
|
Total operating
expenses
|
547,125
|
|
402,822
|
|
1,336,513
|
|
1,076,700
|
Operating
income
|
182,763
|
|
151,729
|
|
337,223
|
|
269,098
|
Other Income and
Deductions:
|
|
|
|
|
|
|
|
Interest
income
|
3,969
|
|
3,329
|
|
11,588
|
|
10,466
|
Gains (losses) on
investment securities
|
(15,736)
|
|
1,948
|
|
(84,104)
|
|
16,108
|
Other
income
|
5,364
|
|
5,686
|
|
14,845
|
|
14,592
|
Other
(deductions)
|
(1,647)
|
|
(5,098)
|
|
(7,529)
|
|
(13,836)
|
Net other income and
deductions
|
(8,050)
|
|
5,865
|
|
(65,200)
|
|
27,330
|
Interest
Charges
|
34,526
|
|
23,244
|
|
89,963
|
|
73,247
|
Earnings before
Income Taxes
|
140,187
|
|
134,350
|
|
182,060
|
|
223,181
|
Income
Taxes
|
13,450
|
|
16,668
|
|
16,982
|
|
26,533
|
Net
Earnings
|
126,737
|
|
117,682
|
|
165,078
|
|
196,648
|
(Earnings)
Attributable to Valencia Non-controlling Interest
|
(4,172)
|
|
(4,229)
|
|
(10,897)
|
|
(11,643)
|
Preferred Stock
Dividend Requirements of Subsidiary
|
(132)
|
|
(132)
|
|
(396)
|
|
(396)
|
Net Earnings
Attributable to PNMR
|
$
122,433
|
|
$
113,321
|
|
$
153,785
|
|
$
184,609
|
Net Earnings
Attributable to PNMR per Common Share:
|
|
|
|
|
|
|
|
Basic
|
$
1.42
|
|
$
1.32
|
|
$
1.79
|
|
$
2.14
|
Diluted
|
$
1.42
|
|
$
1.32
|
|
$
1.78
|
|
$
2.14
|
Dividends Declared
per Common Share
|
$ 0.3475
|
|
$ 0.3275
|
|
$ 1.0425
|
|
$
0.9825
|
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SOURCE PNM Resources, Inc.