Q3 Weather Adjusts Expectations for 2023 Ongoing Earnings
- 2023 third quarter GAAP earnings of $0.44 per diluted share
- 2023 third quarter ongoing earnings of $1.54 per diluted share
- 2023 ongoing earnings guidance range adjusted to
$2.75 - $2.80
ALBUQUERQUE, N.M., Oct. 27,
2023 /PRNewswire/ --
PNM Resources
(In millions, except EPS)
|
|
|
Q3
2023
|
Q3
2022
|
YTD
2023
|
YTD
2022
|
GAAP net earnings
attributable
to PNM
Resources
|
$37.7
|
$122.4
|
$138.0
|
$153.8
|
GAAP diluted
EPS
|
$0.44
|
$1.42
|
$1.60
|
$1.78
|
Ongoing net
earnings
|
$132.9
|
$126.1
|
$228.0
|
$218.9
|
Ongoing diluted
EPS
|
$1.54
|
$1.46
|
$2.65
|
$2.54
|
PNM Resources (NYSE: PNM) today released its 2023 third quarter
results. GAAP earnings include a one-time charge for rate credits
associated with the San Juan Generating Station abandonment
settlement.
In addition, as a result of the significant weather impacts to
third quarter earnings, management adjusted its 2023 consolidated
ongoing earnings guidance to a range of $2.75 to $2.80 per
diluted share.
"Customer demands at PNM and TNMP increased substantially in the
third quarter," said Pat
Vincent-Collawn, PNM Resources Chairman and CEO. "As we look
forward and navigate a challenging market environment, we remain
focused on prioritizing critical infrastructure investments to meet
the changing needs of our customers, communities and
environment."
UPDATE ON MERGER
On June 20, 2023, PNM Resources
and Avangrid announced an amendment and extension of their merger
agreement through December 31, 2023,
with an option for three months further extension upon mutual
agreement by the companies. The companies' appeal of the New Mexico
Public Regulation Commission's (NMPRC) December 2021 merger stipulation denial remains
pending with the New Mexico Supreme Court (Court) following oral
arguments held on September 15, 2023.
There is no statutory deadline for the Court to respond to the
appeal.
SEGMENT REPORTING OF 2023 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
2023
|
Q3
2022
|
|
Q3
2023
|
Q3
2022
|
PNM
|
$0.09
|
$1.13
|
|
$1.19
|
$1.17
|
TNMP
|
$0.46
|
$0.36
|
|
$0.46
|
$0.36
|
Corporate and
Other
|
($0.11)
|
($0.07)
|
|
($0.11)
|
($0.07)
|
|
|
|
|
|
|
Consolidated PNM
Resources
|
$0.44
|
$1.42
|
|
$1.54
|
$1.46
|
Net changes to GAAP and ongoing earnings in the third
quarter of 2023 compared to the third quarter of 2022 include:
- PNM: Increased customer usage due to hotter temperatures, lower
costs associated with generation portfolio changes and improved
market performance of decommissioning and reclamation trusts were
partially offset by depreciation and interest expense associated
with new capital investments and higher planned O&M
expenses.
- TNMP: Increased rate recovery through the Transmission Cost of
Service (TCOS) and Distribution Cost Recovery Factor (DCRF)
mechanisms and higher customer usage due in part to hotter
temperatures was partially offset by depreciation, property tax and
interest expense associated with new capital investments and higher
planned O&M expenses.
- Corporate and Other: Higher interest rates on variable rate
debt, net of hedges, increased losses.
In addition, GAAP earnings decreased in the third quarter
of 2023 primarily due to a settlement involving $115 million of rate credits associated with the
retirement of the San Juan Generating Station, along with
$5.6 million in net unrealized losses
on investment securities for decommissioning and reclamation trusts
compared to $11.2 million in net
unrealized losses in the third quarter of 2022.
Additional materials with information on quarterly results are
available at
http://www.pnmresources.com/investors/results.cfm.
THIRD QUARTER CONFERENCE CALL: 11
A.M. EASTERN FRIDAY, OCTOBER
27
PNM Resources will discuss these items during a live conference
call and webcast on Friday, October
27th 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, Chief Financial Officer and Treasurer.
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/10183155/fa9b6aee79. 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 2022
consolidated operating revenues of $2.2
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 2.8 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
(Unaudited)
|
|
|
|
PNM
|
|
TNMP
|
|
Corporate
and
Other
|
|
PNMR
Consolidated
|
|
|
(in
thousands)
|
Three Months Ended
September 30, 2023
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$
8,076
|
|
$ 39,504
|
|
$ (9,854)
|
|
$
37,726
|
Adjusting items before
income tax effects:
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment
securities2a
|
|
5,551
|
|
—
|
|
—
|
|
5,551
|
Regulatory
disallowances and restructuring costs2b
|
|
119,872
|
|
—
|
|
—
|
|
119,872
|
Pension expense
related to previously disposed of gas distribution
business2c
|
|
679
|
|
—
|
|
—
|
|
679
|
Merger related
costs2d
|
|
32
|
|
—
|
|
132
|
|
164
|
Total adjustments
before income tax effects
|
|
126,134
|
|
—
|
|
132
|
|
126,266
|
Income tax impact of
above adjustments1
|
|
(32,038)
|
|
—
|
|
(34)
|
|
(32,072)
|
Income tax
impact of non-deductible merger related
costs3
|
|
1
|
|
—
|
|
9
|
|
10
|
Timing of
statutory and effective tax rates on non-recurring
items4
|
|
692
|
|
(106)
|
|
429
|
|
1,015
|
Total income tax
impacts5
|
|
(31,345)
|
|
(106)
|
|
404
|
|
(31,047)
|
Adjusting items, net
of income taxes
|
|
94,789
|
|
(106)
|
|
536
|
|
95,219
|
Ongoing Earnings
(Loss)
|
|
$
102,865
|
|
$ 39,398
|
|
$ (9,318)
|
|
$
132,945
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2023
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$ 93,836
|
|
$ 74,169
|
|
$
(29,960)
|
|
$
138,045
|
Adjusting items before
income tax effects:
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment
securities2a
|
|
(6,438)
|
|
—
|
|
—
|
|
(6,438)
|
Regulatory
disallowances and restructuring costs2b
|
|
123,602
|
|
—
|
|
—
|
|
123,602
|
Pension expense
related to previously disposed of gas distribution
business2c
|
|
2,037
|
|
—
|
|
—
|
|
2,037
|
Merger related
costs2d
|
|
59
|
|
2
|
|
651
|
|
712
|
Total adjustments
before income tax effects
|
|
119,260
|
|
2
|
|
651
|
|
119,913
|
Income tax impact of
above adjustments1
|
|
(30,292)
|
|
—
|
|
(166)
|
|
(30,458)
|
Income tax
impact of non-deductible merger related
costs3
|
|
6
|
|
—
|
|
94
|
|
100
|
Timing of
statutory and effective tax rates on non-recurring
items4
|
|
240
|
|
51
|
|
144
|
|
435
|
Total income tax
impacts5
|
|
(30,046)
|
|
51
|
|
72
|
|
(29,923)
|
Adjusting items, net
of income taxes
|
|
89,214
|
|
53
|
|
723
|
|
89,990
|
Ongoing Earnings
(Loss)
|
|
$
183,050
|
|
$ 74,222
|
|
$
(29,237)
|
|
$
228,035
|
|
|
|
|
|
|
|
|
|
|
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 Changes
in "Gains (losses) on investment securities" reflecting non-cash
performance relative to market, not indicative of funding
requirements
|
b Decrease
in "Electric Operating Revenue" of $117.6 million for the three and
nine months ended September 30, 2023, an increase in "Regulatory
disallowances and restructuring costs" of $2.3 million and $6.0
million for the three and nine months ended September 30,
2023
|
c Increases
in "Other (deductions)"
|
d Increases
in "Administrative and general"
|
|
|
|
|
|
|
|
|
3 Increases
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 23.8% for PNMR, and the GAAP anticipated
effective tax rates of 18.9% for PNM, 15.1% for TNMP, and 16.1% 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
(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
|
|
|
|
|
|
|
|
|
|
|
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 (losses) on investment securities"
reflecting non-cash performance relative to market, not indicative
of funding requirements
|
b Decreases
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 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 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
3
Reconciliation of
GAAP to Ongoing Earnings Per Diluted Share
(Unaudited)
|
|
|
|
PNM
|
|
TNMP
|
|
Corporate
and
Other
|
|
PNMR
Consolidated
|
|
|
(per diluted
share)
|
Three Months Ended
September 30, 2023
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$
0.09
|
|
$
0.46
|
|
$
(0.11)
|
|
$
0.44
|
Adjusting items, net of
income tax effects:
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment securities
|
|
0.04
|
|
—
|
|
—
|
|
0.04
|
Regulatory
disallowances and restructuring costs
|
|
1.04
|
|
—
|
|
—
|
|
1.04
|
Pension expense
related to previously disposed of gas distribution
business
|
|
0.01
|
|
—
|
|
—
|
|
0.01
|
Timing of
statutory and effective tax rates on non-recurring items
|
|
0.01
|
|
—
|
|
—
|
|
0.01
|
Total
Adjustments
|
|
1.10
|
|
—
|
|
—
|
|
1.10
|
Ongoing Earnings
(Loss)
|
|
$
1.19
|
|
$
0.46
|
|
$
(0.11)
|
|
$
1.54
|
Average Diluted Shares
Outstanding: 86,129,744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2023
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$
1.09
|
|
$
0.86
|
|
$
(0.35)
|
|
$
1.60
|
Adjusting items, net of
income tax effects:
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment securities
|
|
(0.05)
|
|
—
|
|
—
|
|
(0.05)
|
Regulatory
disallowances and restructuring costs
|
|
1.07
|
|
—
|
|
—
|
|
1.07
|
Pension expense
related to previously disposed of gas distribution
business
|
|
0.02
|
|
—
|
|
—
|
|
0.02
|
Merger related
costs
|
|
—
|
|
—
|
|
0.01
|
|
0.01
|
Total
Adjustments
|
|
1.04
|
|
—
|
|
0.01
|
|
1.05
|
Ongoing Earnings
(Loss)
|
|
$
2.13
|
|
$
0.86
|
|
$
(0.34)
|
|
$
2.65
|
Average Diluted Shares
Outstanding: 86,150,508
|
|
|
|
|
|
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
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
5
Condensed
Consolidated Statements of Earnings
(Unaudited)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(In thousands, except
per share amounts)
|
|
|
|
|
|
|
|
|
Electric Operating
Revenues
|
$
505,851
|
|
$
729,888
|
|
$
1,527,084
|
|
$
1,673,736
|
Operating
Expenses:
|
|
|
|
|
|
|
|
Cost of
energy
|
210,313
|
|
334,339
|
|
624,451
|
|
698,349
|
Administrative and
general
|
58,481
|
|
58,125
|
|
167,630
|
|
165,328
|
Energy production
costs
|
20,388
|
|
34,469
|
|
68,345
|
|
110,534
|
Regulatory
disallowances and restructuring costs
|
2,315
|
|
(567)
|
|
6,046
|
|
832
|
Depreciation and
amortization
|
80,192
|
|
76,570
|
|
237,405
|
|
229,103
|
Transmission and
distribution costs
|
25,078
|
|
21,538
|
|
72,739
|
|
61,160
|
Taxes other than
income taxes
|
22,432
|
|
22,651
|
|
72,395
|
|
71,207
|
Total operating
expenses
|
419,199
|
|
547,125
|
|
1,249,011
|
|
1,336,513
|
Operating
income
|
86,652
|
|
182,763
|
|
278,073
|
|
337,223
|
Other Income and
Deductions:
|
|
|
|
|
|
|
|
Interest
income
|
5,366
|
|
3,969
|
|
15,568
|
|
11,588
|
Gains (losses) on
investment securities
|
(8,404)
|
|
(15,736)
|
|
1,815
|
|
(84,104)
|
Other
income
|
8,428
|
|
5,364
|
|
17,121
|
|
14,845
|
Other
(deductions)
|
(4,555)
|
|
(1,647)
|
|
(10,562)
|
|
(7,529)
|
Net other income and
deductions
|
835
|
|
(8,050)
|
|
23,942
|
|
(65,200)
|
Interest
Charges
|
49,838
|
|
34,526
|
|
136,660
|
|
89,963
|
Earnings before
Income Taxes
|
37,649
|
|
140,187
|
|
165,355
|
|
182,060
|
Income
Taxes
|
(5,267)
|
|
13,450
|
|
12,742
|
|
16,982
|
Net
Earnings
|
42,916
|
|
126,737
|
|
152,613
|
|
165,078
|
(Earnings)
Attributable to Valencia Non-controlling Interest
|
(5,058)
|
|
(4,172)
|
|
(14,172)
|
|
(10,897)
|
Preferred Stock
Dividend Requirements of Subsidiary
|
(132)
|
|
(132)
|
|
(396)
|
|
(396)
|
Net Earnings
Attributable to PNMR
|
$ 37,726
|
|
$
122,433
|
|
$
138,045
|
|
$
153,785
|
Net Earnings
Attributable to PNMR per Common Share:
|
|
|
|
|
|
|
|
Basic
|
$
0.44
|
|
$
1.42
|
|
$
1.60
|
|
$
1.79
|
Diluted
|
$
0.44
|
|
$
1.42
|
|
$
1.60
|
|
$
1.78
|
Dividends Declared
per Common Share
|
$ 0.3675
|
|
$ 0.3475
|
|
$ 1.1025
|
|
$
1.0425
|
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SOURCE PNM Resources, Inc.