ALBUQUERQUE, N.M., Dec. 17, 2020 /PRNewswire/ -- PNM Resources (NYSE: PNM) management announces its 2021 ongoing earnings guidance of $2.27 to $2.37 per diluted share and affirms its 2020 ongoing earnings guidance per share of $2.23 to $2.31 per diluted share.
Additional materials with details on the company's guidance are available on the PNM Resources' website at http://www.pnmresources.com/investors/events.cfm.
Management will host a live conference call this morning at 11 a.m. Eastern to discuss details of the guidance and provide company updates. Speaking on the call will be Pat Vincent-Collawn, PNM Resources Chairman, President and CEO and Don Tarry, PNM Resources Senior Vice President and CFO.
The presentation and live webcast will be available prior to the start of the meeting on PNM Resources' website at http://www.pnmresources.com/investors/events.cfm. Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software. The webcast archive will be available following the meeting on the PNM Resources website.
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: http://dpregister.com/10150423. 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 2021 earnings guidance conference call."
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,811 megawatts of generation capacity and provides electricity to approximately 790,000 homes and businesses in New Mexico and Texas. 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 |
Additional Information
The proposed business combination transaction between PNMR and Avangrid will be submitted to the shareholders of PNMR for their consideration. PNMR will file a proxy statement and other documents with the SEC regarding the proposed business combination transaction. This document is not a substitute for the proxy statement or any other document which PNMR may file with the SEC and send to PNMR's shareholders in connection with the proposed business combination transaction. INVESTORS AND SECURITY HOLDERS OF PNMR ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. You may obtain copies of all documents filed with the SEC regarding this transaction, free of charge, at the SEC's website (www.sec.gov). You may also obtain these documents, free of charge, from PNMR's website (https://www.pnmresources.com/) under the tab "Investor" and then under the heading "SEC Filings."
Participants in the Solicitation
PNMR, its directors and certain of its executive officers and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction under the rules of the SEC. Information about PNMR's directors and executive officers is set forth in its definitive proxy statement for its 2020 Annual Meeting of Shareholders, which was filed with the SEC on March 31, 2020, and its Form 10-K filed with the SEC on March 2, 2020. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed transaction will be included in the proxy statement and other relevant materials PNMR intends to file with the SEC.
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 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. 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 required governmental and regulatory approvals of the pending Merger that could reduce anticipated benefits or cause the parties to abandon the transaction, (ii) the failure by AVANGRID to obtain the necessary financing arrangement set forth in commitment letter received in connection with the Merger, (iii) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (iv) the possibility that PNMR's shareholders may not approve the Merger Agreement, (v) the risk that the parties may not be able to satisfy the conditions to the proposed Merger in a timely manner or at all, (vi) risks related to disruption of management time from ongoing business operations due to the proposed Merger, and (vii) the risk that the proposed transaction and its announcement 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 (or ongoing diluted earnings per 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.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Dec. 4, 2020 /PRNewswire/ -- The Board of Directors of PNM Resources (NYSE: PNM) today unanimously voted to increase the company's annual dividend payment by $0.08, a 6.5 percent increase, to an indicated annual rate of $1.31 per share of common stock. This is consistent with the company's stated target to pay out 50 to 60 percent of annual ongoing earnings. The board has declared the resulting quarterly stock dividend of $0.3275 per share, payable February 16, 2021, to shareholders of record at the close of business February 3, 2021.
Also today, the Board of Directors of Public Service Company of New Mexico, a subsidiary of PNM Resources, declared the regular quarterly dividend of $1.145 per share on the 4.58 percent series of cumulative preferred stock. The preferred stock dividend is payable January 16, 2021 to shareholders of record at the close of business December 28, 2020.
2021 Ongoing Earnings Guidance
The company will announce its 2021 ongoing earnings guidance prior to the market opening on Thursday, Dec. 17, 2020. The news release will be issued at 6:30 a.m. Eastern and also will be posted on the company's website at www.PNMResources.com.
Management will host a live conference call and webcast that morning at 11 a.m. Eastern to discuss details of the guidance and provide company updates. 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: http://dpregister.com/10150423.
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 2021 earnings guidance conference call." Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software. A live webcast of the call will be available at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,811 megawatts of generation capacity and provides electricity to approximately 790,000 homes and businesses in New Mexico and Texas. 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 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. 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 required governmental and regulatory approvals of the pending Merger that could reduce anticipated benefits or cause the parties to abandon the transaction, (ii) the failure by AVANGRID to obtain the necessary financing arrangement set forth in commitment letter received in connection with the Merger, (iii) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (iv) the possibility that PNMR's shareholders may not approve the Merger Agreement, (v) the risk that the parties may not be able to satisfy the conditions to the proposed Merger in a timely manner or at all, (vi) risks related to disruption of management time from ongoing business operations due to the proposed Merger, and (vii) the risk that the proposed transaction and its announcement 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 (or ongoing diluted earnings per 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.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Dec. 4, 2020 /PRNewswire/ -- PNM Resources, Inc. (NYSE: PNM) has been named to Newsweek's 2021 list of America's Most Responsible Companies highlighting companies for performance in the areas of environmental, social and corporate governance (ESG). This recognition aligns with the company's continued commitment to ESG principles and reflects the ongoing efforts to support customers, communities and the environment at wholly-owned subsidiaries Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP).
This publication marks the second year that Newsweek and Statista analyzed and published a list of top-ranking companies in corporate social responsibility. The 400 listed companies were selected based on publicly available data in ESG categories and a survey of 7,500 U.S Citizens about their perceptions of the companies. PNM Resources was one of 56 companies listed in the Energy & Utilities industry and the only company listed from New Mexico.
"We are honored to be among those recognized for corporate social responsibility," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "Our strategy has adopted these ESG principles and our employees across New Mexico and Texas deserve all of the credit for living our values and implementing this strategy, producing the results measured in this ranking. I am proud of our team's achievements and continued efforts to support customers and communities."
This announcement follows company efforts in response to COVID this year to increase financial assistance available to residential and business customers and community assistance ranging from bringing wireless hotspots to rural areas to donating meals to front-line workers. The company has also continued its progress towards its industry-leading goal of 100% emissions free-energy by 2040 with the announcement of a full exit from coal by 2024, seven years earlier than previously planned. Information on the company's Environmental, Social and Governance initiatives can be found at www.pnmresources.com/esg-commitment.aspx.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,811 megawatts of generation capacity and provides electricity to approximately 790,000 homes and businesses in New Mexico and Texas. 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 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Nov. 9, 2020 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors virtually at the Edison Electric Institute Financial Conference beginning November, 9, 2020.
During the meetings, management is expected to affirm the company's 2020 consolidated earnings guidance of $2.23 to $2.31 per diluted share. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,811 megawatts of generation capacity and provides electricity to approximately 790,000 homes and businesses in New Mexico and Texas. 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 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. 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 required governmental and regulatory approvals of the pending Merger that could reduce anticipated benefits or cause the parties to abandon the transaction, (ii) the failure by AVANGRID to obtain the necessary financing arrangement set forth in commitment letter received in connection with the Merger, (iii) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (iv) the possibility that PNMR's shareholders may not approve the Merger Agreement, (v) the risk that the parties may not be able to satisfy the conditions to the proposed Merger in a timely manner or at all, (vi) risks related to disruption of management time from ongoing business operations due to the proposed Merger, and (vii) the risk that the proposed transaction and its announcement 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 (or ongoing diluted earnings per 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.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Nov. 2, 2020 /PRNewswire/ -- PNM, the wholly owned New Mexico utility subsidiary of PNM Resources (NYSE: PNM), today announces that it has reached an agreement to facilitate its exit from the Four Corners Power Plant in 2024, seven years earlier than planned.
PNM solidified its plans to fully exit coal under the agreement with the assignments of its rights under its coal supply agreement and the transfer of its 200-megawatt capacity ownership in the Four Corners Power Plant to the Navajo Transitional Energy Corporation (NTEC) at the end of 2024. The contracts were previously set to expire in 2031. Under the agreement, PNM will make a $75 million payment for relief from its obligations under the coal supply agreement with NTEC. This payment provides for significant cost savings and defines the path for PNM to achieve its plans to exit coal.
PNM plans to file with the New Mexico Public Regulation Commission (NMPRC) in early 2021 for abandonment and securitization of unrecovered investment in the plant. The early exit plans call for significant cost benefits to customers and economic development funds to support the Navajo Nation. A separate, subsequent filing with the NMPRC is expected to be made with a proposal for replacement power following a competitive RFP process that balances environmental benefits, location, cost and reliability.
"This is a major step in our vision to create a clean and bright energy future and achieve our industry-leading goal of emissions-free energy by 2040," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "Our accelerated exit means earlier savings on PNM customer bills and timely financial support for the Navajo Nation while it continues to navigate its transition to a renewable energy economy. As we manage the challenges of today and focus on solutions for the clean energy future, we continue to do what's right for our customers and communities."
PNM currently has a 13 percent ownership stake in Units 4 and 5 of the 1,540-megawatt Four Corners Power Plant. These 200 megawatts comprise less than 10 percent of PNM's total energy portfolio and reflect the last of PNM's remaining coal-fired generation capacity. The retirement of the coal-fired San Juan Generating Station in mid-2022 was approved earlier this year.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,811 megawatts of generation capacity and provides electricity to approximately 790,000 homes and businesses in New Mexico and Texas. 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 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. 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 required governmental and regulatory approvals of the pending Merger that could reduce anticipated benefits or cause the parties to abandon the transaction, (ii) the failure by AVANGRID to obtain the necessary financing arrangement set forth in commitment letter received in connection with the Merger, (iii) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (iv) the possibility that PNMR's shareholders may not approve the Merger Agreement, (v) the risk that the parties may not be able to satisfy the conditions to the proposed Merger in a timely manner or at all, (vi) risks related to disruption of management time from ongoing business operations due to the proposed Merger, and (vii) the risk that the proposed transaction and its announcement 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.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Oct. 30, 2020 /PRNewswire/ --
PNM Resources (In millions, except EPS) | ||||
Q3 2020 | Q3 2019 | YTD 2020 | YTD 2019 | |
GAAP net earnings attributable to PNM Resources | $121.8 | $102.8 | $164.0 | $45.6 |
GAAP diluted EPS | $1.52 | $1.28 | $2.05 | $0.57 |
Ongoing net earnings | $111.9 | $104.4 | $170.3 | $143.6 |
Ongoing diluted EPS | $1.40 | $1.31 | $2.13 | $1.80 |
PNM Resources (NYSE: PNM) today released the company's 2020 third quarter results. In addition, management affirmed its recently increased 2020 consolidated ongoing earnings guidance of $2.23 to $2.31 per diluted share, targeting the midpoint of this range.
"Record temperatures in August contributed to higher third quarter earnings and increased expectations for the year," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "As our customers and communities face the prolonged impacts of this pandemic, our teams continue to look for new ways to provide support through customer financial assistance, non-profit grants and local donations. We remain committed to supporting and serving our customers and rebuilding our communities."
During today's earnings conference call, PNM Resources will highlight recent efforts and achievements aligned with the company's commitment to environmental, social and governance (ESG) principles, including increasing support to customers and communities during the ongoing pandemic and partnerships to further clean energy goals. The company recently announced a merger with AVANGRID (NYSE: AGR) that is strategically aligned in the transition to clean energy and commitment to ESG principles and will provide benefits to customers, communities, employees and shareholders.
SEGMENT REPORTING OF 2020 THIRD QUARTER EARNINGS
PNM – a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.
PNM (In millions, except EPS) | ||||
Q3 2020 | Q3 2019 | YTD 2020 | YTD 2019 | |
GAAP net earnings attributable to PNM Resources | $99.3 | $80.7 | $128.8 | $12.8 |
GAAP diluted EPS | $1.24 | $1.01 | $1.61 | $0.16 |
Ongoing net earnings | $89.5 | $82.3 | $133.9 | $110.7 |
Ongoing diluted EPS | $1.12 | $1.03 | $1.68 | $1.39 |
TNMP – an electric transmission and distribution utility in Texas.
TNMP (In millions, except EPS) | ||||
Q3 2020 | Q3 2019 | YTD 2020 | YTD 2019 | |
GAAP net earnings attributable to PNM Resources | $23.9 | $25.1 | $47.2 | $44.5 |
GAAP diluted EPS | $0.30 | $0.31 | $0.59 | $0.56 |
Ongoing net earnings | $23.9 | $25.1 | $47.2 | $44.6 |
Ongoing diluted EPS | $0.30 | $0.31 | $0.59 | $0.56 |
Corporate and Other – a segment that reflects the PNM Resources holding company and other subsidiaries.
Corporate and Other (In millions, except EPS) | ||||
Q3 2020 | Q3 2019 | YTD 2020 | YTD 2019 | |
GAAP net earnings (loss) attributable to PNM Resources | ($1.5) | ($3.0) | ($12.0) | ($11.7) |
GAAP diluted EPS | ($0.02) | ($0.04) | ($0.15) | ($0.15) |
Ongoing net earnings (loss) | ($1.5) | ($3.0) | ($10.8) | ($11.7) |
Ongoing diluted EPS | ($0.02) | ($0.03) | ($0.14) | ($0.15) |
Financial materials are available at http://www.pnmresources.com/investors/results.cfm.
THIRD QUARTER CONFERENCE CALL: 11 A.M. EASTERN FRIDAY, OCTOBER 30
PNM Resources will discuss these items during a live conference call and webcast on Friday, October 30ht at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources chairman, president and CEO, and Don Tarry, PNM Resources senior vice president and CFO.
A live webcast of the call will be archived at http://www.pnmresources.com/investors/events.cfm.
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: http://dpregister.com/10148353. 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 conference 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 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,811 megawatts of generation capacity and provides electricity to more than 790,000 homes and businesses in New Mexico and Texas. 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 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. 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 required governmental and regulatory approvals of the pending Merger that could reduce anticipated benefits or cause the parties to abandon the transaction, (ii) the failure by AVANGRID to obtain the necessary financing arrangement set forth in commitment letter received in connection with the Merger, (iii) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (iv) the possibility that PNMR's shareholders may not approve the Merger Agreement, (v) the risk that the parties may not be able to satisfy the conditions to the proposed Merger in a timely manner or at all, (vi) risks related to disruption of management time from ongoing business operations due to the proposed Merger, and (vii) the risk that the proposed transaction and its announcement 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 (or ongoing diluted earnings per 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 1-5.
PNM Resources, Inc. and Subsidiaries Schedule 1 Reconciliation of GAAP to Ongoing Earnings (Preliminary and Unaudited) | ||||||||||||||||
PNM | TNMP | Corporate | PNMR | |||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended September 30, 2020 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 99,319 | $ | 23,921 | $ | (1,472) | $ | 121,768 | ||||||||
Adjusting items before income tax effects: | ||||||||||||||||
Net change in unrealized gains and losses on investment securities2a | (12,776) | — | — | (12,776) | ||||||||||||
Regulatory disallowances2b | — | — | — | — | ||||||||||||
Pension expense related to previously disposed of gas distribution business2c | 1,131 | — | — | 1,131 | ||||||||||||
Costs to review strategic growth opportunities2d | — | — | 354 | 354 | ||||||||||||
Total adjustments before income tax effects | (11,645) | — | 354 | (11,291) | ||||||||||||
Income tax impact of above adjustments1 | 2,958 | — | (90) | 2,868 | ||||||||||||
Timing of statutory and effective tax rates on non-recurring items3 | (1,146) | — | (284) | (1,430) | ||||||||||||
Total income tax impacts4 | 1,812 | — | (374) | 1,438 | ||||||||||||
Adjusting items, net of income taxes | (9,833) | — | (20) | (9,853) | ||||||||||||
Ongoing Earnings (Loss) | $ | 89,486 | $ | 23,921 | $ | (1,492) | $ | 111,915 | ||||||||
Nine Months Ended September 30, 2020 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 128,802 | $ | 47,187 | $ | (11,992) | $ | 163,997 | ||||||||
Adjusting items before income tax effects: | ||||||||||||||||
Net change in unrealized gains and losses on investment securities2a | 1,502 | — | — | 1,502 | ||||||||||||
Regulatory disallowances2b | 1,911 | — | — | 1,911 | ||||||||||||
Pension expense related to previously disposed of gas distribution business2c | 3,394 | — | — | 3,394 | ||||||||||||
Costs to review strategic growth opportunities2d | — | — | 1,587 | 1,587 | ||||||||||||
Total adjustments before income tax effects | 6,807 | — | 1,587 | 8,394 | ||||||||||||
Income tax impact of above adjustments1 | (1,729) | — | (403) | (2,132) | ||||||||||||
Timing of statutory and effective tax rates on non-recurring items3 | — | — | — | — | ||||||||||||
Total income tax impacts4 | (1,729) | — | (403) | (2,132) | ||||||||||||
Adjusting items, net of income taxes | 5,078 | — | 1,184 | 6,262 | ||||||||||||
Ongoing Earnings (Loss) | $ | 133,880 | $ | 47,187 | $ | (10,808) | $ | 170,259 | ||||||||
1 Tax effects calculated using a tax rate of 25.4% | ||||||||||||||||
2 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statements 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 Increase of $1.9 million in "Interest Charges" and decrease of less than $0.1 million in "Other income" reflecting disallowances of previously capitalized AFUDC for certain costs included in the AFUDC computation, resulting from a FERC audit. | ||||||||||||||||
c Increases in "Other (deductions)" | ||||||||||||||||
d Increases in "Administrative and general" | ||||||||||||||||
3 Income tax timing impacts resulting from differences between the statutory tax rate of 25.4% for PNM and the average expected statutory tax rate of 23.9% for PNMR, and the GAAP anticipated effective tax rates of 11.3% for PNM and 8.4% for PNMR, which will reverse by year end | ||||||||||||||||
4 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 | PNMR | |||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended September 30, 2019 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 80,729 | $ | 25,087 | $ | (3,045) | $ | 102,771 | ||||||||
Adjusting items before income tax effects: | ||||||||||||||||
Mark-to-market impact of economic hedges2a | (28) | — | — | (28) | ||||||||||||
Net change in unrealized gains and losses on investment securities2b | (1,202) | — | — | (1,202) | ||||||||||||
Pension expense related to previously disposed of gas distribution business2d | 1,044 | — | — | 1,044 | ||||||||||||
Process improvement initiatives2e | 149 | 51 | — | 200 | ||||||||||||
Four Corners coal mine reclamation2f | 1,078 | — | — | 1,078 | ||||||||||||
Total adjustments before income tax effects | 1,041 | 51 | — | 1,092 | ||||||||||||
Income tax impact of above adjustments1 | (264) | (11) | — | (275) | ||||||||||||
Timing of statutory and effective tax rates on non-recurring items3 | 744 | (5) | 91 | 830 | ||||||||||||
Total income tax impacts4 | 480 | (16) | 91 | 555 | ||||||||||||
Adjusting items, net of income taxes | 1,521 | 35 | 91 | 1,647 | ||||||||||||
Ongoing Earnings (Loss) | $ | 82,250 | $ | 25,122 | $ | (2,954) | $ | 104,418 | ||||||||
Nine Months Ended September 30, 2019 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 12,797 | $ | 44,452 | $ | (11,692) | $ | 45,557 | ||||||||
Adjusting items before income tax effects: | ||||||||||||||||
Mark-to-market impact of economic hedges2a | (84) | — | — | (84) | ||||||||||||
Net change in unrealized gains and losses on investment securities2b | (13,692) | — | — | (13,692) | ||||||||||||
Regulatory disallowances and restructuring costs2c | 150,599 | — | — | 150,599 | ||||||||||||
Pension expense related to previously disposed of gas distribution business2d | 3,134 | — | — | 3,134 | ||||||||||||
Process improvement initiatives2e | 559 | 186 | — | 745 | ||||||||||||
Four Corners coal mine reclamation2f | 794 | — | — | 794 | ||||||||||||
Total adjustments before income tax effects | 141,310 | 186 | — | 141,496 | ||||||||||||
Income tax impact of above adjustments1 | (35,893) | (39) | — | (35,932) | ||||||||||||
Deferred income tax impact of regulatory disallowances | (7,485) | — | — | (7,485) | ||||||||||||
Timing of statutory and effective tax rates on non-recurring items3 | (52) | 12 | 6 | (34) | ||||||||||||
Total income tax impacts4 | (43,430) | (27) | 6 | (43,451) | ||||||||||||
Adjusting items, net of income taxes | 97,880 | 159 | 6 | 98,045 | ||||||||||||
Ongoing Earnings (Loss) | $ | 110,677 | $ | 44,611 | $ | (11,686) | $ | 143,602 | ||||||||
1 2019 income tax effects calculated using a tax rate of 25.40% for PNM and 21% for TNMP | ||||||||||||||||
2 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows: | ||||||||||||||||
a (Reductions) in "Electric Operating Revenues" and "Cost of energy" of $257 and $285 in the three months ended September 30, 2019 and $737 and $821 in the nine months ended September 30, 2019 | ||||||||||||||||
b (Increases) in "Gains on investment securities" | ||||||||||||||||
c Increases in "Regulatory disallowances and restructuring costs" | ||||||||||||||||
d Increases in "Other (deductions)" | ||||||||||||||||
e Increases in "Administrative and general" | ||||||||||||||||
f Increases in "Cost of energy" | ||||||||||||||||
3 Income tax timing impacts resulting from differences between the statutory tax rate of 25.4% for PNM and the average expected statutory tax rate of 24.0% for PNMR, and the GAAP anticipated effective tax rates of 10.8% for PNM and 8.4% for PNMR, which will reverse by year end | ||||||||||||||||
4 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 | PNMR | |||||||||||||
(per diluted share) | ||||||||||||||||
Three Months Ended September 30, 2020 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 1.24 | $ | 0.30 | $ | (0.02) | $ | 1.52 | ||||||||
Adjusting items, net of income tax effects: | ||||||||||||||||
Net change in unrealized gains and losses on investment securities | (0.12) | — | — | (0.12) | ||||||||||||
Regulatory disallowances | — | — | — | — | ||||||||||||
Pension expense related to previously disposed of gas distribution business | 0.01 | — | — | 0.01 | ||||||||||||
Cost to review strategic growth opportunities | — | — | — | — | ||||||||||||
Timing of statutory and effective tax rates on non-recurring items | (0.01) | — | — | (0.01) | ||||||||||||
Total Adjustments | (0.12) | — | — | (0.12) | ||||||||||||
Ongoing Earnings (Loss) | $ | 1.12 | $ | 0.30 | $ | (0.02) | $ | 1.40 | ||||||||
Average Diluted Shares Outstanding: 79,906,216 | ||||||||||||||||
Nine Months Ended September 30, 2020 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 1.61 | $ | 0.59 | $ | (0.15) | $ | 2.05 | ||||||||
Adjusting items, net of income tax effects: | ||||||||||||||||
Net change in unrealized gains and losses on investment securities | 0.02 | — | — | 0.02 | ||||||||||||
Regulatory disallowances | 0.02 | — | — | 0.02 | ||||||||||||
Pension expense related to previously disposed of gas distribution business | 0.03 | — | — | 0.03 | ||||||||||||
Cost to review strategic growth opportunities | — | — | 0.01 | 0.01 | ||||||||||||
Timing of statutory and effective tax rates on non-recurring items | — | — | — | — | ||||||||||||
Total Adjustments | 0.07 | — | 0.01 | 0.08 | ||||||||||||
Ongoing Earnings (Loss) | $ | 1.68 | $ | 0.59 | $ | (0.14) | $ | 2.13 | ||||||||
Average Diluted Shares Outstanding: 79,954,429 |
PNM Resources, Inc. and Subsidiaries Schedule 4 Reconciliation of GAAP to Ongoing Earnings Per Diluted Share (Preliminary and Unaudited) | ||||||||||||||||
PNM | TNMP | Corporate | PNMR | |||||||||||||
(per diluted share) | ||||||||||||||||
Three Months Ended September 30, 2019 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 1.01 | $ | 0.31 | $ | (0.04) | $ | 1.28 | ||||||||
Adjusting items, net of income tax effects: | ||||||||||||||||
Mark-to-market impact of economic hedges | — | — | — | — | ||||||||||||
Net change in unrealized gains and losses on investment securities | (0.01) | — | — | (0.01) | ||||||||||||
Pension expense related to previously disposed of gas distribution business | 0.01 | — | — | 0.01 | ||||||||||||
Process improvement initiatives | — | — | — | — | ||||||||||||
Four Corners coal mine reclamation | 0.01 | — | — | 0.01 | ||||||||||||
Timing of statutory and effective tax rates on non-recurring items | 0.01 | — | 0.01 | 0.02 | ||||||||||||
Total Adjustments | 0.02 | — | 0.01 | 0.03 | ||||||||||||
Ongoing Earnings (Loss) | $ | 1.03 | $ | 0.31 | $ | (0.03) | $ | 1.31 | ||||||||
Average Diluted Shares Outstanding: 80,000,506 | ||||||||||||||||
Nine Months Ended September 30, 2019 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 0.16 | $ | 0.56 | $ | (0.15) | $ | 0.57 | ||||||||
Adjusting items, net of income tax effects: | ||||||||||||||||
Mark-to-market impact of economic hedges | — | — | — | — | ||||||||||||
Net change in unrealized gains and losses on investment securities | (0.13) | — | — | (0.13) | ||||||||||||
Regulatory disallowances and restructuring costs | 1.41 | — | — | 1.41 | ||||||||||||
Pension expense related to previously disposed of gas distribution business | 0.03 | — | — | 0.03 | ||||||||||||
Process improvement initiatives | — | — | — | — | ||||||||||||
Four Corners coal mine reclamation | 0.01 | — | — | 0.01 | ||||||||||||
Deferred income tax impact of regulatory disallowances | (0.09) | — | — | (0.09) | ||||||||||||
Timing of statutory and effective tax rates on non-recurring items | — | — | — | — | ||||||||||||
Total Adjustments | 1.23 | — | — | 1.23 | ||||||||||||
Ongoing Earnings (Loss) | $ | 1.39 | $ | 0.56 | $ | (0.15) | $ | 1.80 | ||||||||
Average Diluted Shares Outstanding: 79,979,723 |
PNM Resources, Inc. and Subsidiaries Schedule 5 Condensed Consolidated Statements of Earnings (Preliminary and Unaudited) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(In thousands, except per share amounts) | |||||||||||||||
Electric Operating Revenues: | |||||||||||||||
Contracts with customers | $ | 455,120 | $ | 418,673 | $ | 1,121,177 | $ | 1,049,287 | |||||||
Alternative revenue programs | (12,376) | (6,779) | (7,484) | (300) | |||||||||||
Other electric operating revenue | 29,721 | 21,692 | 50,043 | 64,471 | |||||||||||
Total electric operating revenues | 472,465 | 433,586 | 1,163,736 | 1,113,458 | |||||||||||
Operating Expenses: | |||||||||||||||
Cost of energy | 133,991 | 108,736 | 326,564 | 314,145 | |||||||||||
Administrative and general | 51,611 | 47,613 | 148,096 | 142,782 | |||||||||||
Energy production costs | 31,148 | 30,877 | 98,111 | 108,853 | |||||||||||
Regulatory disallowances and restructuring costs | — | — | — | 150,599 | |||||||||||
Depreciation and amortization | 68,400 | 68,350 | 207,395 | 199,771 | |||||||||||
Transmission and distribution costs | 18,742 | 16,461 | 54,062 | 52,333 | |||||||||||
Taxes other than income taxes | 20,768 | 21,009 | 62,815 | 61,327 | |||||||||||
Total operating expenses | 324,660 | 293,046 | 897,043 | 1,029,810 | |||||||||||
Operating income | 147,805 | 140,540 | 266,693 | 83,648 | |||||||||||
Other Income and Deductions: | |||||||||||||||
Interest income | 3,180 | 3,440 | 9,674 | 10,489 | |||||||||||
Gains on investment securities | 14,401 | 1,686 | 3,172 | 20,299 | |||||||||||
Other income | 7,022 | 4,256 | 13,728 | 11,050 | |||||||||||
Other (deductions) | (7,361) | (3,612) | (14,141) | (9,980) | |||||||||||
Net other income and deductions | 17,242 | 5,770 | 12,433 | 31,858 | |||||||||||
Interest Charges | 27,263 | 30,359 | 88,785 | 91,785 | |||||||||||
Earnings before Income Taxes | 137,784 | 115,951 | 190,341 | 23,721 | |||||||||||
Income Taxes (Benefits) | 12,331 | 9,188 | 14,726 | (32,420) | |||||||||||
Net Earnings | 125,453 | 106,763 | 175,615 | 56,141 | |||||||||||
(Earnings) Attributable to Valencia Non-controlling Interest | (3,553) | (3,860) | (11,222) | (10,188) | |||||||||||
Preferred Stock Dividend Requirements of Subsidiary | (132) | (132) | (396) | (396) | |||||||||||
Net Earnings Attributable to PNMR | $ | 121,768 | $ | 102,771 | $ | 163,997 | $ | 45,557 | |||||||
Net Earnings Attributable to PNMR per Common Share: | |||||||||||||||
Basic | $ | 1.52 | $ | 1.29 | $ | 2.05 | $ | 0.57 | |||||||
Diluted | $ | 1.52 | $ | 1.28 | $ | 2.05 | $ | 0.57 | |||||||
Dividends Declared per Common Share | $ | 0.3075 | $ | 0.2900 | $ | 0.9225 | $ | 0.8700 |
View original content to download multimedia:http://www.prnewswire.com/news-releases/pnm-resources-reports-third-quarter-results-301163626.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Oct. 15, 2020 /PRNewswire/ -- Public Service Company of New Mexico (PNM), the wholly-owned New Mexico utility subsidiary of PNM Resources, Inc. (NYSE: PNM), today joins the partners of the PNM Solar Direct® program to celebrate the groundbreaking of the 50-megawatt solar facility supplying emissions-free energy to customers. The virtual groundbreaking provides a glimpse into the first utility-scale solar facility on Jicarilla Apache Nation land and the third largest solar facility on tribal lands in the United States.
The innovative program was designed to provide local governments, tribes, educational entities and large customers an opportunity to meet their clean energy goals. Under the program, these customers can take advantage of utility-scale solar pricing while avoiding the up-front investment needed to construct and maintain individual customer-sited facilities. PNM Resources continues to demonstrate a comprehensive, authentic approach to environmental, social and governance (ESG) principles. The collaboration with customers and utilization of third-party energy developers fully embraces this approach and provides the lowest-cost solution for achieving the transition to clean energy.
"Today's groundbreaking highlights New Mexico's solar energy potential and celebrates the remarkable partnership formed in pursuit of a common goal," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "As PNM takes another step forward toward its goal to deliver emissions-free energy, we commend the Jicarilla Apache Nation, Albuquerque Mayor Keller, Western New Mexico University and our other partners in the PNM Solar Direct program for building new economic opportunities and moving New Mexico forward as a clean energy leader. We are leading by example and demonstrating that we can do more by working together."
The planned solar capacity adds to PNM's rapidly growing renewable portfolio and furthers the progress towards the industry-leading goal to achieve 100% emissions-free energy by 2040. PNM currently serves New Mexico customers with 658 megawatts of renewable capacity and has received regulatory approvals to grow this capacity to 2,015 megawatts by the end of 2022. The additional solar capacity will also help PNM meet the state renewable portfolio standards of 40% by 2025, 50% by 2030 and 80% by 2040.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,811 megawatts of generation capacity and provides electricity to approximately 790,000 homes and businesses in New Mexico and Texas. 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 |
View original content to download multimedia:http://www.prnewswire.com/news-releases/pnm-joins-in-groundbreaking-for-50-mw-solar-customer-program-301152933.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Oct. 1, 2020 /PRNewswire/ -- Public Service Company of New Mexico (PNM), the wholly-owned regulated New Mexico subsidiary of PNM Resources (NYSE: PNM) is announcing additional efforts to support customers this year with the introduction of its COVID Customer Relief Programs. The programs are being funded with a $2.0 million company contribution to support income-qualified residential customers and small business customers who have been impacted by the financial challenges created by the pandemic and have past due electric bills.
Customer programs demonstrate the Company's support for customers and communities as part of its commitment to environmental, social and governance (ESG) principles. This support has become increasingly essential to customers in response to COVID-19. Other customer programs modified during the pandemic include implementation of more flexible customer payment plans, transition to online customer assistance programs and implementation of a virtual PNM Home Energy Checkup program, one of the many energy efficiency programs designed to reduce customers' electricity usage. PNM was the first utility in the Southwest to begin providing a virtual option for this type of program.
"People are the core of our business and our communities," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "Our teams moved quickly this year to ensure our long-standing customer programs remained available during the pandemic to help customers access financial assistance and manage their energy usage as temperatures and energy usage peaked. As pandemic impacts continue into fall, we look for additional ways to support customers during this unprecedented time and are creating new programs to help pay down summer electric bills. Our communities are stronger when our customers are supported."
The third quarter earnings call will highlight the Company's continued focus on ESG principles that benefit customers, communities and the environment.
PNM Resources 2020 Ongoing Earnings Guidance
PNM Resources is raising its 2020 ongoing earnings guidance to $2.23 - $2.31, targeting a midpoint of $2.27, compared to its previous range of $2.16 - $2.26. The increase reflects higher residential loads resulting from COVID-19 and hotter summer temperatures, along with interest savings from the refinancing of debt in 2020 that will benefit customers long-term. Third quarter results support the guidance revision and the Company's earnings growth target of five to six percent through 2023.
PNM Resources 2020 Third Quarter Earnings Call
More information will be provided during the Company's 2020 third quarter earnings announcement on October 30, 2020, including more details on the guidance along with an update to investment plans and earnings power to incorporate 2024. The earnings news release will be issued at 6:30 a.m. Eastern and also will be posted on the company's website at www.PNMResources.com. Management will host a live conference call at 11 a.m. Eastern to discuss financial results and other company updates.
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: http://dpregister.com/10148353.
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 conference call." Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software.
A live webcast of the call will be available at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,811 megawatts of generation capacity and provides electricity to approximately 790,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS:
Analysts
Lisa Goodman
(505) 241-2160
Media
Ray Sandoval
(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 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. 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 and Form 10-Q filings 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 (or ongoing diluted earnings per 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.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Sept. 28, 2020 /PRNewswire/ -- PNM Resources (NYSE: PNM) is building upon its industry-leading ESG goal for 100% emissions-free energy by 2040 with plans for additional emissions reductions through the electrification of its vehicle fleet. Growing the number of electric vehicles within the company's fleet will benefit the environment and lower fuel costs, resulting in greater customer value and furthering the commitment to environmental, social and governance (ESG) principles.
Under the commitment, existing fleet vehicles will be replaced as they are retired with an increasing percentage of electric vehicles. The new goals call for 25% of all light duty fleet purchases to be electric by 2025 and 50% to be electric by 2030. Light duty fleet vehicles consist of sedans, vans, SUVs, and most pickup trucks. The goals are designed to continue utilizing vehicles with remaining value until the appropriate time for replacement and steadily employing a mix of traditional and electric vehicles that meet operational needs. The phased-in approach takes advantage of evolving technologies and provides for a cost-efficient transformation of the fleet.
"As part of our commitment to an ESG strategy, we continue to look for opportunities to make changes in our business that benefit the environment and provide additional value to customers," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "As we look beyond the transformation of our energy portfolio to emissions-free, the increased integration of electric vehicles in our fleet meets both objectives and advances our vision of a clean and bright energy future."
The commitment to a growing electric vehicle fleet follows an announcement from the US Department of Transportation in late June to designate the first Alternative Fuel Corridors throughout New Mexico. Public Service Company of New Mexico (PNM), the wholly-owned regulated subsidiary of PNM Resources, remains committed to supporting the existing and development of additional electric infrastructure for electric vehicle charging along the Corridor-Ready section of highway between Albuquerque and Santa Fe. Alternative Fuel Corridors have previously been designated across Texas.
Additionally, PNM encourages customers to learn more about electric vehicles and offers educational resources and promotions to help customers save money when purchasing an electric vehicle.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,811 megawatts of generation capacity and provides electricity to approximately 790,000 homes and businesses in New Mexico and Texas. 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 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Sept. 22, 2020 /PRNewswire/ -- At its regular meeting held today, the Board of Directors of PNM Resources (NYSE: PNM) declared the regular quarterly dividend of $0.3075 per share on the company's common stock. The dividend is payable November 13, 2020 to shareholders of record at the close of business November 2, 2020.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,811 megawatts of generation capacity and provides electricity to approximately 790,000 homes and businesses in New Mexico and Texas. 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 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Sept. 21, 2020 /PRNewswire/ -- PNM, the wholly-owned New Mexico utility subsidiary of PNM Resources, Inc. (NYSE: PNM), announced an agreement to partner with Sandia National Laboratories in research and development projects focused on energy resiliency, clean energy and national security. The partnership demonstrates PNM Resources' commitment to an environmental, social and governance (ESG) strategy with projects supporting the company's emissions-free energy goals and plans for a reliable, resilient and secure grid to deliver New Mexico's clean energy future.
PNM and the National Technology & Engineering Solutions of Sandia, LLC (NTESS) will capitalize on their combined expertise to assess current and future energy storage technologies in addition to other future technologies that may provide greater flexibility in the electric system and enhance the efficient use of carbon-free generation technologies. Advances may include networked microgrids, virtual power plants, highly efficient distributed and centralized storage systems, and reconfigurable grid architectures that provide added resilience.
"Our goal for 100% emissions-free energy requires advanced resources to bridge the technological gap," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "We are fortunate to have a national laboratory in Albuquerque, and the combination of their expertise, technologies and resources with our team's industry experience is an ideal collaboration to solve this challenge. We look forward to this opportunity for shared learning and progress."
"The partnership with PNM will address energy challenges not just in New Mexico but across the United States," Sandia Labs Director James Peery said. "This agreement provides a pathway for Sandia's advanced technologies to be put to the test in a real-world system, while advancing the goals of electric power system resiliency and safety that are critical to national security."
PNM and Sandia National Laboratories previously collaborated in the nation's first combined solar-plus-storage facility to be fully integrated into a utility power grid in 2011, using smart grid technology to advance renewable energy. The groundbreaking Prosperity Energy Storage Project was highly acclaimed, and its resulting data has been studied by numerous research organizations and utilized by commercial developers across the globe in the development of battery storage technology that is now being implemented on a larger scale worldwide.
A Cooperative Research and Development Agreement (CRADA) is an agreement between a government agency or federal laboratory and a nonfederal entity to work together on research and development to bolster collaboration. The umbrella CRADA between PNM and NTESS covers multiple projects and technologies, allowing research collaborations in several areas.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,811 megawatts of generation capacity and provides electricity to approximately 790,000 homes and businesses in New Mexico and Texas. 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 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Sept. 18, 2020 /PRNewswire/ -- The Board of Directors of PNM, a subsidiary of PNM Resources (NYSE: PNM), declared the regular quarterly dividend of $1.145 per share on the 4.58 percent series of cumulative preferred stock. The preferred stock dividend is payable October 15, 2020 to shareholders of record at the close of business October 1, 2020.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,811 megawatts of generation capacity and provides electricity to approximately 790,000 homes and businesses in New Mexico and Texas. 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 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Sept. 9, 2020 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors virtually today.
During the meetings, management is expected to affirm the company's 2020 consolidated earnings guidance of $2.16 to $2.26 per diluted share. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,811 megawatts of generation capacity and provides electricity to approximately 790,000 homes and businesses in New Mexico and Texas. 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 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. 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 and Form 10-Q filings 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 (or ongoing diluted earnings per 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.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Aug. 12, 2020 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with investors virtually today as part of the BofA Securities Best of SMID Cap Ideas for 2020 Conference.
During the meetings, management is expected to affirm the company's 2020 consolidated earnings guidance of $2.16 to $2.26 per diluted share. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,761 megawatts of generation capacity and provides electricity to approximately 790,000 homes and businesses in New Mexico and Texas. 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 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. 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 and Form 10-Q filings 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 (or ongoing diluted earnings per 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.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Aug. 3, 2020 /PRNewswire/ -- PNM, the wholly-owned New Mexico utility subsidiary of PNM Resources, Inc. (NYSE: PNM), and the PNM Resources Foundation were awarded first place Corporate Champions during the Albuquerque Business First inaugural Philanthropy Summit and Awards.
The award recognizes PNM and the PNM Resources Foundation for its continued contributions to the community. Companies nominated alongside non-profit organizations and boards were evaluated on philanthropic giving as a percentage of revenue, volunteer hours and innovative practices around giving. In last week's earnings conference call, PNM Resources highlighted additional recent efforts consistent with its environmental, social and governance principles to support diversity, equity and inclusion across its communities and support tribal communities that have been disproportionally affected by the coronavirus.
"We are truly honored by this recognition of our team and our contributions to New Mexico beyond electricity service," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "Actions speak louder than words, and our team demonstrates our values of safety, caring and integrity in their actions every day. We are proud to play a part in making our communities vibrant, safe and inclusive."
In 2020, the PNM Resources Foundation has awarded grants focused on community safety and affordable housing, with an emphasis on helping populations most vulnerable to the coronavirus and individuals experiencing homelessness during the resulting shelter-in-place directives.
PNM Resources, through corporate giving and the PNM Resources Foundation, together have contributed approximately $20 million in the past 6 years to nonprofit organizations through financial support and volunteerism efforts. Since 1983, the PNM Resources Foundation has helped improve the quality of life by supporting nonprofit organizations served by PNM. The PNM Resources Foundation is a separate, nonprofit, tax exempt corporation governed by a board of trustees comprised of employees and retirees of PNM Resources. No customer funds are part of the PNM Resources Foundation endowment.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,811 megawatts of generation capacity and provides electricity to approximately 790,000 homes and businesses in New Mexico and Texas. 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 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., July 31, 2020 /PRNewswire/ --
PNM Resources (In millions, except EPS) | ||||
Q2 2020 | Q2 2019 | YTD 2020 | YTD 2019 | |
GAAP net earnings (loss) attributable to PNM Resources | $57.5 | ($75.9) | $42.2 | ($57.2) |
GAAP diluted EPS | $0.72 | ($0.95) | $0.53 | ($0.72) |
Ongoing net earnings | $44.1 | $30.2 | $58.3 | $39.2 |
Ongoing diluted EPS | $0.55 | $0.38 | $0.73 | $0.49 |
PNM Resources (NYSE: PNM) today released the company's 2020 second quarter results. In addition, management affirmed its 2020 consolidated ongoing earnings guidance of $2.16 to $2.26 per diluted share, targeting the midpoint of this range.
"Warmer temperatures during the second quarter outweighed the reduced load impacts related to COVID-19 and has strengthened our ability to manage within our ongoing earnings guidance range," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "Our top priority continues to be on the safety of our team and caring for our customers and communities. Our response is guided by our vision and values as we manage the current environment while keeping focused on our strategic objectives and goals designed to integrate and deliver the clean energy resources of the future to PNM and TNMP customers."
During today's earnings conference call, PNM Resources will highlight its commitment to ESG principles and share recent achievements in these areas, including additional environmental goals that frame the company's path to emissions-free energy by 2040 and significant reductions in the usage of freshwater. Management will also highlight investment programs that are aligned with these principles, including the recently announced Wired for the Future program to enhance transmission and distribution infrastructure to provide a reliable, resilient and secure energy grid to deliver clean energy.
"PNM is taking a broad view with investments that focus on strengthening our infrastructure to support the transformation to a 100% clean energy portfolio," Vincent-Collawn continued. "Our future investment plans will not reflect new generation additions and will emphasize grid investments to enhance capabilities to adapt and integrate new resources. If regulators determine that PNM should develop new generation resources, however, these projects would need to be balanced with grid investments to maintain the affordability of customer rates. We remain committed to our earnings growth target of 5 to 6 percent through 2023."
The New Mexico Public Regulation Commission issued an order this week on the replacement power for the San Juan Generating Station, which has been approved for abandonment in 2022. The order supports PNM's clean energy goals with a portfolio of renewable energy resources and battery storage. The revised capital investment plan included in the presentation materials for today's call does not include investments for replacement power resources.
SEGMENT REPORTING OF 2020 SECOND QUARTER EARNINGS
PNM – a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.
PNM (In millions, except EPS) | ||||
Q2 2020 | Q2 2019 | YTD 2020 | YTD 2019 | |
GAAP net earnings (loss) attributable to PNM Resources | $45.5 | ($86.9) | $29.5 | ($67.9) |
GAAP diluted EPS | $0.57 | ($1.09) | $0.37 | ($0.85) |
Ongoing net earnings | $31.4 | $19.0 | $44.4 | $28.4 |
Ongoing diluted EPS | $0.39 | $0.24 | $0.56 | $0.36 |
TNMP – an electric transmission and distribution utility in Texas.
TNMP (In millions, except EPS) | ||||
Q2 2020 | Q2 2019 | YTD 2020 | YTD 2019 | |
GAAP net earnings attributable to PNM Resources | $16.2 | $15.3 | $23.3 | $19.4 |
GAAP diluted EPS | $0.20 | $0.19 | $0.29 | $0.24 |
Ongoing net earnings | $16.2 | $15.4 | $23.3 | $19.5 |
Ongoing diluted EPS | $0.20 | $0.19 | $0.29 | $0.24 |
Corporate and Other – a segment that reflects the PNM Resources holding company and other subsidiaries.
Corporate and Other (In millions, except EPS) | ||||
Q2 2020 | Q2 2019 | YTD 2020 | YTD 2019 | |
GAAP net earnings (loss) attributable to PNM Resources | ($4.2) | ($4.2) | ($10.5) | ($8.6) |
GAAP diluted EPS | ($0.05) | ($0.05) | ($0.13) | ($0.11) |
Ongoing net earnings (loss) | ($3.4) | ($4.2) | ($9.3) | ($8.7) |
Ongoing diluted EPS | ($0.04) | ($0.05) | ($0.12) | ($0.11) |
Financial materials are available at http://www.pnmresources.com/investors/results.cfm.
SECOND QUARTER CONFERENCE CALL: 11 A.M. EASTERN FRIDAY, JULY 31
PNM Resources will discuss these items during a live conference call and webcast on Friday, July 31st at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources chairman, president and CEO, and Don Tarry, PNM Resources senior vice president and CFO.
A live webcast of the call will be archived at http://www.pnmresources.com/investors/events.cfm. 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: http://dpregister.com/10145798. 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 conference 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 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,811 megawatts of generation capacity and provides electricity to more than 790,000 homes and businesses in New Mexico and Texas. 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 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. 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 (or ongoing diluted earnings per 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 1-5.
PNM Resources, Inc. and Subsidiaries Schedule 1 Reconciliation of GAAP to Ongoing Earnings (Preliminary and Unaudited) | |||||||||||||||||
PNM | TNMP | Corporate | PNMR | ||||||||||||||
(in thousands) | |||||||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 45,540 | $ | 16,174 | $ | (4,225) | $ | 57,489 | |||||||||
Adjusting items before income tax effects: | |||||||||||||||||
Net change in unrealized gains and losses on investment securities2a | (17,359) | — | — | (17,359) | |||||||||||||
Regulatory disallowances2b | 1,911 | — | — | 1,911 | |||||||||||||
Pension expense related to previously disposed of gas distribution business2c | 1,131 | — | — | 1,131 | |||||||||||||
Costs to review strategic growth opportunities2d | — | — | 1,233 | 1,233 | |||||||||||||
Total adjustments before income tax effects | (14,317) | — | 1,233 | (13,084) | |||||||||||||
Income tax impact of above adjustments1 | 3,637 | — | (313) | 3,324 | |||||||||||||
Timing of statutory and effective tax rates on non-recurring items3 | (3,481) | — | (103) | (3,584) | |||||||||||||
Total income tax impacts4 | 156 | — | (416) | (260) | |||||||||||||
Adjusting items, net of income taxes | (14,161) | — | 817 | (13,344) | |||||||||||||
Ongoing Earnings (Loss) | $ | 31,379 | $ | 16,174 | $ | (3,408) | $ | 44,145 | |||||||||
Six Months Ended June 30, 2020 | |||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 29,483 | $ | 23,266 | $ | (10,520) | $ | 42,229 | |||||||||
Adjusting items before income tax effects: | |||||||||||||||||
Net change in unrealized gains and losses on investment securities2a | 14,279 | — | — | 14,279 | |||||||||||||
Regulatory disallowances2b | 1,911 | — | — | 1,911 | |||||||||||||
Pension expense related to previously disposed of gas distribution business2c | 2,262 | — | — | 2,262 | |||||||||||||
Costs to review strategic growth opportunities2d | — | — | 1,233 | 1,233 | |||||||||||||
Total adjustments before income tax effects | 18,452 | — | 1,233 | 19,685 | |||||||||||||
Income tax impact of above adjustments1 | (4,687) | — | (313) | (5,000) | |||||||||||||
Timing of statutory and effective tax rates on non-recurring items3 | 1,146 | — | 284 | 1,430 | |||||||||||||
Total income tax impacts4 | (3,541) | — | (29) | (3,570) | |||||||||||||
Adjusting items, net of income taxes | 14,911 | — | 1,204 | 16,115 | |||||||||||||
Ongoing Earnings (Loss) | $ | 44,394 | $ | 23,266 | $ | (9,316) | $ | 58,344 |
1 Tax effects calculated using a tax rate of 25.4% | |||||||||||||||||
2 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statements 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 of $1.9 million in "Interest Charges" and less than $0.1 million in "Other income" reflecting disallowances of previously capitalized AFUDC for certain costs included in the AFUDC computation, resulting from a FERC audit. | |||||||||||||||||
c Increases in "Other (deductions)" | |||||||||||||||||
d Increases in "Administrative and general" | |||||||||||||||||
3 Income tax timing impacts resulting from differences between the statutory tax rate of 25.4% for PNM and the average expected statutory tax rate of 23.9% for PNMR, and the GAAP anticipated effective tax rates of 8.7% for PNM and 6.2% for PNMR, which will reverse by year end | |||||||||||||||||
4 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 | PNMR | |||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended June 30, 2019 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | (86,944) | $ | 15,267 | $ | (4,237) | $ | (75,914) | ||||||||
Adjusting items before income tax effects: | ||||||||||||||||
Mark-to-market impact of economic hedges2a | (28) | — | — | (28) | ||||||||||||
Net change in unrealized gains and losses on investment securities2b | 504 | — | — | 504 | ||||||||||||
Regulatory disallowances and restructuring costs2c | 149,254 | — | — | 149,254 | ||||||||||||
Pension expense related to previously disposed of gas distribution business2d | 1,044 | — | — | 1,044 | ||||||||||||
Process improvement initiatives2e | 410 | 135 | — | 545 | ||||||||||||
Four Corners coal mine reclamation2f | (284) | — | — | (284) | ||||||||||||
Total adjustments before income tax effects | 150,900 | 135 | — | 151,035 | ||||||||||||
Income tax impact of above adjustments1 | (38,329) | (28) | — | (38,357) | ||||||||||||
Deferred income tax impact of regulatory disallowances | (7,485) | — | — | (7,485) | ||||||||||||
Timing of statutory and effective tax rates on non-recurring items3 | 823 | 16 | 45 | 884 | ||||||||||||
Total income tax impacts4 | (44,991) | (12) | 45 | (44,958) | ||||||||||||
Adjusting items, net of income taxes | 105,909 | 123 | 45 | 106,077 | ||||||||||||
Ongoing Earnings (Loss) | $ | 18,965 | $ | 15,390 | $ | (4,192) | $ | 30,163 | ||||||||
Six Months Ended June 30, 2019 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | (67,932) | $ | 19,365 | $ | (8,647) | $ | (57,214) | ||||||||
Adjusting items before income tax effects: | ||||||||||||||||
Mark-to-market impact of economic hedges2a | (56) | — | — | (56) | ||||||||||||
Net change in unrealized gains and losses on investment securities2b | (12,490) | — | — | (12,490) | ||||||||||||
Regulatory disallowances and restructuring costs2c | 150,599 | — | — | 150,599 | ||||||||||||
Pension expense related to previously disposed of gas distribution business2d | 2,089 | — | — | 2,089 | ||||||||||||
Process improvement initiatives2e | 410 | 135 | — | 545 | ||||||||||||
Four Corners coal mine reclamation2f | (284) | — | — | (284) | ||||||||||||
Total adjustments before income tax effects | 140,268 | 135 | — | 140,403 | ||||||||||||
Income tax impact of above adjustments1 | (35,628) | (28) | — | (35,656) | ||||||||||||
Deferred income tax impact of regulatory disallowances | (7,485) | — | — | (7,485) | ||||||||||||
Timing of statutory and effective tax rates on non-recurring items3 | (795) | 16 | (86) | (865) | ||||||||||||
Total income tax impacts4 | (43,908) | (12) | (86) | (44,006) | ||||||||||||
Adjusting items, net of income taxes | 96,360 | 123 | (86) | 96,397 | ||||||||||||
Ongoing Earnings (Loss) | $ | 28,428 | $ | 19,488 | $ | (8,733) | $ | 39,183 |
1 2019 income tax effects calculated using a tax rate of 25.40% for PNM and 21% for TNMP | ||||||||||||||||
2 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows: | ||||||||||||||||
a (Reductions) in "Electric Operating Revenues" and "Cost of energy" of $235 and $263 in the three months ended June 30, 2019 and $480 and $536 in the six months ended June 30, 2019 | ||||||||||||||||
b (Increases) decreases in "Gains and losses on investment securities" | ||||||||||||||||
c Increases in "Regulatory disallowances and restructuring costs" | ||||||||||||||||
d Increases in "Other (deductions)" | ||||||||||||||||
e Increases in "Administrative and General" | ||||||||||||||||
f (Decreases) in "Cost of energy" | ||||||||||||||||
3 Income tax timing impacts resulting from differences between the statutory tax rate of 25.4% for PNM and the average expected statutory tax rate of 24.0% for PNMR, and the GAAP anticipated effective tax rates of 11.9% for PNM and 9.4% for PNMR, which will reverse by year end | ||||||||||||||||
4 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 | PNMR | ||||||||||||||
(per diluted share) | |||||||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 0.57 | $ | 0.20 | $ | (0.05) | $ | 0.72 | |||||||||
Adjusting items, net of income tax effects: | |||||||||||||||||
Net change in unrealized gains and losses on investment securities | (0.16) | — | — | (0.16) | |||||||||||||
Regulatory disallowances | 0.02 | — | — | 0.02 | |||||||||||||
Pension expense related to previously disposed of gas distribution business | 0.01 | — | — | 0.01 | |||||||||||||
Cost to review strategic growth opportunities | — | — | 0.01 | 0.01 | |||||||||||||
Timing of statutory and effective tax rates on non-recurring items | (0.05) | — | — | (0.05) | |||||||||||||
Total Adjustments | (0.18) | — | 0.01 | (0.17) | |||||||||||||
Ongoing Earnings (Loss) | $ | 0.39 | $ | 0.20 | $ | (0.04) | $ | 0.55 | |||||||||
Average Diluted Shares Outstanding: 79,875,557 | |||||||||||||||||
Six Months Ended June 30, 2020 | |||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 0.37 | $ | 0.29 | $ | (0.13) | $ | 0.53 | |||||||||
Adjusting items, net of income tax effects: | |||||||||||||||||
Net change in unrealized gains and losses on investment securities | 0.13 | — | — | 0.13 | |||||||||||||
Regulatory disallowances | 0.02 | — | — | 0.02 | |||||||||||||
Pension expense related to previously disposed of gas distribution business | 0.02 | — | — | 0.02 | |||||||||||||
Cost to review strategic growth opportunities | — | — | 0.01 | 0.01 | |||||||||||||
Timing of statutory and effective tax rates on non-recurring items | 0.02 | — | — | 0.02 | |||||||||||||
Total Adjustments | 0.19 | — | 0.01 | 0.20 | |||||||||||||
Ongoing Earnings (Loss) | $ | 0.56 | $ | 0.29 | $ | (0.12) | $ | 0.73 | |||||||||
Average Diluted Shares Outstanding: 79,978,535 | |||||||||||||||||
PNM Resources, Inc. and Subsidiaries Schedule 4 Reconciliation of GAAP to Ongoing Earnings Per Diluted Share (Preliminary and Unaudited) | ||||||||||||||||
PNM | TNMP | Corporate | PNMR | |||||||||||||
(per diluted share) | ||||||||||||||||
Three Months Ended June 30, 2019 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR1 | $ | (1.09) | $ | 0.19 | $ | (0.05) | $ | (0.95) | ||||||||
Adjusting items, net of income tax effects: | ||||||||||||||||
Mark-to-market impact of economic hedges | — | — | — | — | ||||||||||||
Net change in unrealized gains and losses on investment securities | 0.01 | — | — | 0.01 | ||||||||||||
Regulatory disallowances and restructuring costs | 1.39 | — | — | 1.39 | ||||||||||||
Pension expense related to previously disposed of gas distribution business | 0.01 | — | — | 0.01 | ||||||||||||
Process improvement initiatives | — | — | — | — | ||||||||||||
Four Corners coal mine reclamation | — | — | — | — | ||||||||||||
Deferred income tax impact of regulatory disallowances | (0.09) | — | — | (0.09) | ||||||||||||
Timing of statutory and effective tax rates on non-recurring items | 0.01 | — | — | 0.01 | ||||||||||||
Total Adjustments | 1.33 | — | — | 1.33 | ||||||||||||
Ongoing Earnings (Loss) | $ | 0.24 | $ | 0.19 | $ | (0.05) | $ | 0.38 | ||||||||
Average Diluted Shares Outstanding: 79,917,269 | ||||||||||||||||
Six Months Ended June 30, 2019 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR1 | $ | (0.85) | $ | 0.24 | $ | (0.11) | $ | (0.72) | ||||||||
Adjusting items, net of income tax effects: | ||||||||||||||||
Mark-to-market impact of economic hedges | — | — | — | — | ||||||||||||
Net change in unrealized gains and losses on investment securities | (0.12) | — | — | (0.12) | ||||||||||||
Regulatory disallowances and restructuring costs | 1.41 | — | — | 1.41 | ||||||||||||
Pension expense related to previously disposed of gas distribution business | 0.02 | — | — | 0.02 | ||||||||||||
Process improvement initiatives | — | — | — | — | ||||||||||||
Four Corners coal mine reclamation | — | — | — | — | ||||||||||||
Deferred income tax impact of regulatory disallowances | (0.09) | — | — | (0.09) | ||||||||||||
Timing of statutory and effective tax rates on non-recurring items | (0.01) | — | — | (0.01) | ||||||||||||
Total Adjustments | 1.21 | — | — | 1.21 | ||||||||||||
Ongoing Earnings (Loss) | $ | 0.36 | $ | 0.24 | $ | (0.11) | $ | 0.49 | ||||||||
Average Diluted Shares Outstanding: 79,904,858 |
1 EPS is presented on a non-diluted basis for the three and six months ended June 30, 2019 due to the consolidated GAAP net loss |
PNM Resources, Inc. and Subsidiaries Schedule 5 Condensed Consolidated Statements of Earnings (Preliminary and Unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
(In thousands, except per share amounts) | |||||||||||||||
Electric Operating Revenues: | |||||||||||||||
Contracts with customers | $ | 343,075 | $ | 314,917 | $ | 666,057 | $ | 630,614 | |||||||
Alternative revenue programs | 4,466 | 5,844 | 4,892 | 6,480 | |||||||||||
Other electric operating revenue | 10,108 | 9,467 | 20,322 | 42,778 | |||||||||||
Total electric operating revenues | 357,649 | 330,228 | 691,271 | 679,872 | |||||||||||
Operating Expenses: | |||||||||||||||
Cost of energy | 93,863 | 83,782 | 192,573 | 205,408 | |||||||||||
Administrative and general | 50,453 | 42,833 | 96,485 | 95,170 | |||||||||||
Energy production costs | 33,345 | 42,905 | 66,963 | 77,977 | |||||||||||
Regulatory disallowances and restructuring costs | — | 149,254 | — | 150,599 | |||||||||||
Depreciation and amortization | 70,022 | 66,065 | 138,995 | 131,421 | |||||||||||
Transmission and distribution costs | 18,034 | 19,195 | 35,320 | 35,872 | |||||||||||
Taxes other than income taxes | 20,782 | 19,809 | 42,047 | 40,317 | |||||||||||
Total operating expenses | 286,499 | 423,843 | 572,383 | 736,764 | |||||||||||
Operating income (loss) | 71,150 | (93,615) | 118,888 | (56,892) | |||||||||||
Other Income and Deductions: | |||||||||||||||
Interest income | 3,071 | 3,460 | 6,494 | 7,048 | |||||||||||
Gains (losses) on investment securities | 21,620 | 4,599 | (11,229) | 18,613 | |||||||||||
Other income | 4,390 | 3,350 | 6,706 | 6,795 | |||||||||||
Other (deductions) | (3,307) | (3,117) | (6,780) | (6,369) | |||||||||||
Net other income and deductions | 25,774 | 8,292 | (4,809) | 26,087 | |||||||||||
Interest Charges | 31,088 | 29,791 | 61,522 | 61,425 | |||||||||||
Earnings (Loss) before Income Taxes | 65,836 | (115,114) | 52,557 | (92,230) | |||||||||||
Income Taxes (Benefits) | 4,275 | (42,831) | 2,395 | (41,608) | |||||||||||
Net Earnings (Loss) | 61,561 | (72,283) | 50,162 | (50,622) | |||||||||||
(Earnings) Attributable to Valencia Non-controlling Interest | (3,940) | (3,499) | (7,669) | (6,328) | |||||||||||
Preferred Stock Dividend Requirements of Subsidiary | (132) | (132) | (264) | (264) | |||||||||||
Net Earnings (Loss) Attributable to PNMR | $ | 57,489 | $ | (75,914) | $ | 42,229 | $ | (57,214) | |||||||
Net Earnings (Loss) Attributable to PNMR per Common Share: | |||||||||||||||
Basic | $ | 0.72 | $ | (0.95) | $ | 0.53 | $ | (0.72) | |||||||
Diluted | $ | 0.72 | $ | (0.95) | $ | 0.53 | $ | (0.72) | |||||||
Dividends Declared per Common Share | $ | 0.308 | $ | 0.290 | $ | 0.615 | $ | 0.580 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., July 28, 2020 /PRNewswire/ -- At its regular meeting held today, the Board of Directors of PNM Resources (NYSE: PNM) declared the regular quarterly dividend of $0.3075 per share on the company's common stock. The dividend is payable August 14, 2020 to shareholders of record at the close of business August 7, 2020.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,811 megawatts of generation capacity and provides electricity to approximately 790,000 homes and businesses in New Mexico and Texas. 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 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., July 22, 2020 /PRNewswire/ -- PNM Resources (NYSE: PNM) today announces the advancement of its strategic initiative to strengthen its sustainability efforts in support of environmental, social and governance principles.
The initiative builds upon numerous achievements in these areas, including significant reductions in emissions and water usage, with additional goals developed to further these successes.
The enhanced environmental focus expands upon PNM's plans to fully exit coal no later than 2031 and achieve emissions-free energy by 2040, a goal that is considerably more aggressive than the reductions called for by the Paris Climate Agreement and five years earlier than the 2045 requirement included in New Mexico's Energy Transition Act. To further advance the commitment to clean energy, additional goals will specifically address further reductions in Nitrogen Oxide (NOx) and Sulfur Oxide (SOx) emissions as well as water usage.
"Our business is rapidly changing to fully embrace carbon-free energy and realize our vision of a clean and bright energy future. We believe that ESG principles help establish a framework to meet our objectives," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "Strengthening our commitment to these principles across PNM and TNMP is essential for the transition to a sustainable utility that reliably serves customers."
Consistent with this initiative, the company's long-term plans focus on the robust transition to a reliable, resilient and secure grid that delivers clean energy. As the technology and price curves advance for renewables, battery storage and other emerging emissions-free resources, utility infrastructure must be able to integrate and deliver these resources to customers reliably and affordably.
PNM announces its Wired for the Future program to prioritize up to $450 million of new investments over the five years of 2021 through 2025 in transmission and distribution infrastructure with three primary objectives: delivering clean energy, customer focus and grid resilience.
These investments supplement current transmission and distribution projects supporting clean energy, including PNM transmission expansion projects (BB2 and Western spirit transmission lines) to support new renewable resources under development and the TNMP interconnection of three,100-megawatt battery storage facilities along with numerous solar farms as ERCOT plans for substantial renewable additions to its grid.
During the company's second quarter earnings call scheduled for July 31st, management will discuss its strategy and commitment to ESG principles with new goals, sharing these achievements through improved disclosures, along with supporting investment plans.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,811 megawatts of generation capacity and provides electricity to approximately 790,000 homes and businesses in New Mexico and Texas. 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") and Texas-New Mexico Power Company ("TNMP") (collectively, the "Company") that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies 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. The Company assumes no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, the Company cautions readers not to place undue reliance on these statements. The Company's business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond its 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.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., July 13, 2020 /PRNewswire/ -- PNM Resources (NYSE: PNM) today affirms its 2020 ongoing earnings guidance range of $2.16 to $2.26, targeting the midpoint of this range. During the second quarter, reductions to load related to COVID-19 were offset by warmer than normal temperatures across New Mexico and Texas.
PNM Resources will announce 2020 second quarter financial results prior to the market open on July 31, 2020. The earnings news release will be issued at 6:30 a.m. Eastern and also will be posted on the company's website at www.PNMResources.com. Management will host a live conference call at 11 a.m. Eastern to discuss financial results and other company updates.
During the conference call, management will highlight the company's strategic focus on investing to strengthen infrastructure and meet the requirements of increasing system renewables and the use of grid technology for reliability. Additionally, the company plans to discuss enhancing its goals in support of a clean energy future as part of its commitment to an Environmental, Social and Governance (ESG) strategy.
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: http://dpregister.com/10145798.
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 conference call." Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software.
A live webcast of the call will be available at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,761 megawatts of generation capacity and provides electricity to more than 790,000 homes and businesses in New Mexico and Texas. 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 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. 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 (or ongoing diluted earnings per 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.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., June 11, 2020 /PRNewswire/ -- PNM, the wholly owned New Mexico utility subsidiary of PNM Resources (NYSE: PNM), announced today that it will exit its leases for 114 megawatts of Palo Verde Nuclear Generating Station (Palo Verde) capacity. The replacement of this leased capacity allows PNM to integrate more renewable resources that provide the best value to customers and support the path to emissions-free energy by 2040.
"Today's announcement demonstrates another way that we are optimizing PNM's portfolio to deliver additional low-cost renewables to customers," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "The increase in renewables combined with ongoing nuclear ownership will maximize cost savings to customers and is essential to achieving our plans of emissions-free energy by 2040."
Palo Verde produces reliable, carbon-free energy that continues to be an integral part of PNM's resource portfolio. PNM's continued ownership in Palo Verde (288 megawatts) provides carbon-free energy to meet customer needs every hour of every day. As part of the transformation of its generation portfolio, PNM is working to balance the appropriate level of baseload generation with additional low-cost renewables and flexible resources that align with intermittent customer usage. The expiration of these leases provided another opportunity to optimize this balance and deliver a low-cost, reliable system that maximizes the benefits to customers and the environment.
PNM plans to issue an RFP in order to replace the capacity from the leases by mid-2023. PNM will request approval for abandonment of the capacity and propose its recommended replacement plan based on the RFP results through a filing with the New Mexico Public Regulation Commission (NMPRC) in the first quarter of 2021.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,761 megawatts of generation capacity and provides electricity to approximately 790,000 homes and businesses in New Mexico and Texas. 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") and Texas-New Mexico Power Company ("TNMP") (collectively, the "Company") that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies 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. The Company assumes no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, the Company cautions readers not to place undue reliance on these statements. The Company's business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond its 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.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., June 5, 2020 /PRNewswire/ -- The Board of Directors of PNM, a subsidiary of PNM Resources (NYSE: PNM), declared the regular quarterly dividend of $1.145 per share on the 4.58 percent series of cumulative preferred stock. The preferred stock dividend is payable July 15, 2020 to shareholders of record at the close of business July 1, 2020.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,761 megawatts of generation capacity and provides electricity to approximately 790,000 homes and businesses in New Mexico and Texas. 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 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., June 1, 2020 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors virtually this week. During the meetings, management is expected to discuss COVID-19, regulatory and economic development updates, including:
COVID-19 Updates
Based on the company's planning assumptions, the duration of COVID-19 load impacts has extended into Stage 2 at the beginning of June, with some restrictions lifted as New Mexico and Texas each progress through phased re-openings. No significant supply chain or workforce disruptions have been experienced. Throughout May, customer usage patterns continued to reflect the company's expectations of increases from residential customers and decreases from commercial and industrial customers due to restrictions. At PNM, where the expectation was an overall decrease, these impacts were partially offset by warmer than normal May temperatures. At TNMP, these impacts continued and were in line with expectations. 2020 ongoing earnings guidance of $2.16 to $2.26 is affirmed based on the current environment.
Regulatory Updates
PNM submitted its expected decoupling filing on May 28, 2020. The full decoupling request is focused on recovering previously authorized fixed costs. Current rate design recovers these fixed costs through volumetric rates, and the energy savings realized from PNM's energy efficiency programs and other customer conservation efforts have resulted in a consistent under-recovery of these fixed costs.
TNMP has reached a settlement in principle with parties in its first Distribution Cost of Service filing. On May 20th, the Administrative Law Judge for the case abated the procedural schedule to allow parties to complete the settlement documents. Settlement details, including the amount, are expected to be finalized and filed this month. New rates are expected to be implemented September 1, 2020.
New Mexico Economic Development Update
The announcement of an Amazon fulfillment center under development in Albuquerque demonstrates the continued focus of economic development efforts in New Mexico. PNM Resources' capital investment plan includes $15 million in 2020 for the integration of the new facility, which is expected to bring 1,000 jobs and increase load in 2021.
Presentation materials will be available prior to the meetings at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,761 megawatts of generation capacity and provides electricity to approximately 790,000 homes and businesses in New Mexico and Texas. 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") and Texas-New Mexico Power Company ("TNMP") (collectively, the "Company") that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies 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. The Company assumes no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, the Company cautions readers not to place undue reliance on these statements. The Company's business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond its 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 (or ongoing diluted earnings per 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.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., May 1, 2020 /PRNewswire/ -- PNM Resources (NYSE: PNM) will discuss COVID-19 updates today during its previously scheduled first quarter 2020 earnings call.
COVID-19 UPDATES
The company continues to monitor load trends during COVID-19 and has made adjustments to the projected impacts to load by customer class based on April activity. Stage 1 continues to assume that these expectations carry through May and fall within guidance, while Stage 2 carries these assumptions through July and guidance could possibly be at risk.
As a result, management affirmed its 2020 consolidated ongoing earnings guidance of $2.16 to $2.26 per diluted share. On the call, management will also review liquidity, rate base and earnings growth targets and other long-term business fundamentals that remain intact.
KEY REGULATORY UPDATES
Public Service Company of New Mexico (PNM) has announced that it is deferring its general rate review planned for the second quarter of 2020 in response to the challenges that COVID-19 has created for customers.
Instead, PNM plans to file a full decoupling proposal in May 2020 for residential and small commercial customers. This change better aligns customer non-fuel charges with the associated fixed costs of the system providing electricity service.
PNM joined other New Mexico utilities in filing a request on April 27, 2020 with the New Mexico Public Regulation Commission for the deferral of incremental COVID-19 related costs to a regulatory asset that will be included for recovery in a future rate review.
Q1 2020 EARNINGS RESULTS
The company reports no changes to its first quarter 2020 earnings results previously reported on a preliminary basis on April 13, 2020:
PNM Resources (In millions, except EPS) | ||
Q1 2020 | Q1 2019 | |
GAAP net earnings (loss) | ($15.3) | $18.7 |
GAAP diluted EPS | ($0.19) | $0.23 |
Ongoing net earnings | $14.2 | $9.0 |
Ongoing diluted EPS | $0.18 | $0.11 |
FIRST QUARTER CONFERENCE CALL: 11 A.M. EASTERN FRIDAY, MAY 1
PNM Resources will discuss these items during a live conference call and webcast on Friday, May 1st at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources chairman, president and CEO, Chuck Eldred, PNM Resources executive vice president, corporate development and finance and Don Tarry, PNM Resources senior vice president and CFO. Supporting materials for the call will be available ahead of time on the company's website at http://www.pnmresources.com/investors/results.cfm.
A live webcast of the call will be archived at http://www.pnmresources.com/investors/events.cfm.
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: http://dpregister.com/10142356. 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 first quarter conference call".
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,761 megawatts of generation capacity and provides electricity to more than 790,000 homes and businesses in New Mexico and Texas. 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 |
COVID-19 Impacts
The company cannot predict the extent or duration of the ongoing COVID‑19 pandemic, nor its effects on the global, national or local economy, including the impacts on the company's ability to access capital, or its effects on the company's financial position, results of operations, and cash flows. As previously reported in our Form 8-K on March 30, 2020, the company issued materials that discussed potential impacts of the ongoing COVID-19 pandemic under different planning scenarios, including consolidated earnings guidance.
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 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. 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 (or ongoing diluted earnings per 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 1-2 of Exhibit 99.1 of the Company's preliminary earnings report on April 13, 2020.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., April 27, 2020 /PRNewswire/ -- PNM Resources (NYSE: PNM) announces the closing of a private offering for an aggregate $185 million of First Mortgage Bonds at its wholly-owned subsidiary Texas New-Mexico Power (TNMP). $110 million of First Mortgage Bonds were issued April 24, 2020 and the remaining $75 million will be issued on or before July 15, 2020. The securities have various maturity dates at a weighted-average tenor of 19 years and a weighted-average rate of 3.01%.
The issuance was planned to support TNMP's continued capital investment plans for system upgrades and maintenance across its service territory and reduce short-term debt levels that were previously funding these investments. The financing is consistent with TNMP's authorized regulatory capital structure of 55 percent debt.
MUFG Securities Americas Inc. was the sole lead placement agent and bookrunner for the offering. U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC acted as co-agents for the offering.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,761 megawatts of generation capacity and provides electricity to approximately 789,000 homes and businesses in New Mexico and Texas. 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") and Texas-New Mexico Power Company ("TNMP") (collectively, the "Company") that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies 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. The Company assumes no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, the Company cautions readers not to place undue reliance on these statements. The Company's business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond its 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.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., April 14, 2020 /PRNewswire/ -- PNM Resources, Inc. (NYSE:PNM) (the "Company") today announced that the Company's Annual Meeting of Shareholders (the "Annual Meeting") will be held in a virtual meeting format only, on the previously announced date and time of Tuesday, May 12, 2020 at 9:00 a.m. Mountain Daylight Time.
In response to the public health impact of the ongoing coronavirus (COVID-19) pandemic, and in accordance with the Order 2020 - 024 issued by the Governor of the State of New Mexico (the "Order") and to limit public gatherings and support the health and well-being of the Company's shareholders, the Annual Meeting will now be held solely by remote communication in a virtual meeting format only, and will not be held at a physical location. Specifically, the Order permits New Mexico corporations the ability to conduct annual meetings of shareholders solely by means of a remote communication. Shareholders may not attend the Annual Meeting in person.
As described in the proxy materials for the Annual Meeting previously distributed, only shareholders of record at the close of business on March 23, 2020 are entitled to participate in the Annual Meeting. Shareholders will be admitted to the virtual Annual Meeting at https://www.virtualshareholdermeeting.com/PNM2020 by entering the 16-digit control number found on their proxy card, voting instruction form or notice. Shareholders will have the opportunity to vote their shares during the Annual Meeting by following the instructions available on the meeting website during the meeting. Shareholders will also be provided an opportunity to ask questions of the Board of Directors and management at the Annual Meeting. Shareholders encountering any difficulties accessing the virtual meeting during the check-in or meeting time should call the technical support number that will be posted on the Virtual Shareholder Meeting log in page.
The Company encourages eligible shareholders to vote on the proposals prior to the Annual Meeting using the instructions provided in the Proxy Statement previously distributed. The proxy card included with the proxy materials previously distributed may continue to be used to vote shares in connection with the Annual Meeting.
The Company has also filed additional proxy materials with the Securities and Exchange Commission for a Notice to Change the Location of the meeting.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,761 megawatts of generation capacity and provides electricity to approximately 789,000 homes and businesses in New Mexico and Texas. 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 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., April 13, 2020 /PRNewswire/ --
PNM Resources (In millions, except EPS) | ||
Q1 2020 | Q1 2019 | |
GAAP net earnings (loss) attributable to PNM Resources | ($15.3) | $18.7 |
GAAP diluted EPS | ($0.19) | $0.23 |
Ongoing net earnings | $14.2 | $9.0 |
Ongoing diluted EPS | $0.18 | $0.11 |
PNM Resources (NYSE: PNM) today released the company's preliminary unaudited 2020 first quarter results which include the early stages of COVID-19 impacts. Current load and operational indicators continue to be monitored in light of the anticipated impacts from the changing COVID-19 economic situation. The company expects that load trends will begin to reflect economic changes in the second quarter and currently anticipates those impacts can be managed within ongoing earnings guidance. As a result, management affirmed its 2020 consolidated ongoing earnings guidance of $2.16 to $2.26 per diluted share.
"This is a challenging time for our customers and communities, and our priority is to ensure our employees are safe and that we are able to safely maintain critical electricity service," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "While we have not yet seen impacts to our ongoing financial results, which are consistent with our first quarter projections, we will continue to monitor the changes and communicate any impacts to our overall financial projections."
GAAP earnings include a $31.6 million pre-tax loss in the first quarter of 2020 compared to a $13.0 million pre-tax gain in the first quarter of 2019 related to the net changes in unrealized gains and losses on investment securities for PNM's decommissioning and reclamation trusts. These amounts reflect changes in market value that are measured each quarter. First quarter 2020 impacts reflect the market downturn at the end of March. Market conditions in early April 2020 will be considered in the second quarter measurement. As the obligations under the trusts are substantially funded, these changes are not anticipated to impact funding requirements.
COVID-19 AND REGULATORY UPDATES
The company monitored load trends during March 2020 related to COVID-19. PNM total weather-normalized retail load grew 1.1% in March 2020 compared to the prior year, consistent with the company's previously communicated projection of 0.5% - 1.5%. The company continues to expect increases in residential load and decreases in commercial load as a result of stay-at-home orders in New Mexico. Industrial load in PNM's service territory remains intact.
At TNMP, weather-normalized demand-based load increased 3.8% in March 2020 compared to the prior year, near the company's previously communicated annual projection of 4% - 5%. Additionally, weather-normalized volumetric load increased 3.7% in March 2020 compared to the prior year, representing increases in the residential class.
PNM Resources consolidated liquidity remains adequate for its anticipated financing needs, with $818.9 million of available liquidity at April 10, 2020 through its multi-year revolving credit facilities and the January 2020 forward equity offering, which has the flexibility to be drawn down earlier than December if needed.
Key regulatory items continue to move forward for PNM and TNMP. On April 1, 2020, the New Mexico Public Regulation Commission approved PNM's application for abandonment and securitization of the San Juan Generating Station. In Texas, TNMP received approval from the Public Utilities Commission of Texas (PUCT) on March 27, 2020 for its January Transmission Cost of Service request and filed its first Distribution Cost of Service request on April 6, 2020 with rates anticipated to be implemented in September. In addition, the PUCT enacted the COVID-19 Electricity Relief Program including utility protections from customer non-payments provided for under the program.
SEGMENT REPORTING OF 2020 FIRST QUARTER EARNINGS
PNM – a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.
PNM (In millions, except EPS) | ||
Q1 2020 | Q1 2019 | |
GAAP net earnings (loss) attributable to PNM Resources | ($16.1) | $19.0 |
GAAP diluted EPS | ($0.20) | $0.24 |
Ongoing net earnings | $13.0 | $9.5 |
Ongoing diluted EPS | $0.16 | $0.12 |
TNMP – an electric transmission and distribution utility in Texas.
TNMP (In millions, except EPS) | ||
Q1 2020 | Q1 2019 | |
GAAP net earnings attributable to PNM Resources | $7.1 | $4.1 |
GAAP diluted EPS | $0.09 | $0.05 |
Ongoing net earnings | $7.1 | $4.1 |
Ongoing diluted EPS | $0.09 | $0.05 |
Corporate and Other – a segment that reflects the PNM Resources holding company and other subsidiaries.
Corporate and Other (In millions, except EPS) | ||
Q1 2020 | Q1 2019 | |
GAAP net earnings (loss) attributable to PNM Resources | ($6.3) | ($4.4) |
GAAP diluted EPS | ($0.08) | ($0.06) |
Ongoing net earnings (loss) | ($5.9) | ($4.5) |
Ongoing diluted EPS | ($0.07) | ($0.06) |
FIRST QUARTER CONFERENCE CALL: 11 A.M. EASTERN FRIDAY, MAY 1
PNM Resources will discuss first quarter earnings results during a live conference call and webcast on Friday, May 1st at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources chairman, president and CEO, and Don Tarry, PNM Resources senior vice president and CFO. Supporting materials for the call will be available ahead of time on the company's website at http://www.pnmresources.com/investors/results.cfm.
A live webcast of the call will be archived at http://www.pnmresources.com/investors/events.cfm. 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: http://dpregister.com/10142356. 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 first quarter conference call".
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,761 megawatts of generation capacity and provides electricity to more than 789,000 homes and businesses in New Mexico and Texas. 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 |
Preliminary Unaudited Financial Results First Quarter 2020 and COVID-19 Impacts
The preliminary unaudited financial results for the first quarter ended March 31, 2020, included in this press release represent the most current information available to management. Actual results may differ from these preliminary unaudited results due to the completion of the company's financial closing procedures, final adjustments, completion of the review by the company's independent registered public accounting firm and other developments that may arise between the date of this press release and the time that financial results for the first quarter ended March 31, 2020 are finalized.
In addition, the company cannot predict the extent or duration of the ongoing COVID‑19 pandemic, nor its effects on the global, national or local economy, including the impacts on the company's ability to access capital, or its effects on the company's financial position, results of operations, and cash flows. As previously reported in our Form 8-K on March 30, 2020, the company issued materials that discussed potential impacts of the ongoing COVID-19 pandemic under different planning scenarios, including consolidated earnings guidance.
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 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. 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 (or ongoing diluted earnings per 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 1-2.
PNM Resources, Inc. and Subsidiaries | ||||||||||||||||
Schedule 1 | ||||||||||||||||
Reconciliation of GAAP to Ongoing Earnings | ||||||||||||||||
(Preliminary and Unaudited) | ||||||||||||||||
PNM | TNMP | Corporate | PNMR Consolidated | |||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended March 31, 2020 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | (16,057) | $ | 7,092 | $ | (6,295) | $ | (15,260) | ||||||||
Adjusting items before income tax effects: | ||||||||||||||||
Net change in unrealized gains and losses on investment securities2b | 31,638 | — | — | 31,638 | ||||||||||||
Pension expense related to previously disposed of gas distribution business2d | 1,131 | — | — | 1,131 | ||||||||||||
Total adjustments before income tax effects | 32,769 | — | — | 32,769 | ||||||||||||
Income tax impact of above adjustments1 | (8,323) | — | — | (8,323) | ||||||||||||
Timing of statutory and effective tax rates on non-recurring items3 | 4,627 | — | 387 | 5,014 | ||||||||||||
Total income tax impacts5 | (3,696) | — | 387 | (3,309) | ||||||||||||
Adjusting items, net of income taxes | 29,073 | — | 387 | 29,460 | ||||||||||||
Ongoing Earnings (Loss) | $ | 13,016 | $ | 7,092 | $ | (5,908) | $ | 14,200 | ||||||||
Three Months Ended March 31, 2019 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 19,012 | $ | 4,098 | $ | (4,410) | $ | 18,700 | ||||||||
Adjusting items before income tax effects: | ||||||||||||||||
Mark-to-market impact of economic hedges2a | (28) | — | — | (28) | ||||||||||||
Net change in unrealized gains and losses on investment securities2b | (12,994) | — | — | (12,994) | ||||||||||||
Regulatory disallowances and restructuring costs2c | 1,345 | — | — | 1,345 | ||||||||||||
Pension expense related to previously disposed of gas distribution business2d | 1,045 | — | — | 1,045 | ||||||||||||
Total adjustments before income tax effects | (10,632) | — | — | (10,632) | ||||||||||||
Income tax impact of above adjustments1 | 2,701 | — | — | 2,701 | ||||||||||||
Timing of statutory and effective tax rates on non-recurring items4 | (1,618) | — | (131) | (1,749) | ||||||||||||
Total income tax impacts5 | 1,083 | — | (131) | 952 | ||||||||||||
Adjusting items, net of income taxes | (9,549) | — | (131) | (9,680) | ||||||||||||
Ongoing Earnings (Loss) | $ | 9,463 | $ | 4,098 | $ | (4,541) | $ | 9,020 | ||||||||
1 Tax effects calculated using a tax rate of 25.4% | ||||||||||||||||
2 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statements of Earnings as follows: | ||||||||||||||||
a (Reductions) in "Electric Operating Revenues" and "Cost of energy" of $245 and $273 in the three months ended March 31, 2019 | ||||||||||||||||
b (Increases) decreases in "Gains on investment securities" reflecting non-cash performance relative to market, not indicative of funding requirements | ||||||||||||||||
c Increases in "Regulatory disallowances and restructuring costs" | ||||||||||||||||
d Increases in "Other (deductions)" | ||||||||||||||||
3 Income tax timing impacts resulting from differences between the statutory tax rate of 25.4% for PNM and the average expected statutory tax rate of 23.9% for PNMR, and the GAAP anticipated effective tax rates of 11.3% for PNM and 8.6% for PNMR, which will reverse by year end | ||||||||||||||||
4 Income tax timing impacts resulting from differences between the statutory tax rate of 25.4% for PNM and the average expected statutory tax rate of 24.0% for PNMR, and the GAAP anticipated effective tax rates of 11.9% for PNM and 9.4% 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 Per Diluted Share | ||||||||||||||||
(Preliminary and Unaudited) | ||||||||||||||||
PNM | TNMP | Corporate | PNMR | |||||||||||||
(per diluted share) | ||||||||||||||||
Three Months Ended March 31, 2020 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR1 | $ | (0.20) | $ | 0.09 | $ | (0.08) | $ | (0.19) | ||||||||
Adjusting items, net of income tax effects: | ||||||||||||||||
Net change in unrealized gains and losses on investment securities | 0.29 | — | — | 0.29 | ||||||||||||
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 | 0.06 | — | 0.01 | 0.07 | ||||||||||||
Total Adjustments | 0.36 | — | 0.01 | 0.37 | ||||||||||||
Ongoing Earnings (Loss)2 | $ | 0.16 | $ | 0.09 | $ | (0.07) | $ | 0.18 | ||||||||
Average Diluted Shares Outstanding: 80,081,513 | ||||||||||||||||
Three Months Ended March 31, 2019 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 0.24 | $ | 0.05 | $ | (0.06) | $ | 0.23 | ||||||||
Adjusting items, net of income tax effects: | ||||||||||||||||
Net change in unrealized gains and losses on investment securities | (0.12) | — | — | (0.12) | ||||||||||||
Regulatory disallowances and restructuring costs | 0.01 | — | — | 0.01 | ||||||||||||
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 | (0.02) | — | — | (0.02) | ||||||||||||
Total Adjustments | (0.12) | — | — | (0.12) | ||||||||||||
Ongoing Earnings (Loss) | $ | 0.12 | $ | 0.05 | $ | (0.06) | $ | 0.11 | ||||||||
Average Diluted Shares Outstanding: 79,970,966 | ||||||||||||||||
1 EPS is presented on a non-diluted basis for the three months ended March 31, 2020 due to consolidated GAAP net loss | ||||||||||||||||
2 EPS is presented on a diluted basis which includes 79,870,922 basic shares, 38,710 dilutive restricted stock compensation shares and 171,881 dilutive shares from the PNMR 2020 Forward Equity Sales Agreement |
PNM Resources, Inc. and Subsidiaries | |||||||
Schedule 3 | |||||||
Condensed Consolidated Statements of Earnings | |||||||
(Preliminary and Unaudited) | |||||||
Three Months Ended | |||||||
2020 | 2019 | ||||||
(In thousands, except per share amounts) | |||||||
Electric Operating Revenues: | |||||||
Contracts with customers | $ | 322,983 | $ | 315,698 | |||
Alternative revenue programs | 426 | 636 | |||||
Other electric operating revenue | 10,213 | 33,311 | |||||
Total electric operating revenues | 333,622 | 349,645 | |||||
Operating Expenses: | |||||||
Cost of energy | 98,710 | 121,626 | |||||
Administrative and general | 46,032 | 52,336 | |||||
Energy production costs | 33,618 | 35,072 | |||||
Regulatory disallowances and restructuring costs | — | 1,345 | |||||
Depreciation and amortization | 68,973 | 65,356 | |||||
Transmission and distribution costs | 17,286 | 16,678 | |||||
Taxes other than income taxes | 21,265 | 20,509 | |||||
Total operating expenses | 285,884 | 312,922 | |||||
Operating income | 47,738 | 36,723 | |||||
Other Income and Deductions: | |||||||
Interest income | 3,423 | 3,588 | |||||
Gains (losses) on investment securities | (32,849) | 14,014 | |||||
Other income | 2,316 | 3,446 | |||||
Other (deductions) | (3,473) | (3,252) | |||||
Net other income and deductions | (30,583) | 17,796 | |||||
Interest Charges | 30,434 | 31,634 | |||||
Earnings before Income Taxes | (13,279) | 22,885 | |||||
Income Taxes (Benefits) | (1,880) | 1,223 | |||||
Net Earnings (Loss) | (11,399) | 21,662 | |||||
(Earnings) Attributable to Valencia Non-controlling Interest | (3,729) | (2,830) | |||||
Preferred Stock Dividend Requirements of Subsidiary | (132) | (132) | |||||
Net Earnings (Loss) Attributable to PNMR | $ | (15,260) | $ | 18,700 | |||
Net Earnings (Loss) Attributable to PNMR per Common Share: | |||||||
Basic | $ | (0.19) | $ | 0.23 | |||
Diluted | $ | (0.19) | $ | 0.23 | |||
Dividends Declared per Common Share | $ | 0.3075 | $ | 0.2900 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., April 7, 2020 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors virtually this week.
During the meetings, management is expected to discuss potential impacts from COVID-19 under different stages first published on March 30, 2020 and affirm the company's 2020 consolidated earnings guidance of $2.16 to $2.26 per diluted share based on the current environment.
Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,761 megawatts of generation capacity and provides electricity to approximately 789,000 homes and businesses in New Mexico and Texas. 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") and Texas-New Mexico Power Company ("TNMP") (collectively, the "Company") that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies 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. The Company assumes no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, the Company cautions readers not to place undue reliance on these statements. The Company's business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond its 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 (or ongoing diluted earnings per 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.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., April 1, 2020 /PRNewswire/ -- Today the New Mexico Public Regulation Commission (NMPRC) unanimously approved an order for the abandonment and securitization of the San Juan Generating Station (San Juan) under the Energy Transition Act (ETA). PNM, the wholly owned New Mexico utility subsidiary of PNM Resources (NYSE: PNM), filed on July 1, 2019 a consolidated application requesting the abandonment of San Juan in June 2022 upon the expiration of the participation and coal supply agreements, securitization of the unrecovered investment in the plant and approvals for replacement power resources. The request for approvals of replacement power resources was separated into a separate NMPRC docket.
"We are pleased with the decision by the Commission and the Hearing Examiners' recommended decisions to approve the abandonment and securitization of San Juan," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "Our customers, communities and environment will benefit as we move to exit all of our coal-fired generation and replace it with lower-cost, cleaner energy resources. Our focus will now turn to an early exit of the Four Corners Power Plant, and we will look for the right opportunities to execute on this."
PNM remains committed to its strategy to exit coal-fired generation and is now developing plans to facilitate the exit of its remaining interest in coal consisting of its 200-megawatt ownership interest in the coal-fired Four Corners Power Plant (Four Corners). While the Four Corners ownership and coal supply agreements currently expire in 2031, PNM recognizes the opportunity for additional customer savings and benefits in taking steps to exit sooner. Additionally, the ETA also applies to the abandonment of Four Corners and will include economic and workforce benefits. An earlier exit from Four Corners also opens the door for PNM to bring additional renewable resources onto its grid in support of New Mexico's renewable energy standards and goal of carbon-free energy.
Upon receipt of today's order, it will be available at: https://www.pnmresources.com/investors/rates-and-filings.aspx
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,761 megawatts of generation capacity and provides electricity to approximately 789,000 homes and businesses in New Mexico and Texas. 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") and Public Service Company of New Mexico ("PNM") (collectively, the "Company") that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies 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. PNMR and PNM assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR and PNM caution readers not to place undue reliance on these statements. PNMR's and PNM'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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., March 30, 2020 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts virtually today as part of the Mizuho Energy Summit.
During the meetings, management is expected to discuss potential impacts from COVID-19 under different stages and affirm the company's 2020 consolidated earnings guidance of $2.16 to $2.26 per diluted share based on the current environment. In this early stage of the pandemic, the company considered PNM and TNMP load sensitivities, determining the fluctuations that could be managed with the current guidance range and those conditions in which guidance would need to be re-assessed. Capital plans are not expected to be impacted during this stage.
Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,761 megawatts of generation capacity and provides electricity to approximately 789,000 homes and businesses in New Mexico and Texas. 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 news release for PNM Resources, Inc. ("PNMR"), Public Service Company of New Mexico ("PNM") and Texas-New Mexico Power Company ("TNMP") (collectively, the "Company") that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies 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. The Company assumes no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, the Company cautions readers not to place undue reliance on these statements. The Company's business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond its 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 and Form 10-Q filings and the information filed on 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 (or ongoing diluted earnings per 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.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., March 9, 2020 /PRNewswire/ -- The Board of Directors of PNM, a subsidiary of PNM Resources (NYSE: PNM), declared the regular quarterly dividend of $1.145 per share on the 4.58 percent series of cumulative preferred stock. The preferred stock dividend is payable April 15, 2020 to shareholders of record at the close of business April 3, 2020.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,761 megawatts of generation capacity and provides electricity to approximately 789,000 homes and businesses in New Mexico and Texas. 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 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., March 3, 2020 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week in Boston.
During the meetings, management is expected to affirm the company's 2020 consolidated earnings guidance of $2.16 to $2.26 per diluted share. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2019 consolidated operating revenues of $1.5 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,761 megawatts of generation capacity and provides electricity to approximately 789,000 homes and businesses in New Mexico and Texas. 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 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. 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 and Form 10-Q filings 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 (or ongoing diluted earnings per 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.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Feb. 7, 2020 /PRNewswire/ -- PNM Resources (NYSE: PNM) will announce 2019 fourth quarter and year-end financial results prior to the market opening on Friday, February 28, 2020. The earnings news release will be issued at 6:30 a.m. Eastern and also will be posted on the company's website at www.PNMResources.com.
Management will host a live conference call and webcast that morning at 11 a.m. Eastern to discuss financial results and provide other company updates.
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: http://dpregister.com/10139073.
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 conference call." Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software. A live webcast of the call will be available at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,761 megawatts of generation capacity and provides electricity to more than 785,000 homes and businesses in New Mexico and Texas. 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 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Jan. 29, 2020 /PRNewswire/ -- Today the New Mexico Supreme Court ruled on a joint Emergency Verified Petition from New Mexico Governor Lujan Grisham, Navajo Nation President Jonathan Nez, Speaker of the New Mexico House of Representatives Brian Egolf and other New Mexico lawmakers to provide clarification about the applicability of the Energy Transition Act (ETA) to PNM's application for San Juan Generating Station abandonment, securitization and replacement power.
The Court granted the joint petition, confirming the applicability of the ETA and requiring the New Mexico Public Regulation Commission (NMPRC) to apply the ETA to all of PNM's application. The Court further noted that any previous NMPRC orders inconsistent with today's order should be vacated. The request for a stay of the case was denied.
"We applaud the New Mexico Supreme Court's decision in applying the Energy Transition Act," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "This ruling positively impacts the people of New Mexico. We also recognize the passion and commitment that all sides share in this journey to a clean and just energy future. This decision affects us all and by working together we can achieve our state's goal of 100% emissions-free."
The ETA, described by New Mexico Governor Lujan Grisham's office as landmark legislation that sets bold statewide renewable energy standards and establishes a pathway for a low-carbon energy transition away from coal while providing workforce training and transition assistance to affected communities, became effective in June 2019 after being passed in the legislative session and signed into law by the Governor.
The NMPRC is expected to provide a final order on the abandonment and securitization portion of PNM's filing by April 1, 2020.
Upon receipt of today's order, it will be available at:
https://www.pnmresources.com/investors/rates-and-filings.aspx
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,701 megawatts of generation capacity and provides electricity to more than 785,000 homes and businesses in New Mexico and Texas. 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") and Public Service Company of New Mexico ("PNM") (collectively, the "Company") that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies 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. PNMR and PNM assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR and PNM caution readers not to place undue reliance on these statements. PNMR's and PNM'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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Jan. 22, 2020 /PRNewswire/ -- PNM Resources, Inc. (NYSE: PNM) announced that Chuck Eldred, currently Executive Vice President and Chief Financial Officer, has been named Executive Vice President, Corporate Development and Finance. His role is focused on achieving the company's key strategic objectives including the transformation to a carbon-free generation portfolio at PNM, increased investment in TNMP infrastructure and overseeing the successful transition of leaders within the finance organization.
Don Tarry, currently Vice President, Controller and Treasurer, has been named Senior Vice President and Chief Financial Officer of PNM Resources. Don joined PNM Resources in 1996 and currently oversees the corporate financial planning, budgeting, tax, treasury and accounting functions. Prior to his current position, Don held the role of Vice President, Customer Service and Chief Information Officer.
"With more than twenty years of experience at PNM Resources in various leadership and finance roles, Don is well-positioned for this role, and I am confident in his ability to continue advancing the company's business plans and financial goals," said Chuck Eldred. "As we remain focused on achieving our key strategic objectives, the financial and business acumen that Don and the other leaders in our finance organization bring to the table will enable us to meet our goals for growth while maintaining the financial health of the company."
Additionally, Lisa Eden, currently Vice President of Human Resources and previously Vice President and Treasurer, has been named Vice President, Chief Information Officer. She succeeds Mike Mertz, who has been named Vice President and Treasurer. Henry Monroy has been named Vice President and Corporate Controller.
"Our industry is changing – customer and stakeholder expectations have evolved, technology has advanced, and our business model is changing in response. Our leadership needs a diverse set of tools and experiences for our company to meet these challenges and thrive," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "Robust succession planning and development opportunities help ensure that we have the appropriate talent to achieve the strategy, goals and plans for long-term success."
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,701 megawatts of generation capacity and provides electricity to more than 785,000 homes and businesses in New Mexico and Texas. 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 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Jan. 10, 2020 /PRNewswire/ -- Following its common equity offering earlier this week, PNM Resources (NYSE: PNM) management has affirmed its 2019 consolidated earnings guidance of $2.13 to $2.16 per diluted share and 2020 consolidated earnings guidance of $2.16 to $2.26 per diluted share.
Management continues to meet with analysts and investors today in Arizona. The company's originally issued earnings guidance materials, along with presentation materials for the investor meetings, are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,701 megawatts of generation capacity and provides electricity to more than 785,000 homes and businesses in New Mexico and Texas. 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 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. 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 and Form 10-Q filings 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 (or ongoing diluted earnings per 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.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Jan. 9, 2020 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week in Arizona.
The presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,701 megawatts of generation capacity and provides electricity to more than 785,000 homes and businesses in New Mexico and Texas. 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 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. 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 and Form 10-Q filings 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 (or ongoing diluted earnings per 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.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Jan. 7, 2020 /PRNewswire/ -- PNM Resources (NYSE: PNM) announced today it has priced an underwritten public offering of 5,375,000 shares of its common stock for approximate gross proceeds of $260.7 million in connection with the forward sale agreements described below. The offering was upsized from the previously announced 4,900,000 shares of common stock. Subject to certain conditions, all shares are expected to be borrowed by the forward purchasers (as defined below) (or their respective affiliates) from third parties and sold to the underwriters and offered in connection with such forward sale agreements. Citigroup, BofA Securities, Wells Fargo Securities, LLC and Evercore Group L.L.C. are acting as the joint book-running managers for this offering and Citigroup and BofA Securities are acting as representatives of the underwriters of the offering. The underwriters may offer shares of PNM Resources' common stock in transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices, at prices related to market prices or at negotiated prices. Closing of the offering is expected to occur on or about January 10, 2020, subject to customary closing conditions.
In connection with the offering, PNM Resources entered into separate forward sale agreements with affiliates of each of Citigroup Global Markets Inc. and BofA Securities (in such capacities, the forward purchasers) under which PNM Resources agreed to issue and sell to the forward purchasers an aggregate of 5,375,000 shares of its common stock, in each case at an initial forward sale price per share of $47.21, subject to certain adjustments, upon physical settlement of the forward sale agreements. In addition, the underwriters of the offering have been granted a 30-day option to purchase up to an additional 806,250 shares of PNM Resources' common stock upon the same terms. If the underwriters exercise their option, PNM Resources may elect to enter into additional forward sale agreements with the forward purchasers with respect to the additional shares or to issue and sell such shares directly to the underwriters.
Settlement of the forward sale agreements is expected to occur no later than 12 months following the completion of the offering. PNM Resources may, subject to certain conditions, elect cash settlement or net share settlement for all or a portion of its rights or obligations under the forward sale agreements. PNM Resources will not initially receive any proceeds from the sale of its shares by the forward purchasers to the underwriters.
If PNM Resources elects physical settlement of the forward sale agreements, it expects to use the net proceeds for general corporate purposes, which may include repayment of borrowings under its unsecured revolving credit facility or other debt.
The public offering is being made pursuant to an effective shelf registration statement that has been filed with the Securities and Exchange Commission, or SEC. A preliminary prospectus supplement and the accompanying prospectus related to the offering have been filed with the SEC and are available on the SEC's website at http://www.sec.gov. In addition, copies of the prospectus and preliminary prospectus supplement relating to the shares of common stock offered in the offering may be obtained by contacting any of the following underwriters:
Citigroup c/o Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, NY 11717 Telephone: 1-800-831-9146 | BofA Securities Attn: Prospectus Department NC1-004-03-43 200 North College Street, 3rd floor Charlotte, NC 28255-0001 Telephone: +1 (800) 294-1322 | |
Wells Fargo Securities, LLC Attention: Equity Syndicate Department 375 Park Avenue New York, NY 10152 Telephone: (800) 326 5897 | Evercore Group L.L.C. Attention: Equity Capital Markets 55 East 52nd Street, 36th Floor New York, NY 10055 Telephone: 888-474-0200 Email: ecm.prospectus@evercore.com. |
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make an offer, solicitation or sale in such jurisdiction. The offering of these securities will be made only by means of a prospectus and a related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, Public Service Company and Texas-New Mexico Power, PNM Resources has approximately 2,701 megawatts of generation capacity and provides electricity to more than 785,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This press release contains forward-looking statements regarding, among other things, PNM Resources' expectations regarding its planned offer and sale of common stock and the use of any net proceeds from any such sale. PNMR Resources cannot be sure that it will complete the offering or, if it does, on what terms it will complete it. Forward-looking statements are based on current beliefs and expectations and are subject to inherent risks and uncertainties, including those discussed under the caption "Special Note Regarding Forward-Looking Statements" in the prospectus supplement. In addition, PNM Resources' management retains broad discretion with respect to the allocation of net proceeds of the planned offering. The forward-looking statements speak only as the date of release, and PNM Resources is under no obligation to, and expressly disclaims any such obligation to update or alter its forward-looking statements, whether as the result of new information, future events or otherwise, except as may be required by law. PNMR'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 PNMR's Form 10-K and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
Contacts: | |
Analysts | Media |
Lisa Goodman, (505) 241-2160 | Ray Sandoval, (505) 241-2782 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Jan. 7, 2020 /PRNewswire/ -- PNM Resources (NYSE: PNM) announced today the commencement of an underwritten public offering of 4,900,000 shares of its common stock. Subject to certain conditions, all shares are expected to be borrowed by the forward purchasers (as defined below) (or their respective affiliates) from third parties and sold to the underwriters and offered in connection with the forward sale agreements described below. Citigroup, BofA Securities, Wells Fargo Securities, LLC and Evercore Group L.L.C. are acting as the joint book-running managers for this offering and Citigroup and BofA Securities are acting as representatives of the underwriters of the offering. The underwriters may offer shares of PNM Resources' common stock in transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices, at prices related to market prices or at negotiated prices.
In connection with the offering, PNM Resources expects to enter into separate forward sale agreements with affiliates of each of Citigroup Global Markets Inc. and BofA Securities (in such capacities, the forward purchasers) under which PNM Resources will agree to issue and sell to the forward purchasers an aggregate of 4,900,000 shares of its common stock at an initial forward sale price per share equal to the price per share at which the underwriters purchase the shares in the offering, subject to certain adjustments, upon physical settlement of the forward sale agreements. In addition, the underwriters of the offering expect to be granted a 30-day option to purchase up to an additional 735,000 shares of PNM Resources' common stock upon the same terms. If the underwriters exercise their option, PNM Resources may elect to enter into additional forward sale agreements with the forward purchasers with respect to the additional shares or to issue and sell such shares directly to the underwriters.
Settlement of the forward sale agreements is expected to occur no later than 12 months following the completion of the offering. PNM Resources may, subject to certain conditions, elect cash settlement or net share settlement for all or a portion of its rights or obligations under any of the forward sale agreements. PNM Resources will not initially receive any proceeds from the sale of its shares by the forward purchasers to the underwriters.
If PNM Resources elects physical settlement of the forward sale agreement, it expects to use the net proceeds for general corporate purposes, which may include repayment of borrowings under its unsecured revolving credit facility or other debt.
The public offering is being made pursuant to an effective shelf registration statement that has been filed with the Securities and Exchange Commission, or SEC. A preliminary prospectus supplement related to the offering has been filed with the SEC and is available on the SEC's website at http://www.sec.gov. In addition, copies of the prospectus and preliminary prospectus supplement relating to the shares of common stock offered in the offering may be obtained by contacting:
Citigroup c/o Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, NY 11717 Telephone: 1-800-831-9146 | BofA Securities Attn: Prospectus Department NC1-004-03-43 200 North College Street, 3rd floor Charlotte, NC 28255-0001 | |
Wells Fargo Securities, LLC Attention: Equity Syndicate Department 375 Park Avenue New York, NY 10152 Telephone: (800) 326 5897 | Evercore Group L.L.C. Attention: Equity Capital Markets 55 East 52nd Street, 36th Floor New York, NY 10055 Telephone: 888-474-0200 Email: ecm.prospectus@evercore.com. |
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make an offer, solicitation or sale in such jurisdiction. The offering of these securities will be made only by means of a prospectus and a related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, Public Service Company and Texas-New Mexico Power, PNM Resources has approximately 2,701 megawatts of generation capacity and provides electricity to more than 785,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This press release contains forward-looking statements regarding, among other things, PNM Resources' expectations regarding its planned offer and sale of common stock and the use of any net proceeds from any such sale. PNMR Resources cannot be sure that it will complete the offering or, if it does, on what terms it will complete it. Forward-looking statements are based on current beliefs and expectations and are subject to inherent risks and uncertainties, including those discussed under the caption "Special Note Regarding Forward-Looking Statements" in the prospectus supplement. In addition, PNM Resources' management retains broad discretion with respect to the allocation of net proceeds of the planned offering. The forward-looking statements speak only as the date of release, and PNM Resources is under no obligation to, and expressly disclaims any such obligation to update or alter its forward-looking statements, whether as the result of new information, future events or otherwise, except as may be required by law. PNMR'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 PNMR's Form 10-K and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
Contacts: | ||
Analysts | Media | |
Lisa Goodman, (505) 241-2160 | Ray Sandoval, (505) 241-2782 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Dec. 6, 2019 /PRNewswire/ -- The Board of Directors of PNM Resources (NYSE: PNM) today unanimously voted to increase the company's annual dividend payment by $0.07, a 6.0 percent increase, to an indicated annual rate of $1.23 per share of common stock. This is consistent with the company's target to pay out 50 to 60 percent of annual ongoing earnings. The board has declared the resulting quarterly stock dividend of $0.3075 per share, payable February 14, 2020, to shareholders of record at the close of business February 3, 2020.
Also today, the Board of Directors of Public Service Company of New Mexico, a subsidiary of PNM Resources, declared the regular quarterly dividend of $1.145 per share on the 4.58 percent series of cumulative preferred stock. The preferred stock dividend is payable January 15, 2020 to shareholders of record at the close of business December 30, 2019.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, Public Service Company and Texas-New Mexico Power, PNM Resources has approximately 2,701 megawatts of generation capacity and provides electricity to more than 785,000 homes and businesses in New Mexico and Texas. 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 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. 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 and Form 10-Q filings 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 (or ongoing diluted earnings per 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.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Nov. 27, 2019 /PRNewswire/ -- PNM Resources (NYSE: PNM) will announce its 2020 ongoing earnings guidance prior to the market opening on Wednesday, Dec. 18, 2019. The news release will be issued at 6:30 a.m. Eastern and also will be posted on the company's website at www.PNMResources.com.
Management will host a live conference call and webcast that morning at 11 a.m. Eastern to discuss details of the guidance and provide company updates.
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: http://dpregister.com/10137203.
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 2020 earnings guidance conference call." Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software. A live webcast of the call will be available at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,701 megawatts of generation capacity and provides electricity to more than 785,000 homes and businesses in New Mexico and Texas. 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 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Nov. 8, 2019 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors at the Edison Electric Institute Financial Conference in Orlando beginning Nov. 9, 2019.
During the meetings, management is expected to affirm the company's 2019 consolidated earnings guidance of $2.05 to $2.11 per diluted share. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,701 megawatts of generation capacity and provides electricity to more than 785,000 homes and businesses in New Mexico and Texas. 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 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. 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 and Form 10-Q filings 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 (or ongoing diluted earnings per 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.
View original content to download multimedia:http://www.prnewswire.com/news-releases/pnm-resources-management-to-meet-with-investors-300954864.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Nov. 1, 2019 /PRNewswire/ --
PNM Resources (In millions, except EPS) | ||||
Q3 2019 | Q3 2018 | YTD 2019 | YTD 2018 | |
GAAP net earnings attributable to PNM Resources | $102.8 | $87.5 | $45.6 | $140.7 |
GAAP diluted EPS | $1.28 | $1.09 | $0.57 | $1.76 |
Ongoing net earnings | $103.6 | $86.5 | $143.6 | $145.3 |
Ongoing diluted EPS | $1.29 | $1.08 | $1.80 | $1.82 |
PNMResources (NYSE: PNM) today released the company's 2019 third quarter results. In addition, management affirmed its 2019 consolidated ongoing earnings guidance of $2.05 to $2.11 per diluted share.
"Third quarter results reflect temperatures that were higher than both prior year and normal levels, which allows us to adjust our spending appropriately," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "Our capital plans incorporate additional projects at TNMP to support reliability and growth in response to regional planning studies. Our plans in New Mexico continue to focus on supporting the state's vision to be a clean energy leader and be emissions-free by 2040."
SEGMENT REPORTING OF 2019 THIRD QUARTER EARNINGS
PNM – a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.
PNM (In millions, except EPS) | ||||
Q3 2019 | Q3 2018 | YTD 2019 | YTD 2018 | |
GAAP net earnings attributable to PNM Resources | $80.7 | $77.4 | $12.8 | $111.6 |
GAAP diluted EPS | $1.01 | $0.97 | $0.16 | $1.40 |
Ongoing net earnings | $81.5 | $75.2 | $110.7 | $115.0 |
Ongoing diluted EPS | $1.02 | $0.95 | $1.39 | $1.45 |
TNMP – an electric transmission and distribution utility in Texas.
TNMP (In millions, except EPS) | ||||
Q3 2019 | Q3 2018 | YTD 2019 | YTD 2018 | |
GAAP net earnings attributable to PNM Resources | $25.1 | $16.1 | $44.5 | $40.9 |
GAAP diluted EPS | $0.31 | $0.20 | $0.56 | $0.51 |
Ongoing net earnings | $25.1 | $16.1 | $44.6 | $40.9 |
Ongoing diluted EPS | $0.31 | $0.20 | $0.56 | $0.51 |
Corporate and Other – a segment that reflects the PNM Resources holding company and other subsidiaries.
Corporate and Other(In millions, except EPS) | ||||
Q3 2019 | Q3 2018 | YTD 2019 | YTD 2018 | |
GAAP net earnings (loss) attributable to PNM Resources | ($3.0) | ($6.0) | ($11.7) | ($11.8) |
GAAP diluted EPS | ($0.04) | ($0.08) | ($0.15) | ($0.15) |
Ongoing net earnings (loss) | ($3.0) | ($4.7) | ($11.7) | ($10.6) |
Ongoing diluted EPS | ($0.04) | ($0.07) | ($0.15) | ($0.14) |
Financial materials are available at http://www.pnmresources.com/investors/results.cfm.
THIRD QUARTER CONFERENCE CALL: 11 A.M. EASTERN FRIDAY, NOVEMBER 1
PNM Resources will discuss third quarter earnings results during a live conference call and webcast on Friday, November 1st at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources chairman, president and CEO, and Chuck Eldred, PNM Resources executive vice president and CFO.
A live webcast of the call will be archived at http://www.pnmresources.com/investors/events.cfm.
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: http://dpregister.com/10135162. 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 conference 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 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,701 megawatts of generation capacity and provides electricity to more than 785,000 homes and businesses in New Mexico and Texas. 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 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. 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 and Form 10-Q filings 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 (or ongoing diluted earnings per 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 1-5.
PNM Resources, Inc. and Subsidiaries | |||||||||||||||||||
Schedule 1 | |||||||||||||||||||
Reconciliation of GAAP to Ongoing Earnings | |||||||||||||||||||
(Preliminary and Unaudited) | |||||||||||||||||||
PNM | TNMP | Corporate | PNMR | ||||||||||||||||
(in thousands) | |||||||||||||||||||
Three Months Ended September 30, 2019 | |||||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 80,729 | $ | 25,087 | $ | (3,045) | $ | 102,771 | |||||||||||
Adjusting items before income tax effects: | |||||||||||||||||||
Mark-to-market impact of economic hedges2a | (28) | — | — | (28) | |||||||||||||||
Net change in unrealized gains and losses on investment securities2b | (1,202) | — | — | (1,202) | |||||||||||||||
Pension expense related to previously disposed of gas distribution business2d | 1,044 | — | — | 1,044 | |||||||||||||||
Process improvement initiatives2e | 149 | 51 | — | 200 | |||||||||||||||
Four Corners coal mine reclamation2f | 1,078 | — | — | 1,078 | |||||||||||||||
Total adjustments before income tax effects | 1,041 | 51 | — | 1,092 | |||||||||||||||
Income tax impact of above adjustments1,3 | (264) | (11) | — | (275) | |||||||||||||||
Adjusting items, net of income taxes | 777 | 40 | — | 817 | |||||||||||||||
Ongoing Earnings (Loss) | $ | 81,506 | $ | 25,127 | $ | (3,045) | $ | 103,588 | |||||||||||
Nine Months Ended September 30, 2019 | |||||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 12,797 | $ | 44,452 | $ | (11,692) | $ | 45,557 | |||||||||||
Adjusting items before income tax effects: | |||||||||||||||||||
Mark-to-market impact of economic hedges2a | (84) | — | — | (84) | |||||||||||||||
Net change in unrealized gains and losses on investment securities2b | (13,692) | — | — | (13,692) | |||||||||||||||
Regulatory disallowances and restructuring costs2c | 150,599 | — | — | 150,599 | |||||||||||||||
Pension expense related to previously disposed of gas distribution business2d | 3,134 | — | — | 3,134 | |||||||||||||||
Process improvement initiatives2e | 559 | 186 | — | 745 | |||||||||||||||
Four Corners coal mine reclamation2f | 794 | — | — | 794 | |||||||||||||||
Total adjustments before income tax effects | 141,310 | 186 | — | 141,496 | |||||||||||||||
Income tax impact of above adjustments1 | (35,893) | (39) | — | (35,932) | |||||||||||||||
Deferred income tax impact of regulatory disallowances | (7,485) | — | — | (7,485) | |||||||||||||||
Total income tax impacts3 | (43,378) | (39) | — | (43,417) | |||||||||||||||
Adjusting items, net of income taxes | 97,932 | 147 | — | 98,079 | |||||||||||||||
Ongoing Earnings (Loss) | $ | 110,729 | $ | 44,599 | $ | (11,692) | $ | 143,636 | |||||||||||
12019 income tax effects calculated using a tax rate of 25.40% for PNM and 21% for TNMP | ||||||||||||||||
2 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statements of Earnings as follows: | ||||||||||||||||
a (Reductions) in "Electric Operating Revenues" and "Cost of energy" of $257 and $285 in the three months ended September 30, 2019 and $737 and $821 in the nine months ended September 30, 2019 | ||||||||||||||||
b (Increases) in "Gains on investment securities" | ||||||||||||||||
c Increases in "Regulatory disallowances and restructuring costs" | ||||||||||||||||
d Increases in "Other (deductions)" | ||||||||||||||||
e Increases in "Administrative and general" | ||||||||||||||||
f Increases in "Cost of energy" | ||||||||||||||||
3 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 | PNMR | ||||||||||||||||
(in thousands) | |||||||||||||||||||
Three Months Ended September 30, 2018 | |||||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 77,376 | $ | 16,100 | $ | (5,955) | $ | 87,521 | |||||||||||
Adjusting items before income tax effects: | |||||||||||||||||||
Mark-to-market impact of economic hedges2a | (28) | — | — | (28) | |||||||||||||||
Net change in unrealized gains and losses on investment securities2b | (2,153) | — | — | (2,153) | |||||||||||||||
Regulatory disallowances and restructuring costs2c | (1,645) | — | — | (1,645) | |||||||||||||||
Pension expense related to previously disposed of gas distribution business2d | 850 | — | — | 850 | |||||||||||||||
(Gain) related to previously disposed of activities2e | — | — | 154 | 154 | |||||||||||||||
Cost to review strategic growth opportunities2f | — | — | 1,465 | 1,465 | |||||||||||||||
Total adjustments before income tax effects | (2,976) | — | 1,619 | (1,357) | |||||||||||||||
Income tax impact of above adjustments1,3 | 756 | — | (411) | 345 | |||||||||||||||
Adjusting items, net of income taxes | (2,220) | — | 1,208 | (1,012) | |||||||||||||||
Ongoing Earnings (Loss) | $ | 75,156 | $ | 16,100 | $ | (4,747) | $ | 86,509 | |||||||||||
Nine Months Ended September 30, 2018 | |||||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 111,622 | $ | 40,879 | $ | (11,782) | $ | 140,719 | |||||||||||
Adjusting items before income tax effects: | |||||||||||||||||||
Mark-to-market impact of economic hedges2a | (83) | — | — | (83) | |||||||||||||||
Net change in unrealized gains and losses on investment securities2b | 1,930 | — | — | 1,930 | |||||||||||||||
Regulatory disallowances and restructuring costs2c | 149 | — | — | 149 | |||||||||||||||
Pension expense related to previously disposed of gas distribution business2d | 2,548 | — | — | 2,548 | |||||||||||||||
(Gain) related to previously disposed of activities2e | — | — | (61) | (61) | |||||||||||||||
Cost to review strategic growth opportunities2f | — | — | 1,465 | 1,465 | |||||||||||||||
Total adjustments before income tax effects | 4,544 | — | 1,404 | 5,948 | |||||||||||||||
Income tax impact of above adjustments1 | (1,154) | — | (356) | (1,510) | |||||||||||||||
Impairment of state tax credits | — | — | 123 | 123 | |||||||||||||||
Total income tax impacts3 | (1,154) | — | (233) | (1,387) | |||||||||||||||
Adjusting items, net of income taxes | 3,390 | — | 1,171 | 4,561 | |||||||||||||||
Ongoing Earnings (Loss) | $ | 115,012 | $ | 40,879 | $ | (10,611) | $ | 145,280 | |||||||||||
1 2018 income tax effects calculated using a tax rate of 25.40% | ||||||||||||||||
2 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows: | ||||||||||||||||
a (Reductions) in "Electric Operating Revenues" and "Cost of energy" of $275 and $303 in the three months ended September 30, 2018 and $821 and $904 in the nine months ended September 30, 2018 | ||||||||||||||||
b (Increases) decreases in "Gains on investment securities" | ||||||||||||||||
c Increases (decreases) in "Regulatory disallowances and restructuring costs" | ||||||||||||||||
d Increases in "Other (deductions)" | ||||||||||||||||
e (Increases) decreases in "Other income" | ||||||||||||||||
f Increases in "Administrative and General" | ||||||||||||||||
3 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 | PNMR | ||||||||||||||||
(per diluted share) | |||||||||||||||||||
Three Months Ended September 30, 2019 | |||||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 1.01 | $ | 0.31 | $ | (0.04) | $ | 1.28 | |||||||||||
Adjusting items, net of income tax effects: | |||||||||||||||||||
Mark-to-market impact of economic hedges | — | — | — | — | |||||||||||||||
Net change in unrealized gains and losses on investment securities | (0.01) | — | — | (0.01) | |||||||||||||||
Pension expense related to previously disposed of gas distribution business | 0.01 | — | — | 0.01 | |||||||||||||||
Process improvement initiatives | — | — | — | — | |||||||||||||||
Four Corners coal mine reclamation | 0.01 | — | — | 0.01 | |||||||||||||||
Total Adjustments | 0.01 | — | — | 0.01 | |||||||||||||||
Ongoing Earnings (Loss) | $ | 1.02 | $ | 0.31 | $ | (0.04) | $ | 1.29 | |||||||||||
Average Basic and Diluted Shares Outstanding: 80,000,506 | |||||||||||||||||||
Nine Months Ended September 30, 2019 | |||||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 0.16 | $ | 0.56 | $ | (0.15) | $ | 0.57 | |||||||||||
Adjusting items, net of income tax effects: | |||||||||||||||||||
Mark-to-market impact of economic hedges | — | — | — | — | |||||||||||||||
Net change in unrealized gains and losses on investment securities | (0.13) | — | — | (0.13) | |||||||||||||||
Regulatory disallowances and restructuring costs | 1.41 | — | — | 1.41 | |||||||||||||||
Pension expense related to previously disposed of gas distribution business | 0.03 | — | — | 0.03 | |||||||||||||||
Process improvement initiatives | — | — | — | — | |||||||||||||||
Four Corners coal mine reclamation | 0.01 | — | — | 0.01 | |||||||||||||||
Deferred income tax impact of regulatory disallowances | (0.09) | — | — | (0.09) | |||||||||||||||
Total Adjustments | 1.23 | — | — | 1.23 | |||||||||||||||
Ongoing Earnings (Loss) | $ | 1.39 | $ | 0.56 | $ | (0.15) | $ | 1.80 | |||||||||||
Average Basic and Diluted Shares Outstanding: 79,979,723 | |||||||||||||||||||
PNM Resources, Inc. and Subsidiaries | |||||||||||||||||||
Schedule 4 | |||||||||||||||||||
Reconciliation of GAAP to Ongoing Earnings Per Diluted Share | |||||||||||||||||||
(Preliminary and Unaudited) | |||||||||||||||||||
PNM | TNMP | Corporate | PNMR | ||||||||||||||||
(per diluted share) | |||||||||||||||||||
Three Months Ended September 30, 2018 | |||||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 0.97 | $ | 0.20 | $ | (0.08) | $ | 1.09 | |||||||||||
Adjusting items, net of income tax effects: | |||||||||||||||||||
Mark-to-market impact of economic hedges | — | — | — | — | |||||||||||||||
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 | |||||||||||||||
(Gain) related to previously disposed of activities | — | — | — | — | |||||||||||||||
Cost to review strategic growth opportunities | — | — | 0.01 | 0.01 | |||||||||||||||
Total Adjustments | (0.02) | — | 0.01 | (0.01) | |||||||||||||||
Ongoing Earnings (Loss) | $ | 0.95 | $ | 0.20 | $ | (0.07) | $ | 1.08 | |||||||||||
Average Diluted Shares Outstanding: 79,979,599 | |||||||||||||||||||
Nine Months Ended September 30, 2018 | |||||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: | $ | 1.40 | $ | 0.51 | $ | (0.15) | $ | 1.76 | |||||||||||
Adjusting items, net of income tax effects: | |||||||||||||||||||
Mark-to-market impact of economic hedges | — | — | — | — | |||||||||||||||
Net change in unrealized gains and losses on investment securities | 0.02 | — | — | 0.02 | |||||||||||||||
Regulatory disallowances and restructuring costs | — | — | — | — | |||||||||||||||
Pension expense related to previously disposed of gas distribution business | 0.03 | — | — | 0.03 | |||||||||||||||
(Gain) related to previously disposed of activities | — | — | — | — | |||||||||||||||
Impairment of state tax credits | — | — | — | — | |||||||||||||||
Cost to review strategic growth opportunities | — | — | 0.01 | 0.01 | |||||||||||||||
Total Adjustments | 0.05 | — | 0.01 | 0.06 | |||||||||||||||
Ongoing Earnings (Loss) | $ | 1.45 | $ | 0.51 | $ | (0.14) | $ | 1.82 | |||||||||||
Average Diluted Shares Outstanding: 79,990,484 | |||||||||||||||||||
PNM Resources, Inc. and Subsidiaries | |||||||||||||||||||
Schedule 5 | |||||||||||||||||||
Condensed Consolidated Statements of Earnings | |||||||||||||||||||
(Preliminary and Unaudited) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||
Electric Operating Revenues: | |||||||||||||||||||
Contracts with customers | $ | 418,673 | $ | 400,023 | $ | 1,049,287 | $ | 1,042,033 | |||||||||||
Alternative revenue programs | (6,779) | (8,050) | (300) | (1,466) | |||||||||||||||
Other electric operating revenue | 21,692 | 30,693 | 64,471 | 52,290 | |||||||||||||||
Total electric operating revenues | 433,586 | 422,666 | 1,113,458 | 1,092,857 | |||||||||||||||
Operating Expenses: | |||||||||||||||||||
Cost of energy | 108,736 | 113,536 | 314,145 | 293,803 | |||||||||||||||
Administrative and general | 47,613 | 49,969 | 142,782 | 141,607 | |||||||||||||||
Energy production costs | 30,877 | 31,350 | 108,853 | 108,588 | |||||||||||||||
Regulatory disallowances and restructuring costs | — | (1,645) | 150,599 | 149 | |||||||||||||||
Depreciation and amortization | 68,350 | 61,580 | 199,771 | 180,365 | |||||||||||||||
Transmission and distribution costs | 16,461 | 19,394 | 52,333 | 54,800 | |||||||||||||||
Taxes other than income taxes | 21,009 | 20,492 | 61,327 | 60,094 | |||||||||||||||
Total operating expenses | 293,046 | 294,676 | 1,029,810 | 839,406 | |||||||||||||||
Operating income | 140,540 | 127,990 | 83,648 | 253,451 | |||||||||||||||
Other Income and Deductions: | |||||||||||||||||||
Interest income | 3,440 | 3,400 | 10,489 | 11,862 | |||||||||||||||
Gains on investment securities | 1,686 | 2,463 | 20,299 | 1,081 | |||||||||||||||
Other income | 4,256 | 3,735 | 11,050 | 12,000 | |||||||||||||||
Other (deductions) | (3,612) | (2,624) | (9,980) | (9,867) | |||||||||||||||
Net other income and deductions | 5,770 | 6,974 | 31,858 | 15,076 | |||||||||||||||
Interest Charges | 30,359 | 30,492 | 91,785 | 96,868 | |||||||||||||||
Earnings before Income Taxes | 115,951 | 104,472 | 23,721 | 171,659 | |||||||||||||||
Income Taxes (Benefits) | 9,188 | 12,899 | (32,420) | 18,838 | |||||||||||||||
Net Earnings | 106,763 | 91,573 | 56,141 | 152,821 | |||||||||||||||
(Earnings) Attributable to Valencia Non-controlling Interest | (3,860) | (3,920) | (10,188) | (11,706) | |||||||||||||||
Preferred Stock Dividend Requirements of Subsidiary | (132) | (132) | (396) | (396) | |||||||||||||||
Net Earnings Attributable to PNMR | $ | 102,771 | $ | 87,521 | $ | 45,557 | $ | 140,719 | |||||||||||
Net Earnings Attributable to PNMR per Common Share: | |||||||||||||||||||
Basic | $ | 1.29 | $ | 1.10 | $ | 0.57 | $ | 1.76 | |||||||||||
Diluted | $ | 1.28 | $ | 1.09 | $ | 0.57 | $ | 1.76 | |||||||||||
Dividends Declared per Common Share | $ | 0.290 | $ | 0.265 | $ | 0.870 | $ | 0.795 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Oct. 14, 2019 /PRNewswire/ -- PNM Resources, Inc. (NYSE: PNM) Chairman, President and CEO, Pat Vincent-Collawn, was awarded the Governor's New Mexico Distinguished Public Service Award for her exceptional contributions to public service and the community.
Led by Governor Lujan Grisham and Mr. Sherman McCorkle, President and CEO of Technology Ventures Corporation, this year marks the 50th anniversary of the awards. The primary objective of the awards is to recognize outstanding contributions to the public service and to the improvement of the government at all levels by both government employees and private citizens. The awards recognize and celebrate the role of civic leaders in improved government while encouraging the highest levels of excellence in the pursuit of public service. Ultimately, the awards heighten awareness and appreciation of public service achieving President's Kennedy's goal of drawing the best and brightest to all levels of public service.
"Pat's contributions toward the state's environmental future and economic development and her impacts on local community needs are immeasurable. These contributions exemplify Pat's philosophy of how, by working together, we can accomplish great things. She is well-deserving of this recognition. For anyone who knows Pat, they know a person with a brilliant mind, a huge heart and a fun nature. She gives her all to everything she works on and has a humble spirit with a willingness to jump in to help those in need," said Sherman McCorkle.
Vincent-Collawn has served in multiple roles local and statewide to improve education, increase economic development, and support organizations that make meaningful impacts in local communities. She is a previous chairwoman of the United Way and helped launch Mission: Graduate which is a cradle-to-career education partnership.
In 2017, Vincent-Collawn served as the first female chair of the Edison Electric Institute (EEI). Earlier this year, she was awarded with EEI's Distinguished Leadership Award by her peers for her years of significant contributions and her ongoing commitment to the electric power industry.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,681 megawatts of generation capacity and provides electricity to more than 785,000 homes and businesses in New Mexico and Texas. 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 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Oct. 11, 2019 /PRNewswire/ -- PNM Resources (NYSE: PNM) will announce 2019 third quarter financial results prior to the market opening on Friday, November 1, 2019. The earnings news release will be issued at 6:30 a.m. Eastern and also will be posted on the company's website at www.PNMResources.com.
Management will host a live conference call and webcast that morning at 11 a.m. Eastern to discuss financial results and provide other company updates.
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: http://dpregister.com/10135162.
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 conference call." Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software.
A live webcast of the call will be available at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,681 megawatts of generation capacity and provides electricity to more than 785,000 homes and businesses in New Mexico and Texas. 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 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Oct. 3, 2019 /PRNewswire/ -- Today the New Mexico Supreme Court denied a joint petition from PNM, the wholly owned New Mexico utility subsidiary of PNM Resources (NYSE: PNM), along with Western Resource Advocates, Coalition for Clean Affordable Energy, Sierra Club, IBEW Local 611, San Juan Citizens' Alliance and Diné Care, to provide clarification about the applicability of the Energy Transition Act (ETA) to PNM's application for San Juan Generating Station abandonment, securitization and replacement power.
The denial of the petition by the New Mexico Supreme Court means that the New Mexico Public Regulation Commission (NMPRC) will handle the question of the ETA's applicability through its scheduled proceeding.
"Today's ruling comes as a disappointment, although we respect the Court's decision not to grant our request for an immediate ruling," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "We continue to believe that the ETA applies to all aspects of our San Juan filing. As we work through the NMPRC process, we will seek further legal remedy for any Commission ruling that is not consistent with the law."
The ETA, described by New Mexico Governor Lujan-Grisham's office as landmark legislation that sets bold statewide renewable energy standards and establishes a pathway for a low-carbon energy transition away from coal while providing workforce training and transition assistance to affected communities, became effective in June 2019 after being passed in the legislative session and signed into law by the Governor.
Today's order, and other documents related to the San Juan filing, can be found at:
https://www.pnmresources.com/investors/rates-and-filings.aspx
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,681 megawatts of generation capacity and provides electricity to more than 785,000 homes and businesses in New Mexico and Texas. 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") and Public Service Company of New Mexico ("PNM") (collectively, the "Company") that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies 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. PNMR and PNM assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR and PNM caution readers not to place undue reliance on these statements. PNMR's and PNM'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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Oct. 2, 2019 /PRNewswire/ -- PNM, the wholly owned New Mexico utility subsidiary of PNM Resources (NYSE: PNM), today received New Mexico Public Regulation Commission (NMPRC) approval to acquire the Western Spirit transmission project from an affiliate of Pattern Energy Group 2 LP ("Pattern Development") and the New Mexico Renewable Energy Transmission Authority ("NM RETA"). The acquisition was previously approved by the Federal Energy Regulatory Commission, including approval of PNM's requested incremental wholesale transmission rate.
"We are pleased that this project has received the required regulatory approvals and continues to move forward," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "We remain proud to be part of this project with Pattern and NM RETA and to expand our transmission grid in support of renewable investments that bring new construction jobs and tax revenues to the state and to improve our ability to make New Mexico a leader in clean energy."
Pursuant to the May 1, 2019 agreement among the parties, NM RETA and Pattern Development will develop and construct the Western Spirit transmission project, which will be acquired by PNM upon completion of construction for a net investment of $285 million. PNM expects the project will be completed in 2021. The capacity additions will strengthen the existing PNM system and provide upgrades to accommodate 800 megawatts of new wind energy.
"Today's favorable ruling by the New Mexico PRC will help New Mexico unlock its world-class wind resources, and it means Pattern Development is on track to create hundreds of construction jobs next year with a major wind and transmission build-out that is deeply in line with the goals of the Energy Transition Act," said Mike Garland, CEO of Pattern Energy and Pattern Development. "This sound decision will keep the state on a path toward becoming a national leader in clean energy. We believe in New Mexico, and we look forward to continued investment and to being part of the economic fabric of the state for years to come."
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,681 megawatts of generation capacity and provides electricity to more than 785,000 homes and businesses in New Mexico and Texas. 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") and Public Service Company of New Mexico ("PNM") (collectively, the "Company") that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies 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. PNMR and PNM assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR and PNM caution readers not to place undue reliance on these statements. PNMR's and PNM'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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Sept. 24, 2019 /PRNewswire/ -- At its regular meeting held today, the Board of Directors of PNM Resources (NYSE: PNM) declared the regular quarterly dividend of $0.29 per share on the company's common stock. The dividend is payable November 15, 2019, to shareholders of record at the close of business November 1, 2019.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,681 megawatts of generation capacity and provides electricity to more than 785,000 homes and businesses in New Mexico and Texas. 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 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Sept. 11, 2019 /PRNewswire/ -- The Board of Directors of PNM, a subsidiary of PNM Resources (NYSE: PNM), declared the regular quarterly dividend of $1.145 per share on the 4.58 percent series of cumulative preferred stock. The preferred stock dividend is payable October 15, 2019 to shareholders of record at the close of business October 1, 2019.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,681 megawatts of generation capacity and provides electricity to more than 785,000 homes and businesses in New Mexico and Texas. 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 |
View original content to download multimedia:http://www.prnewswire.com/news-releases/pnm-declares-preferred-dividend-300916445.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Sept. 5, 2019 /PRNewswire/ -- PNM Resources, Inc. (NYSE: PNM) Chairman, President and CEO, Pat Vincent-Collawn, was awarded the Edison Electric Institute's (EEI's) Distinguished Leadership Award by her peers for her years of significant contributions and her ongoing commitment to the electric power industry.
EEI is the country's oldest and largest electric company trade association, representing electric companies that operate in 90 countries and all 50 states which provide electricity for about 220 million Americans and support more than 7 million jobs across the United States. The Distinguished Leadership Award, established to recognize outstanding individual achievement, was presented during EEI's fall CEO and board of directors meeting.
EEI President Tom Kuhn said, "Pat is an exceptional leader whose vision, expertise, and actions continually elevate our industry and help ensure we are meeting the changing needs of our customers, our communities, and our workforce."
PNM CEO Vincent-Collawn has been an industry leader on major policy issues, such as tax reform, wildfire mitigation, and climate change. Under Vincent-Collawn's leadership, PNM, the wholly-owned New Mexico utility subsidiary of PNM Resources, Inc., became the first U.S. owned investor-owned utility to set the earliest 100% emissions-free goal this last April.
In 2017, Vincent-Collawn served as the first female chair of the Edison Electric Institute. During her tenure as EEI Chair, Vincent-Collawn promoted the benefits of leveraging smart communities to improve sustainability and economic development. Vincent-Collawn also advocated for peer electric companies to build a more inclusive workforce that embraces the unique diversity of the communities they serve. She hosted the industry's first-ever diversity and inclusion forum and led the development of a formal Diversity and Inclusion Commitment.
Having joined PNM in 2007, Vincent-Collawn became CEO of PNM Resources in 2010. Pat is currently the chair of the Electric Power Research Institute, a nonprofit center for public interest energy and environmental research. She also serves as the chair of the New Mexico Partnership to promote businesses locating and expanding in New Mexico. She is the former chair of the Greater Albuquerque Chamber of Commerce, the Kirtland Partnership Committee, and the United Way of Central New Mexico.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,671 megawatts of generation capacity and provides electricity to more than 781,000 homes and businesses in New Mexico and Texas. 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") and Public Service Company of New Mexico ("PNM") (collectively, the "Company") that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies 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. PNMR and PNM assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR and PNM caution readers not to place undue reliance on these statements. PNMR's and PNM'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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Aug. 12, 2019 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week in New York and Atlanta.
During the meetings, management is expected to affirm the company's 2019 consolidated earnings guidance of $2.05 to $2.11 per diluted share. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,681 megawatts of generation capacity and provides electricity to more than 781,000 homes and businesses in New Mexico and Texas. 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 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. 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 and Form 10-Q filings 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 (or ongoing diluted earnings per 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.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Aug. 2, 2019 /PRNewswire/ --
PNM Resources (In millions, except EPS) | ||||
Q2 2019 | Q2 2018 | YTD 2019 | YTD 2018 | |
GAAP net earnings (loss) | ($75.9) | $38.2 | ($57.2) | $53.2 |
GAAP diluted EPS | ($0.95) | $0.48 | ($0.72) | $0.67 |
Ongoing net earnings | $29.3 | $42.3 | $40.0 | $58.8 |
Ongoing diluted EPS | $0.37 | $0.53 | $0.50 | $0.73 |
PNM Resources (NYSE: PNM) today released the company's 2019 second quarter results. In addition, management affirmed its 2019 consolidated ongoing earnings guidance of $2.05 to $2.11 per diluted share.
"Temperatures, and financial results, during the quarter reflected New Mexico's mildest second quarter in 20 years," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "On July 1, PNM took its next step toward meeting its goal of 100 percent emissions-free energy by 2040 by filing for the abandonment, securitization and replacement of the San Juan Generating Station. We look forward to working with our stakeholders to implement a plan that achieves sizable emission reductions, saves customers money and meets reliability standards."
SEGMENT REPORTING OF 2019 SECOND QUARTER EARNINGS
PNM – a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.
PNM (In millions, except EPS) | ||||
Q2 2019 | Q2 2018 | YTD 2019 | YTD 2018 | |
GAAP net earnings (loss) | ($86.9) | $26.5 | ($67.9) | $34.2 |
GAAP diluted EPS | ($1.09) | $0.33 | ($0.85) | $0.43 |
Ongoing net earnings | $18.1 | $30.8 | $29.2 | $39.9 |
Ongoing diluted EPS | $0.23 | $0.38 | $0.37 | $0.49 |
TNMP – an electric transmission and distribution utility in Texas.
TNMP (In millions, except EPS) | ||||
Q2 2019 | Q2 2018 | YTD 2019 | YTD 2018 | |
GAAP net earnings | $15.3 | $15.4 | $19.4 | $24.8 |
GAAP diluted EPS | $0.19 | $0.19 | $0.24 | $0.31 |
Ongoing net earnings | $15.4 | $15.4 | $19.5 | $24.8 |
Ongoing diluted EPS | $0.19 | $0.19 | $0.24 | $0.31 |
Corporate and Other – a segment that reflects the PNM Resources holding company and other subsidiaries.
Corporate and Other (In millions, except EPS) | ||||
Q2 2019 | Q2 2018 | YTD 2019 | YTD 2018 | |
GAAP net earnings (loss) | ($4.2) | ($3.7) | ($8.6) | ($5.8) |
GAAP diluted EPS | ($0.05) | ($0.04) | ($0.11) | ($0.07) |
Ongoing net earnings (loss) | ($4.2) | ($3.9) | ($8.6) | ($5.9) |
Ongoing diluted EPS | ($0.05) | ($0.04) | ($0.11) | ($0.07) |
Financial materials are available at http://www.pnmresources.com/investors/results.cfm.
SECOND QUARTER CONFERENCE CALL: 11 A.M. EASTERN FRIDAY, AUGUST 2
PNM Resources will discuss second quarter earnings results during a live conference call and webcast on Friday, August 2nd at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources chairman, president and CEO, and Chuck Eldred, PNM Resources executive vice president and CFO.
A live webcast of the call will be archived at http://www.pnmresources.com/investors/events.cfm.
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: http://dpregister.com/10133531. 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 conference 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 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,681 megawatts of generation capacity and provides electricity to more than 781,000 homes and businesses in New Mexico and Texas. 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 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. 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 and Form 10-Q filings 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 (or ongoing diluted earnings per 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 1-5.
PNM Resources, Inc. and Subsidiaries | |||||||||||||||
Schedule 1 | |||||||||||||||
Reconciliation of GAAP to Ongoing Earnings | |||||||||||||||
(Preliminary and Unaudited) | |||||||||||||||
PNM | TNMP | Corporate | PNMR | ||||||||||||
(in thousands) | |||||||||||||||
Three Months Ended June 30, 2019 | |||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | (86,944) | $ | 15,267 | $ | (4,237) | $ | (75,914) | |||||||
Adjusting items before income tax effects: | |||||||||||||||
Mark-to-market impact of economic hedges2a | (28) | — | — | (28) | |||||||||||
Net change in unrealized gains and losses on investment securities2b | 504 | — | — | 504 | |||||||||||
Regulatory disallowances and restructuring costs2c | 149,254 | — | — | 149,254 | |||||||||||
Pension expense related to previously disposed of gas distribution business2d | 1,044 | — | — | 1,044 | |||||||||||
Process improvement initiatives2e | 410 | 135 | — | 545 | |||||||||||
Four Corners coal mine reclamation2f | (284) | — | — | (284) | |||||||||||
Total adjustments before income tax effects | 150,900 | 135 | — | 151,035 | |||||||||||
Income tax impact of above adjustments1 | (38,329) | (28) | — | (38,357) | |||||||||||
Deferred income tax impact of regulatory disallowances | (7,485) | — | — | (7,485) | |||||||||||
Total income tax impacts3 | (45,814) | (28) | — | (45,842) | |||||||||||
Adjusting items, net of income taxes | 105,086 | 107 | — | 105,193 | |||||||||||
Ongoing Earnings (Loss) | $ | 18,142 | $ | 15,374 | $ | (4,237) | $ | 29,279 | |||||||
Six Months Ended June 30, 2019 | |||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | (67,932) | $ | 19,365 | $ | (8,647) | $ | (57,214) | |||||||
Adjusting items before income tax effects: | |||||||||||||||
Mark-to-market impact of economic hedges2a | (56) | — | — | (56) | |||||||||||
Net change in unrealized gains and losses on investment securities2b | (12,490) | — | — | (12,490) | |||||||||||
Regulatory disallowances and restructuring costs2c | 150,599 | — | — | 150,599 | |||||||||||
Pension expense related to previously disposed of gas distribution business2d | 2,089 | — | — | 2,089 | |||||||||||
Process improvement initiatives2e | 410 | 135 | — | 545 | |||||||||||
Four Corners coal mine reclamation2f | (284) | — | — | (284) | |||||||||||
Total adjustments before income tax effects | 140,268 | 135 | — | 140,403 | |||||||||||
Income tax impact of above adjustments1 | (35,628) | (28) | — | (35,656) | |||||||||||
Deferred income tax impact of regulatory disallowances | (7,485) | — | — | (7,485) | |||||||||||
Total income tax impacts3 | (43,113) | (28) | — | (43,141) | |||||||||||
Adjusting items, net of income taxes | 97,155 | 107 | — | 97,262 | |||||||||||
Ongoing Earnings (Loss) | $ | 29,223 | $ | 19,472 | $ | (8,647) | $ | 40,048 |
1 2019 income tax effects calculated using a tax rate of 25.40% for PNM and 21% for TNMP | ||||||||||||||||
2 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statements of Earnings as follows: | ||||||||||||||||
a (Reductions) in "Electric Operating Revenues" and "Cost of energy" of $235 and $263 in the three months ended June 30, 2019 and $480 and $536 in the six months ended June 30, 2019 | ||||||||||||||||
b (Increases) decreases in "Gains and losses on investment securities" | ||||||||||||||||
c Increases in "Regulatory disallowances and restructuring costs" | ||||||||||||||||
d Increases in "Other (deductions)" | ||||||||||||||||
e Increases in "Administrative and general" | ||||||||||||||||
f (Decreases) in "Cost of energy" | ||||||||||||||||
3 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 | PNMR | ||||||||||||
(in thousands) | |||||||||||||||
Three Months Ended June 30, 2018 | |||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 26,540 | $ | 15,367 | $ | (3,699) | $ | 38,208 | |||||||
Adjusting items before income tax effects: | |||||||||||||||
Mark-to-market impact of economic hedges2a | (28) | — | — | (28) | |||||||||||
Net change in unrealized gains and losses on investment securities2b | 3,027 | — | — | 3,027 | |||||||||||
Regulatory disallowances and restructuring costs2c | 1,794 | — | — | 1,794 | |||||||||||
Pension expense related to previously disposed of gas distribution business2d | 869 | — | — | 869 | |||||||||||
(Gain) related to previously disposed of activities2e | — | — | (216) | (216) | |||||||||||
Total adjustments before income tax effects | 5,662 | — | (216) | 5,446 | |||||||||||
Income tax impact of above adjustments1,3 | (1,438) | — | 55 | (1,383) | |||||||||||
Adjusting items, net of income taxes | 4,224 | — | (161) | 4,063 | |||||||||||
Ongoing Earnings (Loss) | $ | 30,764 | $ | 15,367 | $ | (3,860) | $ | 42,271 | |||||||
Six Months Ended June 30, 2018 | |||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 34,246 | $ | 24,779 | $ | (5,827) | $ | 53,198 | |||||||
Adjusting items before income tax effects: | |||||||||||||||
Mark-to-market impact of economic hedges2a | (56) | — | — | (56) | |||||||||||
Net change in unrealized gains and losses on investment securities2b | 4,083 | — | — | 4,083 | |||||||||||
Regulatory disallowances and restructuring costs2c | 1,794 | — | — | 1,794 | |||||||||||
Pension expense related to previously disposed of gas distribution business2d | 1,701 | — | — | 1,701 | |||||||||||
(Gain) related to previously disposed of activities2e | — | — | (216) | (216) | |||||||||||
Total adjustments before income tax effects | 7,522 | — | (216) | 7,306 | |||||||||||
Income tax impact of above adjustments1 | (1,911) | — | 55 | (1,856) | |||||||||||
Impairment of state tax credits | — | — | 123 | 123 | |||||||||||
Total income tax impacts3 | (1,911) | — | 178 | (1,733) | |||||||||||
Adjusting items, net of income taxes | 5,611 | — | (38) | 5,573 | |||||||||||
Ongoing Earnings (Loss) | $ | 39,857 | $ | 24,779 | $ | (5,865) | $ | 58,771 |
1 2018 income tax effects calculated using a tax rate of 25.40% | ||||||||||||||||
2 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows: | ||||||||||||||||
a (Reductions) in "Electric Operating Revenues" and "Cost of energy" of $264 and $292 in the three months ended June 30, 2018 and $545 and $601 in the six months ended June 30, 2018 | ||||||||||||||||
b (Increases) decreases in "Gains and losses on investment securities" | ||||||||||||||||
c Increases in "Regulatory disallowances and restructuring costs" | ||||||||||||||||
d Increases in "Other (deductions)" | ||||||||||||||||
e (Increases) in "Other income" | ||||||||||||||||
3 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 | PNMR | ||||||||||||
(per diluted share) | |||||||||||||||
Three Months Ended June 30, 2019 | |||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR1 | $ | (1.09) | $ | 0.19 | $ | (0.05) | $ | (0.95) | |||||||
Adjusting items, net of income tax effects: | |||||||||||||||
Mark-to-market impact of economic hedges | — | — | — | — | |||||||||||
Net change in unrealized gains and losses on investment securities | 0.01 | — | — | 0.01 | |||||||||||
Regulatory disallowances and restructuring costs | 1.39 | — | — | 1.39 | |||||||||||
Pension expense related to previously disposed of gas distribution business | 0.01 | — | — | 0.01 | |||||||||||
Process improvement initiatives | — | — | — | — | |||||||||||
Four Corners coal mine reclamation | — | — | — | — | |||||||||||
Deferred income tax impact of regulatory disallowances | (0.09) | — | — | (0.09) | |||||||||||
Total Adjustments | 1.32 | — | — | 1.32 | |||||||||||
Ongoing Earnings (Loss) | $ | 0.23 | $ | 0.19 | $ | (0.05) | $ | 0.37 | |||||||
Average Basic and Diluted Shares Outstanding: 79,917,269 | |||||||||||||||
Six Months Ended June 30, 2019 | |||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR1 | $ | (0.85) | $ | 0.24 | $ | (0.11) | $ | (0.72) | |||||||
Adjusting items, net of income tax effects: | |||||||||||||||
Mark-to-market impact of economic hedges | — | — | — | — | |||||||||||
Net change in unrealized gains and losses on investment securities | (0.12) | — | — | (0.12) | |||||||||||
Regulatory disallowances and restructuring costs | 1.41 | — | — | 1.41 | |||||||||||
Pension expense related to previously disposed of gas distribution business | 0.02 | — | — | 0.02 | |||||||||||
Process improvement initiatives | — | — | — | — | |||||||||||
Four Corners coal mine reclamation | — | — | — | — | |||||||||||
Deferred income tax impact of regulatory disallowances | (0.09) | — | — | (0.09) | |||||||||||
Total Adjustments | 1.22 | — | — | 1.22 | |||||||||||
Ongoing Earnings (Loss) | $ | 0.37 | $ | 0.24 | $ | (0.11) | $ | 0.50 | |||||||
Average Basic and Diluted Shares Outstanding: 79,904,858 |
1 EPS is presented on a non-diluted basis for the three and six months ended June 30, 2019 due to the consolidated GAAP net loss |
PNM Resources, Inc. and Subsidiaries | |||||||||||||||
Schedule 4 | |||||||||||||||
Reconciliation of GAAP to Ongoing Earnings Per Diluted Share | |||||||||||||||
(Preliminary and Unaudited) | |||||||||||||||
PNM | TNMP | Corporate | PNMR | ||||||||||||
(per diluted share) | |||||||||||||||
Three Months Ended June 30, 2018 | |||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 0.33 | $ | 0.19 | $ | (0.04) | $ | 0.48 | |||||||
Adjusting items, net of income tax effects: | |||||||||||||||
Mark-to-market impact of economic hedges | — | — | — | — | |||||||||||
Net change in unrealized gains and losses on investment securities | 0.03 | — | — | 0.03 | |||||||||||
Regulatory disallowances and restructuring costs | 0.02 | — | — | 0.02 | |||||||||||
Pension expense related to previously disposed of gas distribution business | — | — | — | — | |||||||||||
Total Adjustments | 0.05 | — | — | 0.05 | |||||||||||
Ongoing Earnings (Loss) | $ | 0.38 | $ | 0.19 | $ | (0.04) | $ | 0.53 | |||||||
Average Diluted Shares Outstanding: 79,978,605 | |||||||||||||||
Six Months Ended June 30, 2018 | |||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: | $ | 0.43 | $ | 0.31 | $ | (0.07) | $ | 0.67 | |||||||
Adjusting items, net of income tax effects: | |||||||||||||||
Mark-to-market impact of economic hedges | — | — | — | — | |||||||||||
Net change in unrealized gains and losses on investment securities | 0.03 | — | — | 0.03 | |||||||||||
Regulatory disallowances and restructuring costs | 0.02 | — | — | 0.02 | |||||||||||
Pension expense related to previously disposed of gas distribution business | 0.01 | — | — | 0.01 | |||||||||||
Impairment of state tax credits | — | — | — | — | |||||||||||
Total Adjustments | 0.06 | — | — | 0.06 | |||||||||||
Ongoing Earnings (Loss) | $ | 0.49 | $ | 0.31 | $ | (0.07) | $ | 0.73 | |||||||
Average Diluted Shares Outstanding: 79,995,926 |
PNM Resources, Inc. and Subsidiaries | |||||||||||||||
Schedule 5 | |||||||||||||||
Condensed Consolidated Statements of Earnings | |||||||||||||||
(Preliminary and Unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(In thousands, except per share amounts) | |||||||||||||||
Electric Operating Revenues: | |||||||||||||||
Contracts with customers | $ | 314,917 | $ | 338,659 | $ | 630,614 | $ | 642,010 | |||||||
Alternative revenue programs | 5,844 | 5,660 | 6,480 | 6,584 | |||||||||||
Other electric operating revenue | 9,467 | 7,994 | 42,778 | 21,597 | |||||||||||
Total electric operating revenues | 330,228 | 352,313 | 679,872 | 670,191 | |||||||||||
Operating Expenses: | |||||||||||||||
Cost of energy | 83,782 | 87,711 | 205,408 | 180,267 | |||||||||||
Administrative and general | 42,833 | 43,355 | 95,170 | 91,638 | |||||||||||
Energy production costs | 42,905 | 41,888 | 77,977 | 77,238 | |||||||||||
Regulatory disallowances and restructuring costs | 149,254 | 1,794 | 150,599 | 1,794 | |||||||||||
Depreciation and amortization | 66,065 | 60,063 | 131,421 | 118,785 | |||||||||||
Transmission and distribution costs | 19,195 | 18,450 | 35,872 | 35,406 | |||||||||||
Taxes other than income taxes | 19,809 | 19,723 | 40,317 | 39,602 | |||||||||||
Total operating expenses | 423,843 | 272,984 | 736,764 | 544,730 | |||||||||||
Operating income (loss) | (93,615) | 79,329 | (56,892) | 125,461 | |||||||||||
Other Income and Deductions: | |||||||||||||||
Interest income | 3,460 | 4,339 | 7,048 | 8,462 | |||||||||||
Gains (losses) on investment securities | 4,599 | (1,670) | 18,613 | (1,382) | |||||||||||
Other income | 3,350 | 4,796 | 6,795 | 8,265 | |||||||||||
Other (deductions) | (3,117) | (5,868) | (6,369) | (7,243) | |||||||||||
Net other income and deductions | 8,292 | 1,597 | 26,087 | 8,102 | |||||||||||
Interest Charges | 29,791 | 33,321 | 61,425 | 66,376 | |||||||||||
Earnings (Loss) before Income Taxes | (115,114) | 47,605 | (92,230) | 67,187 | |||||||||||
Income Taxes (Benefits) | (42,831) | 5,156 | (41,608) | 5,939 | |||||||||||
Net Earnings (Loss) | (72,283) | 42,449 | (50,622) | 61,248 | |||||||||||
(Earnings) Attributable to Valencia Non-controlling Interest | (3,499) | (4,109) | (6,328) | (7,786) | |||||||||||
Preferred Stock Dividend Requirements of Subsidiary | (132) | (132) | (264) | (264) | |||||||||||
Net Earnings (Loss) Attributable to PNMR | $ | (75,914) | $ | 38,208 | $ | (57,214) | $ | 53,198 | |||||||
Net Earnings (Loss) Attributable to PNMR per Common Share: | |||||||||||||||
Basic | $ | (0.95) | $ | 0.48 | $ | (0.72) | $ | 0.67 | |||||||
Diluted | $ | (0.95) | $ | 0.48 | $ | (0.72) | $ | 0.67 | |||||||
Dividends Declared per Common Share | $ | 0.290 | $ | 0.265 | $ | 0.580 | $ | 0.530 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., July 23, 2019 /PRNewswire/ -- At its regular meeting held today, the Board of Directors of PNM Resources (NYSE: PNM) declared the regular quarterly dividend of $0.29 per share on the company's common stock. The dividend is payable August 16, 2019, to shareholders of record at the close of business August 6, 2019.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,671 megawatts of generation capacity and provides electricity to more than 781,000 homes and businesses in New Mexico and Texas. 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 |
View original content to download multimedia:http://www.prnewswire.com/news-releases/pnm-resources-board-declares-quarterly-common-stock-dividend-300889670.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., July 15, 2019 /PRNewswire/ -- PNM Resources (NYSE: PNM) will announce 2019 second quarter financial results prior to the market opening on Friday, August 2, 2019. The earnings news release will be issued at 6:30 a.m. Eastern and also will be posted on the company's website at www.PNMResources.com.
Management will host a live conference call and webcast that morning at 11 a.m. Eastern to discuss financial results and provide other company updates.
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: http://dpregister.com/10133531.
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 conference call." Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software.
A live webcast of the call will be available at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,671 megawatts of generation capacity and provides electricity to more than 781,000 homes and businesses in New Mexico and Texas. 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 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, July 12, 2019 /PRNewswire/ -- PNM Resources (NYSE: PNM) today revised its 2019 consolidated ongoing earnings guidance (a non-GAAP financial measure) driven by substantially milder temperatures in New Mexico during the second quarter.
The PNM service territory experienced its mildest second quarter over the last 19 years, resulting in 37% lower cooling degree-days and lower expectations for second quarter ongoing earnings. Quantifying the impact of extreme weather on load and revenues is challenging and is further complicated by seasonal, tiered and demand-based rates. TNMP revenues are also lower partially due to a change in timing of load additions that are still expected in West Texas.
Plans have been initiated to mitigate some of these impacts and full year ongoing earnings guidance for 2019 is revised to $2.05 - $2.11 per share, with a targeted midpoint of $2.08. The revisions are summarized as follows:
PNM Resources | ||
Ongoing EPS | ||
Previous Consolidated Ongoing Earnings Guidance | $2.10 - $2.20 | |
Previous Q2 Ongoing Earnings Guidance Expectation | 27% of FY 2019 | |
PNM weather/load impacts | ($0.18) | |
TNMP load impacts | ($0.02) | |
Other | ($0.01) | |
Revised Q2 Ongoing Earnings Guidance Expectation | $0.36 - $0.38 | |
Revised Consolidated Ongoing Earnings Guidance | $2.05 - $2.11 |
The revised quarterly distribution for 2019 ongoing earnings per share guidance is:
Q1 | Q2 | Q3 | Q4 | |
6% | 18% | 59% | 17% |
Further details, including the impact of full year changes by segment will be discussed on the second quarter earnings call scheduled for August 2, 2019.
Management will meet with analysts and investors next week in Boston and Chicago.
During the meetings, management is expected to affirm the revised 2019 consolidated earnings guidance. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,671 megawatts of generation capacity and provides electricity to more than 781,000 homes and businesses in New Mexico and Texas. 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 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. 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 and Form 10-Q filings 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 (or ongoing diluted earnings per 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.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., July 1, 2019 /PRNewswire/ -- PNM, the wholly-owned New Mexico utility subsidiary of PNM Resources, Inc. (NYSE: PNM), today filed with the New Mexico Public Regulation Commission (NMPRC) a consolidated application requesting the abandonment of the San Juan Generating Station (San Juan), securitization of the unrecovered investment in the plant and approvals for replacement power resources.
The application proposes the abandonment of San Juan in June 2022 upon the expiration of the participation and coal supply agreements. The application also requests securitization treatment along with approvals for replacement power under a recommended scenario consistent with the New Mexico Energy Transition Act legislation. If approved, this scenario results in average customer savings of $7.11 per month in 2023 compared to the continued operation of San Juan.
PNM evaluated replacement power scenarios in the filing and considered the resulting costs to customers, reduction to carbon emissions and risks to reliability. The recommended scenario for replacement power results in the lowest cost to customers and achieves significant reductions to carbon emissions, meets reliability standards and brings significant investment to New Mexico. This scenario includes the following resources:
"Each step we take toward 100% emissions-free must balance the cost, the environment, and reliability," said Pat Vincent-Collawn, PNM Resources chairman, president and CEO. "The San Juan replacement plan we put forth will not only save customers money but will have one of the largest solar facilities in the U.S. and one of the highest percentages of battery storage anywhere in the country."
Certain financial information reflecting the impact of the consolidated application, if it were to be approved by the NMPRC, to previously disclosed investment plans and potential earnings power can be found at: http://www.pnmresources.com/investors/events-and-presentations.aspx. The application can be found at: http://www.pnmresources.com/investors/rates-and-filings.aspx. PNM requested an NMPRC decision on the consolidated application by the end of 2019.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,671 megawatts of generation capacity and provides electricity to more than 781,000 homes and businesses in New Mexico and Texas. 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") and Public Service Company of New Mexico ("PNM") (collectively, the "Company") that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies 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. PNMR and PNM assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR and PNM caution readers not to place undue reliance on these statements. PNMR's and PNM'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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., June 14, 2019 /PRNewswire/ -- The Board of Directors of PNM, a subsidiary of PNM Resources (NYSE: PNM), yesterday declared the regular quarterly dividend of $1.145 per share on the 4.58 percent series of cumulative preferred stock. The preferred stock dividend is payable July 15, 2019 to shareholders of record at the close of business July 1, 2019.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,671 megawatts of generation capacity and provides electricity to more than 781,000 homes and businesses in New Mexico and Texas. 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 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., May 7, 2019 /PRNewswire/ --
PNM Resources (In millions, except EPS) | ||
Q1 2019 | Q1 2018 | |
GAAP net earnings | $18.7 | $15.0 |
GAAP diluted EPS | $0.23 | $0.19 |
Ongoing net earnings | $10.8 | $16.5 |
Ongoing diluted EPS | $0.13 | $0.21 |
PNM Resources (NYSE: PNM) today released the company's 2019 first quarter results. In addition, management raised the upper end of its consolidated ongoing earnings guidance to a range of $2.10 to $2.20 per diluted share for 2019.
"First quarter financial results reflect continued growth in New Mexico that has increased our expectations for 2019 earnings," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "More importantly, the Energy Transition Act was passed in the 2019 New Mexico legislative session and signed into law, supporting our plan to transform the PNM generation portfolio and provide customers with increasingly clean energy that continues to be safe, reliable and affordable."
SEGMENT REPORTING OF 2019 FIRST QUARTER EARNINGS
PNM – a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.
PNM (In millions, except EPS) | ||
Q1 2019 | Q1 2018 | |
GAAP net earnings | $19.0 | $7.7 |
GAAP diluted EPS | $0.24 | $0.10 |
Ongoing net earnings | $11.1 | $9.1 |
Ongoing diluted EPS | $0.14 | $0.12 |
TNMP – an electric transmission and distribution utility in Texas.
TNMP (In millions, except EPS) | ||
Q1 2019 | Q1 2018 | |
GAAP net earnings | $4.1 | $9.4 |
GAAP diluted EPS | $0.05 | $0.12 |
Ongoing net earnings | $4.1 | $9.4 |
Ongoing diluted EPS | $0.05 | $0.12 |
Corporate and Other – a segment that reflects the PNM Resources holding company and other subsidiaries.
Corporate and Other (In millions, except EPS) | ||
Q1 2019 | Q1 2018 | |
GAAP net earnings (loss) | ($4.4) | ($2.1) |
GAAP diluted EPS | ($0.06) | ($0.03) |
Ongoing net earnings (loss) | ($4.4) | ($2.0) |
Ongoing diluted EPS | ($0.06) | ($0.03) |
Financial materials are available at http://www.pnmresources.com/investors/results.cfm.
FIRST QUARTER CONFERENCE CALL: 11 A.M. EASTERN TUESDAY, MAY 7
PNM Resources will discuss first quarter earnings results during a live conference call and webcast on Tuesday, May 7th at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources chairman, president and CEO, and Chuck Eldred, PNM Resources executive vice president and CFO.
A live webcast of the call will be archived at http://www.pnmresources.com/investors/events.cfm.
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: http://dpregister.com/10130015. 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 first quarter conference 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 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,671 megawatts of generation capacity and provides electricity to more than 781,000 homes and businesses in New Mexico and Texas. 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 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. 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 and Form 10-Q filings 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 (or ongoing diluted earnings per 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 1-2.
PNM Resources, Inc. and Subsidiaries | ||||||||||||||||
Schedule 1 | ||||||||||||||||
Reconciliation of GAAP to Ongoing Earnings | ||||||||||||||||
(Preliminary and Unaudited) | ||||||||||||||||
PNM | TNMP | Corporate | PNMR | |||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended March 31, 2019 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 19,012 | $ | 4,098 | $ | (4,410) | $ | 18,700 | ||||||||
Adjusting items before income tax effects: | ||||||||||||||||
Mark-to-market impact of economic hedges2a | (28) | — | — | (28) | ||||||||||||
Net change in unrealized gains on investment securities2b | (12,994) | — | — | (12,994) | ||||||||||||
Regulatory disallowances and restructuring costs2c | 1,345 | — | — | 1,345 | ||||||||||||
Pension expense related to previously disposed of gas distribution business2d | 1,045 | — | — | 1,045 | ||||||||||||
Total adjustments before income tax effects | (10,632) | — | — | (10,632) | ||||||||||||
Income tax impact of above adjustments1,2e | 2,701 | — | — | 2,701 | ||||||||||||
Adjusting items, net of income taxes | (7,931) | — | — | (7,931) | ||||||||||||
Ongoing Earnings (Loss) | $ | 11,081 | $ | 4,098 | $ | (4,410) | $ | 10,769 | ||||||||
Three Months Ended March 31, 2018 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 7,705 | $ | 9,413 | $ | (2,128) | $ | 14,990 | ||||||||
Adjusting items before income tax effects: | ||||||||||||||||
Mark-to-market impact of economic hedges2a | (28) | — | — | (28) | ||||||||||||
Net change in unrealized gains on investment securities2b | 1,056 | — | — | 1,056 | ||||||||||||
Pension expense related to previously disposed of gas distribution business2d | 832 | — | — | 832 | ||||||||||||
Total adjustments before income tax effects | 1,860 | — | — | 1,860 | ||||||||||||
Income tax impact of above adjustments1 | (472) | — | — | (472) | ||||||||||||
Impairment of state tax credits | — | — | 123 | 123 | ||||||||||||
Total income tax impacts2e | (472) | — | 123 | (349) | ||||||||||||
Adjusting items, net of income taxes | 1,388 | — | 123 | 1,511 | ||||||||||||
Ongoing Earnings (Loss) | $ | 9,093 | $ | 9,413 | $ | (2,005) | $ | 16,501 | ||||||||
1 2019 and 2018 income tax effects calculated using a tax rate of 25.40% | ||||||||||||||||
2 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statements of Earnings as follows: | ||||||||||||||||
a(Reductions) in "Electric Operating Revenues" and "Cost of energy" of $245 and $273 in the three months ended March 31, 2019 and (reductions) in "Electric Operating Revenues" and "Cost of energy" of $281 and $309 in the three months ended March 31, 2018 | ||||||||||||||||
b(Increases) decreases in "Gains on investment securities" | ||||||||||||||||
cIncreases in "Regulatory disallowances and restructuring costs" | ||||||||||||||||
dIncreases in "Other (deductions)" | ||||||||||||||||
eIncome tax impacts reflected in "Income Taxes" |
PNM Resources, Inc. and Subsidiaries | ||||||||||||||||
Schedule 2 | ||||||||||||||||
Reconciliation of GAAP to Ongoing Earnings Per Diluted Share | ||||||||||||||||
(Preliminary and Unaudited) | ||||||||||||||||
PNM | TNMP | Corporate | PNMR | |||||||||||||
(per diluted share) | ||||||||||||||||
Three Months Ended March 31, 2019 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 0.24 | $ | 0.05 | $ | (0.06) | $ | 0.23 | ||||||||
Adjusting items, net of income tax effects: | ||||||||||||||||
Mark-to-market impact of economic hedges | — | — | — | — | ||||||||||||
Net change in unrealized gains on investment securities | (0.12) | — | — | (0.12) | ||||||||||||
Regulatory disallowances and restructuring costs | 0.01 | — | — | 0.01 | ||||||||||||
Pension expense related to previously disposed of gas distribution business | 0.01 | — | — | 0.01 | ||||||||||||
Total Adjustments | (0.10) | — | — | (0.10) | ||||||||||||
Ongoing Earnings (Loss) | $ | 0.14 | $ | 0.05 | $ | (0.06) | $ | 0.13 | ||||||||
Average Diluted Shares Outstanding: 79,970,966 | ||||||||||||||||
Three Months Ended March 31, 2018 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 0.10 | $ | 0.12 | $ | (0.03) | $ | 0.19 | ||||||||
Adjusting items, net of income tax effects: | ||||||||||||||||
Mark-to-market impact of economic hedges | — | — | — | — | ||||||||||||
Net change in unrealized gains on investment securities | 0.01 | — | — | 0.01 | ||||||||||||
Pension expense related to previously disposed of gas distribution business | 0.01 | — | — | 0.01 | ||||||||||||
Impairment of state tax credits | — | — | — | — | ||||||||||||
Total Adjustments | 0.02 | — | — | 0.02 | ||||||||||||
Ongoing Earnings (Loss) | $ | 0.12 | $ | 0.12 | $ | (0.03) | $ | 0.21 | ||||||||
Average Diluted Shares Outstanding: 80,013,247 |
PNM Resources, Inc. and Subsidiaries | |||||||
Schedule 3 | |||||||
Condensed Consolidated Statements of Earnings | |||||||
(Preliminary and Unaudited) | |||||||
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
(In thousands, except per share amounts) | |||||||
Electric Operating Revenues: | |||||||
Contracts with customers | $ | 315,698 | $ | 303,351 | |||
Alternative revenue programs | 636 | $ | 924 | ||||
Other electric operating revenue | 33,311 | $ | 13,603 | ||||
Total electric operating revenues | $ | 349,645 | $ | 317,878 | |||
Operating Expenses: | |||||||
Cost of energy | 121,626 | 92,556 | |||||
Administrative and general | 52,336 | 48,283 | |||||
Energy production costs | 35,072 | 35,350 | |||||
Regulatory disallowances and restructuring costs | 1,345 | — | |||||
Depreciation and amortization | 65,356 | 58,722 | |||||
Transmission and distribution costs | 16,678 | 16,955 | |||||
Taxes other than income taxes | 20,509 | 19,880 | |||||
Total operating expenses | 312,922 | 271,746 | |||||
Operating income | 36,723 | 46,132 | |||||
Other Income and Deductions: | |||||||
Interest income | 3,619 | 4,124 | |||||
Gains on investment securities | 14,014 | 288 | |||||
Other income | 3,415 | 3,469 | |||||
Other (deductions) | (3,252) | (1,376) | |||||
Net other income and deductions | 17,796 | 6,505 | |||||
Interest Charges | 31,634 | 33,055 | |||||
Earnings before Income Taxes | 22,885 | 19,582 | |||||
Income Taxes | 1,223 | 783 | |||||
Net Earnings | 21,662 | 18,799 | |||||
(Earnings) Attributable to Valencia Non-controlling Interest | (2,830) | (3,677) | |||||
Preferred Stock Dividend Requirements of Subsidiary | (132) | (132) | |||||
Net Earnings Attributable to PNMR | $ | 18,700 | $ | 14,990 | |||
Net Earnings Attributable to PNMR per Common Share: | |||||||
Basic | $ | 0.23 | $ | 0.19 | |||
Diluted | $ | 0.23 | $ | 0.19 | |||
Dividends Declared per Common Share | $ | 0.290 | $ | 0.265 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., May 1, 2019 /PRNewswire/ -- PNM, the wholly owned New Mexico utility subsidiary of PNM Resources (NYSE: PNM), today announced an agreement with an affiliate of Pattern Energy Group 2 LP ("Pattern Development"), and the New Mexico Renewable Energy Transmission Authority ("NM RETA") to acquire a renewable transmission project, Western Spirit, which will support the development of new wind resources in eastern New Mexico.
NM RETA and Pattern Development have partnered to develop and construct the Western Spirit transmission project. PNM will acquire the Western Spirit project upon completion of construction in 2021, resulting in a $285 million net investment. The capacity additions will strengthen the existing PNM system and provide upgrades to accommodate 800 megawatts of new wind energy.
"While sunshine and wind may be plentiful in New Mexico, the ability to deliver the clean energy they can produce is limited by the capacity of transmission lines. Expansion of the PNM transmission grid makes it possible for Pattern Development to invest in wind energy resources in New Mexico," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "The purpose of NM RETA is to encourage this type of renewable investment that brings new construction jobs and tax revenues to the state, and we are pleased to have the opportunity to support these efforts along with Governor Lujan Grisham's plans to make New Mexico a leader in clean energy."
An affiliate of Pattern Development is a PNM wholesale transmission customer that will fully fund the investment through an incremental rate that is subject to approval by the Federal Energy Regulatory Commission (FERC) and will not impact the rates of existing retail and wholesale customers of PNM. The acquisition is also subject to the necessary regulatory approvals.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,671 megawatts of generation capacity and provides electricity to more than 781,000 homes and businesses in New Mexico and Texas. 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") and Public Service Company of New Mexico ("PNM") (collectively, the "Company") that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies 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. PNMR and PNM assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR and PNM caution readers not to place undue reliance on these statements. PNMR's and PNM'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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., April 16, 2019 /PRNewswire/ -- PNM Resources (NYSE: PNM) will announce 2019 first quarter financial results prior to the market opening on Tuesday, May 7, 2019. The earnings news release will be issued at 6:30 a.m. Eastern and also will be posted on the company's website at www.PNMResources.com.
Management will host a live conference call and webcast that morning at 11 a.m. Eastern to discuss financial results and provide other company updates.
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: http://dpregister.com/10130015.
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 first quarter conference call." Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software.
A live webcast of the call will be available at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,661 megawatts of generation capacity and provides electricity to more than 781,000 homes and businesses in New Mexico and Texas. 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
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., April 3, 2019 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors today in New York.
During the meetings, management is expected to affirm the company's 2019 consolidated earnings guidance of $2.10 to $2.18 per diluted share. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,661 megawatts of generation capacity and provides electricity to more than 781,000 homes and businesses in New Mexico and Texas. 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 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. 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 and Form 10-Q filings 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 (or ongoing diluted earnings per 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.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., March 26, 2019 /PRNewswire/ -- The Board of Directors of PNM, a subsidiary of PNM Resources (NYSE: PNM), yesterday declared the regular quarterly dividend of $1.145 per share on the 4.58 percent series of cumulative preferred stock. The preferred stock dividend is payable April 15, 2019 to shareholders of record at the close of business April 4, 2019.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,661 megawatts of generation capacity and provides electricity to more than 781,000 homes and businesses in New Mexico and Texas. 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 |
View original content to download multimedia:http://www.prnewswire.com/news-releases/pnm-declares-preferred-dividend-300818231.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., March 18, 2019 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week in San Francisco and Las Vegas.
During the meetings, management is expected to affirm the company's 2019 consolidated earnings guidance of $2.10 to $2.18 per diluted share. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,661 megawatts of generation capacity and provides electricity to more than 781,000 homes and businesses in New Mexico and Texas. 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 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. 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 and Form 10-Q filings 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 (or ongoing diluted earnings per 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.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., March 4, 2019 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week on the East Coast and in the Midwest.
During the meetings, management is expected to affirm the company's 2019 consolidated earnings guidance of $2.10 to $2.18 per diluted share. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,661 megawatts of generation capacity and provides electricity to more than 781,000 homes and businesses in New Mexico and Texas. 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 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. 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 and Form 10-Q filings 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 (or ongoing diluted earnings per 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.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Feb. 27, 2019 /PRNewswire/ --
PNM Resources (In millions, except EPS) | |||||
Q4 2018 | Q4 2017 | YE 2018 | YE 2017 | ||
GAAP net earnings (loss) attributable to PNM Resources | ($55.1) | ($54.3) | $85.6 | $79.9 | |
GAAP diluted EPS | ($0.69) | ($0.68) | $1.07 | $1.00 | |
Ongoing net earnings | $14.7 | $19.4 | $160.0 | $155.3 | |
Ongoing diluted EPS | $0.18 | $0.24 | $2.00 | $1.94 |
PNM Resources (NYSE: PNM) today released the company's 2018 fourth quarter and year-end results. In addition, management narrowed the 2019 consolidated ongoing earnings guidance to a range of $2.10 to $2.18 per diluted share to reflect colder New Mexico temperatures experienced throughout the first months of 2019.
"Fourth quarter earnings, while lower than the prior year, were strengthened by colder temperatures in New Mexico," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "These weather impacts, combined with the continued strength in load growth for both New Mexico and Texas, resulted in earnings just above our 2018 guidance range. As unprecedented demand for new service continues in our Texas service territory and the renewable energy potential in New Mexico comes to the forefront, we continue to revise our investment plans to reflect incremental growth opportunities."
SEGMENT REPORTING OF 2018 FOURTH QUARTER AND YEAR-END EARNINGS
PNM – a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.
PNM (In millions, except EPS) | |||||
Q4 2018 | Q4 2017 | YE 2018 | YE 2017 | ||
GAAP net earnings (loss) attributable to PNM Resources | ($56.9) | ($32.2) | $54.7 | $71.9 | |
GAAP diluted EPS | ($0.71) | ($0.40) | $0.68 | $0.90 | |
Ongoing net earnings | $7.7 | $12.8 | $122.7 | $118.4 | |
Ongoing diluted EPS | $0.10 | $0.16 | $1.54 | $1.48 |
TNMP – an electric transmission and distribution utility in Texas.
TNMP (In millions, except EPS) | |||||
Q4 2018 | Q4 2017 | YE 2018 | YE 2017 | ||
GAAP net earnings attributable to PNM Resources | $10.7 | $1.0 | $51.6 | $35.6 | |
GAAP diluted EPS | $0.13 | $0.01 | $0.64 | $0.44 | |
Ongoing net earnings | $11.8 | $8.9 | $52.7 | $43.4 | |
Ongoing diluted EPS | $0.14 | $0.11 | $0.65 | $0.54 |
Corporate and Other – a segment that reflects the PNM Resources holding company and other subsidiaries.
Corporate and Other (In millions, except EPS) | |||||
Q4 2018 | Q4 2017 | YE 2018 | YE 2017 | ||
GAAP net earnings (loss) attributable to PNM Resources | ($8.9) | ($23.2) | ($20.6) | ($27.6) | |
GAAP diluted EPS | ($0.11) | ($0.29) | ($0.25) | ($0.34) | |
Ongoing net earnings (loss) | ($4.7) | ($2.2) | ($15.3) | ($6.5) | |
Ongoing diluted EPS | ($0.06) | ($0.03) | ($0.19) | ($0.08) |
Financial materials are available at http://www.pnmresources.com/investors/results.cfm.
FOURTH QUARTER CONFERENCE CALL: 11 A.M. EASTERN WEDNESDAY, FEB. 27
PNM Resources will discuss fourth quarter and year-end earnings results during a live conference call and webcast on Wednesday, Feb. 27th at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources chairman, president and CEO, and Chuck Eldred, PNM Resources executive vice president and CFO.
A live webcast of the call will be archived at http://www.pnmresources.com/investors/events.cfm. 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: http://dpregister.com/10127561. 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 fourth quarter conference 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 2018 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,661 megawatts of generation capacity and provides electricity to more than 781,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | |||
Analysts | Media | ||
Lisa Goodman | Pahl Shipley | ||
(505) 241-2160 | (505) 259-8063 |
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 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. 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 and Form 10-Q filings 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 (or ongoing diluted earnings per 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 | Consolidated | ||||||||||||
(in thousands) | |||||||||||||||
Quarter Ended December 31, 2018 | |||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: | $ | (56,938) | $ | 10,711 | $ | (8,850) | $ | (55,077) | |||||||
Adjusting items before income tax effects | |||||||||||||||
Mark-to-market impact of economic hedges4a | 83 | — | — | 83 | |||||||||||
Net change in unrealized gains and losses on investment securities4b | 17,980 | — | — | 17,980 | |||||||||||
Regulatory disallowances and restructuring costs3, 4c | 66,191 | (741) | — | 65,450 | |||||||||||
Pension expense related to previously disposed of gas distribution business4d | 850 | — | — | 850 | |||||||||||
Loss related to previously disposed of activities4e | — | — | 1,354 | 1,354 | |||||||||||
Cost to review strategic growth opportunities4d | — | — | 1,034 | 1,034 | |||||||||||
Total adjustments before income tax effects | 85,104 | (741) | 2,388 | 86,751 | |||||||||||
Income (taxes) on above adjustments1 | (21,617) | 156 | (607) | (22,068) | |||||||||||
Impairment of state tax credits | — | — | (123) | (123) | |||||||||||
Change in federal tax rate and other income tax adjustments2 | 1,119 | 1,673 | 2,473 | 5,265 | |||||||||||
Total income tax impacts4f | (20,498) | 1,829 | 1,743 | (16,926) | |||||||||||
Adjusting items, net of income taxes | 64,606 | 1,088 | 4,131 | 69,825 | |||||||||||
Ongoing Earnings (Loss) | $ | 7,668 | $ | 11,799 | $ | (4,719) | $ | 14,748 | |||||||
Year Ended December 31, 2018 | |||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: | $ | 54,683 | $ | 51,591 | $ | (20,632) | $ | 85,642 | |||||||
Adjusting items before income tax effects | |||||||||||||||
Mark-to-market impact of economic hedges4a | — | — | — | — | |||||||||||
Net change in unrealized gains and losses on investment securities4b | 19,910 | — | — | 19,910 | |||||||||||
Regulatory disallowances and restructuring costs3, 4c | 66,339 | (741) | — | 65,598 | |||||||||||
Pension expense related to previously disposed of gas distribution business4d | 3,401 | — | — | 3,401 | |||||||||||
Loss related to previously disposed of activities4e | — | — | 1,293 | 1,293 | |||||||||||
Cost to review strategic growth opportunities4d | — | — | 2,499 | 2,499 | |||||||||||
Total adjustments before income tax effects | 89,650 | (741) | 3,792 | 92,701 | |||||||||||
Income (taxes) benefits on above adjustments1 | (22,771) | 156 | (963) | (23,578) | |||||||||||
Impairment of state tax credits | — | — | — | — | |||||||||||
Change in federal tax rate and other income tax adjustments2 | 1,119 | 1,673 | 2,473 | 5,265 | |||||||||||
Total income tax impacts4f | (21,652) | 1,829 | 1,510 | (18,313) | |||||||||||
Adjusting items, net of income taxes | 67,998 | 1,088 | 5,302 | 74,388 | |||||||||||
Ongoing Earnings (Loss) | $ | 122,681 | $ | 52,679 | $ | (15,330) | $ | 160,030 |
1 2018 income taxes effects calculated using tax rates of 21.00% for TNMP and 25.40% for other segments | ||||||||||||||||
2 The Company completed its analysis and recorded related adjustments in the quarter ended December 31, 2018 to reflect the impacts of the reduction in the federal corporate income tax rate (as provided under Staff Accounting Bulletin No. 118) | ||||||||||||||||
3 Regulatory disallowances and restructuring costs are primarily related to impairment of PNM's 132 MW and 65 MW interests in SJGS Unit 4, adjustments to PNM's coal mine reclamation obligation that will not be recovered in the event of an early retirement of SJGS, and recovery of certain costs in TNMP's 2018 Rate Case | ||||||||||||||||
4 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Consolidated Statement of Earnings as follows: | ||||||||||||||||
a Reductions in "Electric Operating Revenues" and "Cost of energy" of $230 and $147 in the three months ended December 31, 2018 and $1,051 and $1,051 in the year ended December 31, 2018 | ||||||||||||||||
b Losses included in "Gains (losses) on investment securities" | ||||||||||||||||
c Increases (decreases) in "Regulatory disallowances and restructuring costs" | ||||||||||||||||
d Increases in "Administrative and general" | ||||||||||||||||
e Increases in "Taxes other than income taxes" of $1,354 in the three months and year ended December 31, 2018 and (increases) in "Other income" of $61 in the year ended December 31, 2018 | ||||||||||||||||
f 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 | Consolidated | ||||||||||||
(in thousands) | |||||||||||||||
Quarter Ended December 31, 2017 | |||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: | $ | (32,154) | $ | 1,024 | $ | (23,152) | $ | (54,282) | |||||||
Adjusting items before income tax effects | |||||||||||||||
Mark-to-market impact of economic hedges4a | 2,017 | — | — | 2,017 | |||||||||||
Net change in unrealized impairments of available-for-sale securities4b | (2,124) | — | — | (2,124) | |||||||||||
Regulatory disallowances and restructuring costs3, 4c | 27,036 | — | — | 27,036 | |||||||||||
Pension expense related to previously disposed of gas distribution business4d | 961 | — | — | 961 | |||||||||||
Total adjustments before income tax effects | 27,890 | — | — | 27,890 | |||||||||||
Income (taxes) on above adjustments1 | (10,822) | — | — | (10,822) | |||||||||||
Change in federal corporate income tax rate2 | 29,606 | 7,865 | 19,990 | 57,461 | |||||||||||
Other income tax impairments and valuation allowances | 2,732 | — | 1,100 | 3,832 | |||||||||||
New Mexico corporate income tax rate change | (1,201) | — | (163) | (1,364) | |||||||||||
Recovery of prior tax impairments in New Mexico general rate review | (3,297) | — | — | (3,297) | |||||||||||
Total income tax impacts4e | 17,018 | 7,865 | 20,927 | 45,810 | |||||||||||
Adjusting items, net of income taxes | 44,908 | 7,865 | 20,927 | 73,700 | |||||||||||
Ongoing Earnings (Loss) | $ | 12,754 | $ | 8,889 | $ | (2,225) | $ | 19,418 | |||||||
Year Ended December 31, 2017 | |||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: | $ | 71,868 | $ | 35,559 | $ | (27,553) | $ | 79,874 | |||||||
Adjusting items before income tax effects | |||||||||||||||
Mark-to-market impact of economic hedges4a | 2,875 | — | — | 2,875 | |||||||||||
Net change in unrealized impairments of available-for-sale securities4b | (3,258) | — | — | (3,258) | |||||||||||
Regulatory disallowances and restructuring costs3, 4c | 27,036 | — | — | 27,036 | |||||||||||
Pension expense related to previously disposed of gas distribution business4d | 3,846 | — | — | 3,846 | |||||||||||
Total adjustments before income tax effects | 30,499 | — | — | 30,499 | |||||||||||
Income (taxes) on above adjustments1 | (11,833) | — | — | (11,833) | |||||||||||
Change in federal corporate income tax rate2 | 29,606 | 7,865 | 19,990 | 57,461 | |||||||||||
Other income tax impairments and valuation allowances | 2,732 | — | 1,100 | 3,832 | |||||||||||
New Mexico corporate income tax rate change | (1,179) | — | (80) | (1,259) | |||||||||||
Recovery of prior tax impairments in New Mexico general rate review | (3,297) | — | — | (3,297) | |||||||||||
Total income tax impacts4e | 16,029 | 7,865 | 21,010 | 44,904 | |||||||||||
Adjusting items, net of income taxes | 46,528 | 7,865 | 21,010 | 75,403 | |||||||||||
Ongoing Earnings (Loss) | $ | 118,396 | $ | 43,424 | $ | (6,543) | $ | 155,277 |
1 2017 income taxes calculated using a tax rate of 38.80% | ||||||||||||||||
2 Federal tax reform, which was enacted in December 2017, reduced the federal corporate income tax rate from 35% to 21%; GAAP required that accumulated deferred income tax assets and liabilities be re-measured to reflect the new rate; the re-measurement reductions in net deferred income tax liabilities related to regulated activities were recorded as increases in regulatory liabilities; the re-measurement reductions in net deferred income tax assets related to non-regulated activities were recorded as increases in income tax expense and are reflected as adjustments above | ||||||||||||||||
3 Regulatory disallowances and restructuring costs are primarily related to the January 2018 order in PNM's general rate review granting a debt-only return on $148.1 million of investments in the Four Corners Power Plant | ||||||||||||||||
4 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Consolidated Statement of Earnings as follows: | ||||||||||||||||
a Reductions in "Electric Operating Revenues" and "Cost of energy" of $2,224 and $207 in the three months ended December 31, 2017 and increases in "Electric Operating Revenues and "Cost of energy" of $6,594 and $9,469 in the year ended December 31, 2017 | ||||||||||||||||
b (Gains) in "Gains (losses) on investment securities" | ||||||||||||||||
c Increases in "Regulatory disallowances and restructuring costs" | ||||||||||||||||
d Increases in "Administrative and general" | ||||||||||||||||
e 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 | Consolidated | ||||||||||||
(per diluted share) | |||||||||||||||
Quarter Ended December 31, 2018 | |||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: | $ | (0.71) | $ | 0.13 | $ | (0.11) | $ | (0.69) | |||||||
Adjusting items, net of income tax effects | |||||||||||||||
Mark-to-market impact of economic hedges | — | — | — | — | |||||||||||
Net change in unrealized gains and losses on investment securities | 0.17 | — | — | 0.17 | |||||||||||
Regulatory disallowances and restructuring costs | 0.62 | (0.01) | — | 0.61 | |||||||||||
Pension expense related to previously disposed of gas distribution business | 0.01 | — | — | 0.01 | |||||||||||
Loss related to previously disposed of activities | — | — | 0.01 | 0.01 | |||||||||||
Cost to review strategic growth opportunities | — | — | 0.01 | 0.01 | |||||||||||
Change in federal tax rate and other income tax adjustments | 0.01 | 0.02 | 0.03 | 0.06 | |||||||||||
Total Adjustments | 0.81 | 0.01 | 0.05 | 0.87 | |||||||||||
Ongoing Earnings (Loss) | $ | 0.10 | $ | 0.14 | $ | (0.06) | $ | 0.18 | |||||||
Average Diluted Shares Outstanding: 80,078,310 | |||||||||||||||
Year Ended December 31, 2018 | |||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: | $ | 0.68 | $ | 0.64 | $ | (0.25) | $ | 1.07 | |||||||
Adjusting items, net of income tax effects | |||||||||||||||
Mark-to-market impact of economic hedges | — | — | — | — | |||||||||||
Net change in unrealized gains and losses on investment securities | 0.20 | — | — | 0.20 | |||||||||||
Regulatory disallowances and restructuring costs | 0.62 | (0.01) | — | 0.61 | |||||||||||
Pension expense related to previously disposed of gas distribution business | 0.03 | — | — | 0.03 | |||||||||||
Loss related to previously disposed of activities | — | — | 0.01 | 0.01 | |||||||||||
Cost to review strategic growth opportunities | — | — | 0.02 | 0.02 | |||||||||||
Impairment of state tax credits | — | — | — | — | |||||||||||
Change in federal tax rate and other income tax adjustments | 0.01 | 0.02 | 0.03 | 0.06 | |||||||||||
Total Adjustments | 0.86 | 0.01 | 0.06 | 0.93 | |||||||||||
Ongoing Earnings (Loss) | $ | 1.54 | $ | 0.65 | $ | (0.19) | $ | 2.00 | |||||||
Average Diluted Shares Outstanding: 80,012,440 |
PNM Resources, Inc. and Subsidiaries | |||||||||||||||
Schedule 4 | |||||||||||||||
Reconciliation of GAAP to Ongoing Earnings Per Diluted Share | |||||||||||||||
(Preliminary and Unaudited) | |||||||||||||||
PNM | TNMP | Corporate and Other | Consolidated | ||||||||||||
(per diluted share) | |||||||||||||||
Quarter Ended December 31, 2017 | |||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: | $ | (0.40) | $ | 0.01 | $ | (0.29) | $ | (0.68) | |||||||
Adjusting items, net of income tax effects | |||||||||||||||
Mark-to-market impact of economic hedges | 0.02 | — | — | 0.02 | |||||||||||
Net change in unrealized impairments of available-for-sale securities | (0.02) | — | — | (0.02) | |||||||||||
Regulatory disallowances and restructuring costs | 0.21 | — | — | 0.21 | |||||||||||
Pension expense related to previously disposed of gas distribution business | 0.01 | — | — | 0.01 | |||||||||||
Change in federal corporate income tax rate | 0.37 | 0.10 | 0.25 | 0.72 | |||||||||||
Other income tax impairments and valuation allowances | 0.03 | — | 0.01 | 0.04 | |||||||||||
New Mexico corporate income tax rate change | (0.02) | — | — | (0.02) | |||||||||||
Recovery of prior year impairments in New Mexico general rate review | (0.04) | — | — | (0.04) | |||||||||||
Total Adjustments | 0.56 | 0.10 | 0.26 | 0.92 | |||||||||||
Ongoing Earnings (Loss) | $ | 0.16 | $ | 0.11 | $ | (0.03) | $ | 0.24 | |||||||
Average Diluted Shares Outstanding: 80,169,385 | |||||||||||||||
Year Ended December 31, 2017 | |||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: | $ | 0.90 | $ | 0.44 | $ | (0.34) | $ | 1.00 | |||||||
Adjusting items, net of income tax effects | |||||||||||||||
Mark-to-market impact of economic hedges | 0.02 | — | — | 0.02 | |||||||||||
Net change in unrealized impairments of available-for-sale securities | (0.02) | — | — | (0.02) | |||||||||||
Regulatory disallowances and restructuring costs | 0.21 | — | — | 0.21 | |||||||||||
Pension expense related to previously disposed of gas distribution business | 0.03 | — | — | 0.03 | |||||||||||
Change in federal corporate income tax rate | 0.37 | 0.10 | 0.25 | 0.72 | |||||||||||
Other income tax impairments and valuation allowances | 0.03 | — | 0.01 | 0.04 | |||||||||||
New Mexico corporate income tax rate change | (0.02) | — | — | (0.02) | |||||||||||
Recovery of prior year impairments in New Mexico general rate review | (0.04) | — | — | (0.04) | |||||||||||
Total Adjustments | 0.58 | 0.10 | 0.26 | 0.94 | |||||||||||
Ongoing Earnings (Loss) | $ | 1.48 | $ | 0.54 | $ | (0.08) | $ | 1.94 | |||||||
Average Diluted Shares Outstanding: 80,141,447 |
PNM Resources, Inc. and Subsidiaries | |||||||||||
Schedule 5 | |||||||||||
Consolidated Statements of Earnings | |||||||||||
(Preliminary and Unaudited) | |||||||||||
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(In thousands, except per share amounts) | |||||||||||
Electric Operating Revenues | $ | 1,436,613 | $ | 1,445,003 | $ | 1,362,951 | |||||
Operating Expenses: | |||||||||||
Cost of energy | 399,726 | 407,479 | 380,596 | ||||||||
Administrative and general | 188,470 | 177,791 | 184,774 | ||||||||
Energy production costs | 149,477 | 137,450 | 146,187 | ||||||||
Regulatory disallowances and restructuring costs | 65,598 | 27,036 | 15,011 | ||||||||
Depreciation and amortization | 241,188 | 231,942 | 209,110 | ||||||||
Transmission and distribution costs | 76,434 | 71,576 | 66,227 | ||||||||
Taxes other than income taxes | 79,673 | 76,690 | 76,321 | ||||||||
Total operating expenses | 1,200,566 | 1,129,964 | 1,078,226 | ||||||||
Operating income | 236,047 | 315,039 | 284,725 | ||||||||
Other Income and Deductions: | |||||||||||
Interest income | 15,540 | 15,916 | 22,293 | ||||||||
Gains (losses) on investment securities | (17,176) | 27,161 | 19,517 | ||||||||
Other income | 17,586 | 19,515 | 17,796 | ||||||||
Other (deductions) | (15,696) | (24,247) | (20,524) | ||||||||
Net other income and deductions | 254 | 38,345 | 39,082 | ||||||||
Interest Charges | 127,244 | 127,625 | 128,633 | ||||||||
Earnings before Income Taxes | 109,057 | 225,759 | 195,174 | ||||||||
Income Taxes | 7,775 | 130,340 | 63,278 | ||||||||
Net Earnings | 101,282 | 95,419 | 131,896 | ||||||||
(Earnings) Attributable to Valencia Non-controlling Interest | (15,112) | (15,017) | (14,519) | ||||||||
Preferred Stock Dividend Requirements of Subsidiary | (528) | (528) | (528) | ||||||||
Net Earnings Attributable to PNMR | $ | 85,642 | $ | 79,874 | $ | 116,849 | |||||
Net Earnings Attributable to PNMR per Common Share: | |||||||||||
Basic | $ | 1.07 | $ | 1.00 | $ | 1.47 | |||||
Diluted | $ | 1.07 | $ | 1.00 | $ | 1.46 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Feb. 22, 2019 /PRNewswire/ -- At its regular meeting held today, the Board of Directors of PNM Resources (NYSE: PNM) declared the regular quarterly dividend of $0.29 per share on the company's common stock. The dividend is payable May 16, 2019, to shareholders of record at the close of business May 2, 2019.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2017 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,580 megawatts of generation capacity and provides electricity to more than 773,000 homes and businesses in New Mexico and Texas. 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 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Feb. 6, 2019 /PRNewswire/ -- PNM Resources (NYSE: PNM) will announce 2018 fourth quarter and year-end financial results prior to the market opening on Wednesday, February 27, 2019. The earnings news release will be issued at 6:30 a.m. Eastern and also will be posted on the company's website at www.PNMResources.com.
Management will host a live conference call and webcast that morning at 11 a.m. Eastern to discuss financial results and provide other company updates.
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: http://dpregister.com/10127561.
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 fourth quarter conference call." Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software.
A live webcast of the call will be available at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2017 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,580 megawatts of generation capacity and provides electricity to more than 773,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | ||
Analysts | Media | |
Lisa Goodman | Pahl Shipley | |
(505) 241-2160 | (505) 259-8063 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Jan. 10, 2019 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week in Florida.
During the meetings, management is expected to affirm the company's 2018 consolidated earnings guidance of $1.95 to $1.98 per diluted share, noting that it is possible that favorable weather impacts during the fourth quarter may result in 2018 earnings above this level. Management is also expected to affirm the company's 2019 consolidated earnings guidance of $2.08 to $2.18 per diluted share.
Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2017 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,580 megawatts of generation capacity and provides electricity to more than 773,000 homes and businesses in New Mexico and Texas. 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 that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Jan. 2, 2019 /PRNewswire/ -- The Board of Directors of PNM Resources (NYSE: PNM) announces the addition of two new directors, Vicky A. Bailey and James A. Hughes. The terms for both directors began Jan. 1, 2019.
Ms. Bailey has extensive knowledge of the electric utility industry and nuclear energy operations, including significant state and federal regulatory and public policy experience. She served as a commissioner of the Indiana Utility Regulatory Commission and the Federal Energy Regulatory Commission (FERC), a trustee of the North American Electric Reliability Corporation (NERC), and as president and as a director of PSI Energy, Inc., Indiana's largest electric utility, now Duke Indiana. Ms. Bailey was appointed as Assistant Secretary at the United States Department of Energy for both International Affairs and Domestic Policy, and she was appointed to the Blue Ribbon Commission on America's Nuclear Future that conducted a review of nuclear policies and activities.
Ms. Bailey currently serves as president of Anderson Stratton International, LLC, a strategic consulting and governmental relations firm. She also serves as a director of two publicly traded companies: Cheniere Energy, Inc. and Equitrans Midstream Corporation. She previously served as a director of publicly traded EQT Corporation and of Cleco Corporation while it was publicly traded, prior to its acquisition by private entities. Ms. Bailey also currently serves on the boards of numerous non-profit entities, including: Battelle Memorial Institute, a non-profit applied science and technology organization that manages several of the National labs across the country for the Department of Energy, Resources for the Future, United States Energy Association, World Energy Council and American Association of Blacks in Energy.
Mr. Hughes' corporate executive experience in the renewable energy and energy storage sectors is highly relevant in the transition to cleaner, more sustainable energy at PNM, the New Mexico regulated utility subsidiary of PNM Resources. He is currently the CEO and managing director of Prisma Energy LLC, a private entity focused on investments in energy storage, and is the former CEO and director of publicly traded First Solar, Inc.
Mr. Hughes currently serves as a corporate director of: Alcoa Corporation, a publicly traded producer of bauxite, alumina and aluminum products; Eos Energy Storage, a private company developing novel, low-cost energy solutions for the electric utility and transportation industries; and TPI Composites Inc., a publicly traded manufacturer of composite wind blades for wind turbines and composite products for the transportation market. Mr. Hughes is the former chairman and serves as a director of the Los Angeles Branch of the Federal Reserve Bank of San Francisco.
More information on the PNM Resources Board of Directors can be found at: http://www.pnmresources.com/corporate-governance/board-of-directors.aspx.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2017 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,580 megawatts of generation capacity and provides electricity to more than 773,000 homes and businesses in New Mexico and Texas. 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 that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Dec. 26, 2018 /PRNewswire/ -- PNM, the wholly-owned New Mexico utility subsidiary of PNM Resources (NYSE: PNM), has become the first utility worldwide to implement leading-edge technology on its high-voltage transmission lines. A new type of protective relay, developed by Schweitzer Engineering Laboratories (SEL), provides significant enhancements to the reliability and functionality of the PNM grid. This advanced technology improves service to customers while reducing annual maintenance costs.
PNM and SEL used digital simulations to test the new technology under real-life operating scenarios with numerous variables before implementing the new relays on a 345kV transmission line in New Mexico. The implementation of this equipment and its standardized design across the PNM system eliminates the need for technicians to familiarize and troubleshoot various design configurations, reducing the time needed to restore power to customers after an outage and translating into lower maintenance costs to customers.
"We are proud to be the first utility to fully integrate this grid technology across our system," said Pat Vincent-Collawn, PNM Resources chairman, president and CEO. "This project is a clear example of how investment in technology to modernize and advance our infrastructure can improve the service we provide to customers while reducing costs."
More information about the use of this technology to modernize the PNM grid can be found on the SEL website at: www.selinc.com/featured-stories/pnm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2017 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,580 megawatts of generation capacity and provides electricity to more than 773,000 homes and businesses in New Mexico and Texas. 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 that relate to future events or PNM Resources, Inc.'s ("PNMR") or Public Service Company of New Mexico's ("PNM") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. PNMR and PNM assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR and PNM caution readers not to place undue reliance on these statements. PNMR's and PNM'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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Dec. 20, 2018 /PRNewswire/ -- TNMP, the wholly owned Texas transmission and distribution utility subsidiary of PNM Resources (NYSE: PNM), received unanimous approval today by the Public Utilities Commission of Texas (PUCT) of its unopposed general rate review settlement. The settlement was filed with the PUCT on Nov. 2, 2018.
The settlement provides a return on equity of 9.65 percent and a capital structure of 55 percent debt and 45 percent equity. The new rates, TNMP's first since current rates were approved in 2011, will be implemented Jan. 1, 2019 and incorporate the return of federal tax savings to customers.
The settlement reflects a $10 million net increase to base rates for retail and wholesale customers and a $73 million increase to rate base, which is incremental to previous Transmission Cost of Service (TCOS) filings and Advanced Metering System (AMS) investments. Consistent with TNMP's filing, the increase includes the integration of AMS recovery into base rates, including collection of the remaining unrecovered investment.
Once available, documents related to the rate filing can be found at: http://www.pnmresources.com/investors/rates-and-filings.aspx.
Following the implementation of new rates, TNMP expects to make a Transmission Cost of Service filing in January 2019.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2017 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,580 megawatts of generation capacity and provides electricity to more than 773,000 homes and businesses in New Mexico and Texas. 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 that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Dec. 20, 2018 /PRNewswire/ -- The New Mexico Public Regulation Commission (NMPRC) yesterday unanimously approved an order pertaining to plans by PNM, the wholly owned New Mexico utility subsidiary of PNM Resources (NYSE: PNM), to join the Western Energy Imbalance Market (EIM) operated by the California Independent System Operator. The order governs the accounting treatment for costs related to joining the EIM. PNM is planning to join the EIM in 2021 and expects to seek recovery for these costs in future general rate cases, as the benefits from participation will reduce costs for customers under the existing fuel and purchase power clause.
PNM considered the costs and benefits of joining multiple regional organizations and determined that the EIM currently provides the greatest benefit to customers, including expanding opportunities for PNM to integrate additional renewable energy into its service territory. Through coordination with other EIM members, PNM will be able to facilitate greater utilization of renewable resources in New Mexico. When renewable energy production on the PNM system exceeds the amounts needed by its customers, PNM will be able to sell this excess energy to other EIM members and reduce customer costs by the amount of these sales.
The NMPRC also granted PNM unanimous approval of its 2019 Renewable Energy Act Plan on November 29, 2018, incorporating previously approved wind, solar and geothermal energy additions into customer rates. These renewable additions, which include 50 megawatts of solar facilities constructed in 2018, contribute to the 874 megawatts of existing and approved solar, wind and geothermal resources that PNM has planned to serve customers in 2021.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2017 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,580 megawatts of generation capacity and provides electricity to more than 773,000 homes and businesses in New Mexico and Texas. 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 that relate to future events or PNM Resources, Inc.'s ("PNMR") or Public Service Company of New Mexico's ("PNM") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. PNMR and PNM assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR and PNM caution readers not to place undue reliance on these statements. PNMR's and PNM'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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Dec. 19, 2018 /PRNewswire/ -- Today, the New Mexico Public Regulation Commission (NMPRC) unanimously approved an order accepting the Integrated Resources Plan (IRP) filed by PNM, the New Mexico utility subsidiary of PNM Resources' (NYSE: PNM). The IRP, filed with the NMPRC in July 2017, presents a road map for PNM to eliminate coal-fired generation by 2031.
Highlights of the IRP include the retirement of the remaining units at the San Juan Generating Station by the end of 2022 and the exit by PNM from its 13 percent participation in the Four Corners Power Plant when the existing coal-supply agreement expires in 2031. The plan includes significant solar and wind energy additions, along with the potential for energy storage capacity, as replacement power and to support load growth over the course of the 20-year planning horizon.
"We are very pleased that the Commission has accepted our Integrated Resource Plan," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "Through the implementation of this plan, more than half of PNM energy would be emission-free by 2023, increasing to nearly 70 percent emission-free by 2032. The plan lays the groundwork for New Mexico to become a leader in sustainable energy."
Every three years, PNM is required to produce and file an IRP with the NMPRC. PNM evaluates numerous existing and potential options for energy resources over the next 20 years to determine the most cost-effective mix to support reliability and environmental responsibility. In addition, the IRP contains a proposed, specific four-year action plan.
Today's order states that PNM complied with the NMPRC requirements for the IRP. The scope of the proceeding does not consider approval for any planned resource retirements or additions, as these are required to be approved through a separate process.
PNM is also required to make a compliance filing before the end of 2018 pertaining to the future of the San Juan Generating Station, as a condition of a previous settlement. PNM expects to complete the filing in accordance with the required timeframe.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2017 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,580 megawatts of generation capacity and provides electricity to more than 773,000 homes and businesses in New Mexico and Texas. 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 that relate to future events or PNM Resources, Inc.'s ("PNMR") or Public Service Company of New Mexico's ("PNM") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. PNMR and PNM assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR and PNM caution readers not to place undue reliance on these statements. PNMR's and PNM'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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Dec. 7, 2018 /PRNewswire/ -- The Board of Directors of PNM Resources (NYSE: PNM) yesterday unanimously voted to increase the company's annual dividend payment by $0.10, a 9.4 percent increase, to an indicated annual rate of $1.16 per share of common stock. This increase to the annual dividend payment is consistent with the company's target to pay out 50 to 60 percent of annual ongoing earnings.
Management also affirmed its consolidated ongoing earnings guidance of $2.08 to $2.18 per diluted share for 2019. Based on the guidance midpoint of $2.13, the indicated annual dividend rate of $1.16 represents a payout ratio of 54.5%.
"In light of our financial forecasts, the board has determined that it is appropriate to move higher within our targeted payout ratio of 50 to 60% and begin targeting the mid to upper end of that range," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "The resulting increase to the dividend yield is also more consistent with that of our regulated electric industry peers. Going forward, dividend increases are expected to be consistent with the rate of targeted earnings growth."
The board has declared the resulting quarterly stock dividend of $0.29 per share, payable February 15, 2019, to shareholders of record at the close of business February 1, 2019.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2017 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,580 megawatts of generation capacity and provides electricity to more than 773,000 homes and businesses in New Mexico and Texas. 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 that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 a 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 (or ongoing diluted earnings per 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.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Dec. 7, 2018 /PRNewswire/ -- The Board of Directors of PNM, a subsidiary of PNM Resources (NYSE: PNM), has declared the regular quarterly dividend of $1.145 per share on the 4.58 percent series of cumulative preferred stock. The preferred stock dividend is payable January 15, 2019 to shareholders of record at the close of business December 31, 2018.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2017 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,580 megawatts of generation capacity and provides electricity to more than 773,000 homes and businesses in New Mexico and Texas. 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 |
View original content to download multimedia:http://www.prnewswire.com/news-releases/pnm-declares-preferred-dividend-300761706.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Nov. 9, 2018 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors at the Edison Electric Institute Financial Conference in San Francisco beginning Nov. 11, 2018.
During the meetings, management is expected to affirm the company's 2018 consolidated earnings guidance of $1.95 to $1.98 per diluted share, and 2019 consolidated earnings guidance of $2.08 to $2.18 per diluted share. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2017 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,580 megawatts of generation capacity and provides electricity to more than 773,000 homes and businesses in New Mexico and Texas. 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 that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Nov. 6, 2018 /PRNewswire/ --
PNM Resources (In millions, except EPS) | |||||
Q3 2018 | Q3 2017 | YTD 2018 | YTD 2017 | ||
GAAP net earnings attributable to PNM Resources | $87.5 | $73.7 | $140.7 | $134.2 | |
GAAP diluted EPS | $1.09 | $0.92 | $1.76 | $1.67 | |
Ongoing net earnings | $86.5 | $74.2 | $145.3 | $135.9 | |
Ongoing diluted EPS | $1.08 | $0.93 | $1.82 | $1.70 |
PNM Resources (NYSE: PNM) today released the company's 2018 third quarter results. In addition, management narrowed its 2018 consolidated ongoing earnings guidance to $1.95 to $1.98 from the previous range of $1.91 to $1.98 per diluted share for 2018, based on the strength of third quarter earnings. Management also affirmed the 2019 consolidated ongoing earnings guidance of $2.08 to $2.18 per diluted share.
"Our strong third quarter results and narrowed 2018 guidance range reflect continuing positive load trends in both Texas and New Mexico, coupled with higher temperatures in New Mexico," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "Updates to our capital spending plans reflect increased investments to our grid infrastructure to support the sustained growth levels in Texas."
"Economic growth in Texas continues to outpace the nation, and the Electric Reliability Council of Texas projects electric demand in Texas to grow at nearly double the rate for the United States through 2040. The allocation of additional capital investment to this area of our business is necessary to maintain levels of reliability during this time of growth," added Vincent-Collawn. "The recent filing of a unanimous settlement in the TNMP general rate review showcases the constructive regulatory environment that continues to attract new investment. The resolution of this case resets the baseline for earnings at TNMP and sets the path forward to achieve our financial objectives."
SEGMENT REPORTING OF 2018 THIRD QUARTER EARNINGS
PNM – a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.
PNM (In millions, except EPS) | |||||
Q3 2018 | Q3 2017 | YTD 2018 | YTD 2017 | ||
GAAP net earnings attributable to PNM Resources | $77.4 | $60.7 | $111.6 | $104.0 | |
GAAP diluted EPS | $0.97 | $0.76 | $1.40 | $1.30 | |
Ongoing net earnings | $75.2 | $61.2 | $115.0 | $105.6 | |
Ongoing diluted EPS | $0.95 | $0.77 | $1.45 | $1.33 |
TNMP – an electric transmission and distribution utility in Texas.
TNMP (In millions, except EPS) | |||||
Q3 2018 | Q3 2017 | YTD 2018 | YTD 2017 | ||
GAAP net earnings attributable to PNM Resources | $16.1 | $14.7 | $40.9 | $34.5 | |
GAAP diluted EPS | $0.20 | $0.18 | $0.51 | $0.43 | |
Ongoing net earnings | $16.1 | $14.7 | $40.9 | $34.5 | |
Ongoing diluted EPS | $0.20 | $0.18 | $0.51 | $0.43 |
Corporate and Other – a segment that reflects the PNM Resources holding company and other subsidiaries.
Corporate and Other (In millions, except EPS) | |||||
Q3 2018 | Q3 2017 | YTD 2018 | YTD 2017 | ||
GAAP net earnings (loss) attributable to PNM Resources | ($6.0) | ($1.7) | ($11.8) | ($4.4) | |
GAAP diluted EPS | ($0.08) | ($0.02) | ($0.15) | ($0.06) | |
Ongoing net earnings (loss) | ($4.7) | ($1.7) | ($10.6) | ($4.3) | |
Ongoing diluted EPS | ($0.07) | ($0.02) | ($0.14) | ($0.06) |
Financial materials are available at http://www.pnmresources.com/investors/results.cfm.
THIRD QUARTER CONFERENCE CALL: 11 A.M. EASTERN TUESDAY, NOVEMBER 6
PNM Resources will discuss third quarter earnings results during a live conference call and webcast on Tuesday, November 6th at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources chairman, president and CEO, and Chuck Eldred, PNM Resources executive vice president and CFO.
A live webcast of the call will be archived at http://www.pnmresources.com/investors/events.cfm. 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: http://dpregister.com/10124096. 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 conference 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 2017 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,580 megawatts of generation capacity and provides electricity to more than 773,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | ||
Analysts | Media | |
Lisa Goodman | Pahl Shipley | |
(505) 241-2160 | (505) 259-8063 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 (or ongoing diluted earnings per 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 | PNMR | ||||||||||||
(in thousands) | |||||||||||||||
Three Months Ended September 30, 2018 | |||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 77,376 | $ | 16,100 | $ | (5,955) | $ | 87,521 | |||||||
Adjusting items before income tax effects: | |||||||||||||||
Mark-to-market impact of economic hedges2a | (28) | — | — | (28) | |||||||||||
Net change in unrealized gains and losses on investment securities2b | (2,153) | — | — | (2,153) | |||||||||||
Regulatory disallowances and restructuring costs2c | (1,645) | — | — | (1,645) | |||||||||||
Pension expense related to previously disposed of gas distribution business2d | 850 | — | — | 850 | |||||||||||
(Gain) related to previously disposed of activities2e | — | — | 154 | 154 | |||||||||||
Cost to review strategic growth opportunities2f | — | — | 1,465 | 1,465 | |||||||||||
Total adjustments before income tax effects | (2,976) | — | 1,619 | (1,357) | |||||||||||
Income tax impact of above adjustments1,2g | 756 | — | (411) | 345 | |||||||||||
Adjusting items, net of income taxes | (2,220) | — | 1,208 | (1,012) | |||||||||||
Ongoing Earnings (Loss) | $ | 75,156 | $ | 16,100 | $ | (4,747) | $ | 86,509 | |||||||
Nine Months Ended September 30, 2018 | |||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 111,622 | $ | 40,879 | $ | (11,782) | $ | 140,719 | |||||||
Adjusting items before income tax effects: | |||||||||||||||
Mark-to-market impact of economic hedges2a | (83) | — | — | (83) | |||||||||||
Net change in unrealized gains and losses on investment securities2b | 1,930 | — | — | 1,930 | |||||||||||
Regulatory disallowances and restructuring costs2c | 149 | — | — | 149 | |||||||||||
Pension expense related to previously disposed of gas distribution business2d | 2,548 | — | — | 2,548 | |||||||||||
(Gain) related to previously disposed of activities2e | — | — | (61) | (61) | |||||||||||
Cost to review strategic growth opportunities2f | — | — | 1,465 | 1,465 | |||||||||||
Total adjustments before income tax effects | 4,544 | — | 1,404 | 5,948 | |||||||||||
Income tax impact of above adjustments1 | (1,154) | — | (356) | (1,510) | |||||||||||
Impairment of state tax credits | — | — | 123 | 123 | |||||||||||
Total income tax impacts2g | (1,154) | — | (233) | (1,387) | |||||||||||
Adjusting items, net of income taxes | 3,390 | — | 1,171 | 4,561 | |||||||||||
Ongoing Earnings (Loss) | $ | 115,012 | $ | 40,879 | $ | (10,611) | $ | 145,280 |
1 2018 income tax effects calculated using a tax rate of 25.40% | ||||||||||||||||
2 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows: | ||||||||||||||||
a(Reductions) in "Electric Operating Revenues" and "Cost of energy" of $275 and $303 in the three months ended September 30, 2018 and $821 and $904 in the nine months ended September 30, 2018 | ||||||||||||||||
b(Increases) decreases in "Gains on investment securities" in the three and nine months ended September 30, 2018 | ||||||||||||||||
cIncreases (decreases) in "Regulatory disallowances and restructuring costs" in the three and nine months ended September 30, 2018 | ||||||||||||||||
dIncreases in "Other (deductions)" | ||||||||||||||||
e(Increases) decreases in "Other income" in the three and nine months ended September 30, 2018 | ||||||||||||||||
fIncreases in "Administrative and general" | ||||||||||||||||
gIncome 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 | PNMR | ||||||||||||
(in thousands) | |||||||||||||||
Three Months Ended September 30, 2017 | |||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 60,695 | $ | 14,727 | $ | (1,683) | $ | 73,739 | |||||||
Adjusting items before income tax effects: | |||||||||||||||
Mark-to-market impact of economic hedges2a | (80) | — | — | (80) | |||||||||||
Net change in unrealized impairments of available-for-sale securities2b | (107) | — | — | (107) | |||||||||||
Pension expense related to previously disposed of gas distribution business2c | 961 | — | — | 961 | |||||||||||
Total adjustments before income tax effects | 774 | — | — | 774 | |||||||||||
Income tax impact of above adjustments1,2d | (300) | — | — | (300) | |||||||||||
Adjusting items, net of income taxes | 474 | — | — | 474 | |||||||||||
Ongoing Earnings (Loss) | $ | 61,169 | $ | 14,727 | $ | (1,683) | $ | 74,213 | |||||||
Nine Months Ended September 30, 2017 | |||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 104,021 | $ | 34,535 | $ | (4,400) | $ | 134,156 | |||||||
Adjusting items before income tax effects: | |||||||||||||||
Mark-to-market impact of economic hedges2a | 858 | — | — | 858 | |||||||||||
Net change in unrealized impairments of available-for-sale securities2b | (1,135) | — | — | (1,135) | |||||||||||
Pension expense related to previously disposed of gas distribution business2c | 2,884 | — | — | 2,884 | |||||||||||
Total adjustments before income tax effects | 2,607 | — | — | 2,607 | |||||||||||
Income tax impact of above adjustments1 | (1,011) | — | — | (1,011) | |||||||||||
New Mexico corporate income tax rate change | 22 | — | 83 | 105 | |||||||||||
Total income tax impacts2d | (989) | — | 83 | (906) | |||||||||||
Adjusting items, net of income taxes | 1,618 | — | 83 | 1,701 | |||||||||||
Ongoing Earnings (Loss) | $ | 105,639 | $ | 34,535 | $ | (4,317) | $ | 135,857 |
12017 income tax effects calculated using a tax rate of 38.80% | ||||||||||||||||
2The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows: | ||||||||||||||||
a(Reductions) in "Electric Operating Revenues" and "Cost of energy" of $208 and $288 in the three months ended September 30, 2017 and increases in "Electric Operating Revenues" and "Cost of energy" of $8,818 and $9,676 in the nine months ended September 30, 2017 | ||||||||||||||||
b(Increases) in "Gains on investment securities" | ||||||||||||||||
cIncreases in "Other (deductions)" | ||||||||||||||||
dIncome 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 | PNMR | ||||||||||||
(per diluted share) | |||||||||||||||
Three Months Ended September 30, 2018 | |||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 0.97 | $ | 0.20 | $ | (0.08) | $ | 1.09 | |||||||
Adjusting items, net of income tax effects: | |||||||||||||||
Mark-to-market impact of economic hedges | — | — | — | — | |||||||||||
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 | |||||||||||
(Gain) related to previously disposed of activities | — | — | — | — | |||||||||||
Cost to review strategic growth opportunities | — | — | 0.01 | 0.01 | |||||||||||
Total Adjustments | (0.02) | — | 0.01 | (0.01) | |||||||||||
Ongoing Earnings (Loss) | $ | 0.95 | $ | 0.20 | $ | (0.07) | $ | 1.08 | |||||||
Average Diluted Shares Outstanding: 79,979,599 | |||||||||||||||
Nine Months Ended September 30, 2018 | |||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 1.40 | $ | 0.51 | $ | (0.15) | $ | 1.76 | |||||||
Adjusting items, net of income tax effects: | |||||||||||||||
Mark-to-market impact of economic hedges | — | — | — | — | |||||||||||
Net change in unrealized gains and losses on investment securities | 0.02 | — | — | 0.02 | |||||||||||
Regulatory disallowances and restructuring costs | — | — | — | — | |||||||||||
Pension expense related to previously disposed of gas distribution business | 0.03 | — | — | 0.03 | |||||||||||
(Gain) related to previously disposed of activities | — | — | — | — | |||||||||||
Impairment of state tax credits | — | — | — | — | |||||||||||
Cost to review strategic growth opportunities | — | — | 0.01 | 0.01 | |||||||||||
Total Adjustments | 0.05 | — | 0.01 | 0.06 | |||||||||||
Ongoing Earnings (Loss) | $ | 1.45 | $ | 0.51 | $ | (0.14) | $ | 1.82 | |||||||
Average Diluted Shares Outstanding: 79,990,484 |
PNM Resources, Inc. and Subsidiaries | |||||||||||||||
Schedule 4 | |||||||||||||||
Reconciliation of GAAP to Ongoing Earnings Per Diluted Share | |||||||||||||||
(Preliminary and Unaudited) | |||||||||||||||
PNM | TNMP | Corporate | PNMR | ||||||||||||
(per diluted share) | |||||||||||||||
Three Months Ended September 30, 2017 | |||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 0.76 | $ | 0.18 | $ | (0.02) | $ | 0.92 | |||||||
Adjusting items, net of income tax effects: | |||||||||||||||
Mark-to-market impact of economic hedges | — | — | — | — | |||||||||||
Net change in unrealized impairments of available-for-sale securities | — | — | — | — | |||||||||||
Pension expense related to previously disposed of gas distribution business | 0.01 | — | — | 0.01 | |||||||||||
Total Adjustments | 0.01 | — | — | 0.01 | |||||||||||
Ongoing Earnings (Loss) | $ | 0.77 | $ | 0.18 | $ | (0.02) | $ | 0.93 | |||||||
Average Diluted Shares Outstanding: 80,153,623 | |||||||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: | $ | 1.30 | $ | 0.43 | $ | (0.06) | $ | 1.67 | |||||||
Adjusting items, net of income tax effects: | |||||||||||||||
Mark-to-market impact of economic hedges | 0.01 | — | — | 0.01 | |||||||||||
Net change in unrealized impairments of available-for-sale securities | (0.01) | — | — | (0.01) | |||||||||||
Pension expense related to previously disposed of gas distribution business | 0.03 | — | — | 0.03 | |||||||||||
New Mexico corporate income tax rate change | — | — | — | — | |||||||||||
Total Adjustments | 0.03 | — | — | 0.03 | |||||||||||
Ongoing Earnings (Loss) | $ | 1.33 | $ | 0.43 | $ | (0.06) | $ | 1.70 | |||||||
Average Diluted Shares Outstanding: 80,132,174 |
PNM Resources, Inc. and Subsidiaries | |||||||||||||||
Schedule 5 | |||||||||||||||
Condensed Consolidated Statements of Earnings | |||||||||||||||
(Preliminary and Unaudited) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(In thousands, except per share amounts) | |||||||||||||||
Electric Operating Revenues: | |||||||||||||||
Contracts with customers | $ | 400,023 | $ | 392,607 | $ | 1,042,033 | $ | 1,016,384 | |||||||
Alternative revenue programs | (8,050) | $ | (1,908) | (1,466) | 11,591 | ||||||||||
Other electric operating revenue | 30,693 | $ | 29,201 | 52,290 | 84,423 | ||||||||||
Total electric operating revenues | $ | 422,666 | $ | 419,900 | 1,092,857 | 1,112,398 | |||||||||
Operating Expenses: | |||||||||||||||
Cost of energy | 113,536 | 103,748 | 293,803 | 310,818 | |||||||||||
Administrative and general | 49,969 | 44,130 | 141,607 | 132,509 | |||||||||||
Energy production costs | 31,350 | 31,970 | 108,588 | 98,150 | |||||||||||
Regulatory disallowances and restructuring costs | (1,645) | — | 149 | — | |||||||||||
Depreciation and amortization | 61,580 | 58,821 | 180,365 | 172,829 | |||||||||||
Transmission and distribution costs | 19,394 | 16,801 | 54,800 | 50,309 | |||||||||||
Taxes other than income taxes | 20,492 | 19,808 | 60,094 | 57,820 | |||||||||||
Total operating expenses | 294,676 | 275,278 | 839,406 | 822,435 | |||||||||||
Operating income | 127,990 | 144,622 | 253,451 | 289,963 | |||||||||||
Other Income and Deductions: | |||||||||||||||
Interest income | 3,400 | 3,582 | 11,862 | 12,348 | |||||||||||
Gains on investment securities | 2,463 | 5,406 | 1,081 | 17,730 | |||||||||||
Other income | 3,735 | 6,275 | 12,000 | 14,626 | |||||||||||
Other (deductions) | (2,624) | (6,709) | (9,867) | (17,372) | |||||||||||
Net other income and deductions | 6,974 | 8,554 | 15,076 | 27,332 | |||||||||||
Interest Charges | 30,492 | 32,106 | 96,868 | 96,137 | |||||||||||
Earnings before Income Taxes | 104,472 | 121,070 | 171,659 | 221,158 | |||||||||||
Income Taxes | 12,899 | 42,743 | 18,838 | 75,154 | |||||||||||
Net Earnings | 91,573 | 78,327 | 152,821 | 146,004 | |||||||||||
(Earnings) Attributable to Valencia Non-controlling Interest | (3,920) | (4,456) | (11,706) | (11,452) | |||||||||||
Preferred Stock Dividend Requirements of Subsidiary | (132) | (132) | (396) | (396) | |||||||||||
Net Earnings Attributable to PNMR | $ | 87,521 | $ | 73,739 | $ | 140,719 | $ | 134,156 | |||||||
Net Earnings Attributable to PNMR per Common Share: | |||||||||||||||
Basic | $ | 1.10 | $ | 0.92 | $ | 1.76 | $ | 1.68 | |||||||
Diluted | $ | 1.09 | $ | 0.92 | $ | 1.76 | $ | 1.67 | |||||||
Dividends Declared per Common Share | $ | 0.2650 | $ | 0.2425 | $ | 0.7950 | $ | 0.7275 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Nov. 2, 2018 /PRNewswire/ -- PNM Resources' (NYSE: PNM) transmission and distribution utility in Texas, TNMP, has filed an unopposed settlement with Texas state regulators in its general rate review. The settlement calls for a return on equity of 9.65 percent and a capital structure of 55 percent debt and 45 percent equity. If approved by the Public Utilities Commission of Texas (PUCT), new rates are expected to be implemented in January 2019. TNMP's general rate review filing in May 2018 was its first since current rates were approved in 2011.
"The unopposed settlement is evidence of the atmosphere in Texas where parties recognize the importance of a regulated utility's financial health as capital investments are made to support the state's continued growth," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "The settlement returns savings from federal tax reform to customers and lays the groundwork for continued growth and recovery of capital investments, including the restoration work that was done following Hurricane Harvey."
The settlement reflects a $10 million net increase to base rates for retail and wholesale customers and a $73 million increase to rate base, which is incremental to previous Transmission Cost of Service (TCOS) filings and Advanced Metering System (AMS) investments. Although some amounts were excluded from the originally filed rate base, these are largely related to transmission projects that are expected to be included in subsequent TCOS filings. The settlement approves the depreciation rates proposed by TNMP and shortened the period to return part of the excess deferred income taxes to customers. Consistent with TNMP's filing, the increase includes the integration of AMS recovery into base rates, including collection of the remaining unrecovered investment. Schedule 1 below summarizes the key components of the rate filing.
Management also affirmed its consolidated ongoing earnings guidance of $2.08 to $2.18 per diluted share for 2019.
Documents related to the rate filing can be found at: http://www.pnmresources.com/investors/rates-and-filings.aspx.
Schedule 1 | |
Changes to | |
(in millions) | |
Filed increase to base rates (retail and transmission) | $25.9 |
ROE (10.5% filed, 9.65% settlement) | (4.4) |
Capital structure (50/50 filed, 55/45 settlement) and cost of debt (7.2% filed, 6.4% settlement) | (5.9) |
Rate base reductions | (1.8) |
Return of excess deferred federal income tax reduction | (3.2) |
Other | (0.6) |
Stipulated increase to base rates (retail and transmission) | $10.0 |
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2017 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,580 megawatts of generation capacity and provides electricity to more than 773,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | |||
Analysts | Media | ||
Lisa Goodman | Pahl Shipley | ||
(505) 241-2160 | (505) 259-8063 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 a 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 (or ongoing diluted earnings per 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.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Oct. 19, 2018 /PRNewswire/ -- PNM Resources' (NYSE: PNM) New Mexico utility, PNM, received approval on Wednesday from the New Mexico Public Regulation Commission (NMPRC) to purchase 100 megawatts of solar generation from NM Renewable Development, LLC (NMRD) in order to continue serving the Facebook data center in New Mexico with 100 percent renewable energy. This addition supports the goal to achieve a more sustainable energy portfolio at PNM.
"Opportunities for solar energy are abundant in New Mexico, and Facebook's growth allows us to demonstrate our commitment to making our state a sustainable energy leader," said Pat Vincent-Collawn, chairman, president and CEO of PNM Resources. "We are proud to support Facebook's presence in New Mexico."
NMRD, a joint venture between subsidiaries of PNM Resources and American Electric Power, will build two 50 megawatt solar photovoltaic generation facilities in New Mexico. The first facility is expected to be operational by the end of 2019, followed by the second facility in June 2020. Each facility is expected to result in approximately $70 million of investment in New Mexico and create approximately 200 construction jobs.
"With these two new projects, we have worked with PNM to bring 396 megawatts of new wind and solar projects that will contribute to a greener grid and help bring more renewable energy and investment to New Mexico," said Bobby Hollis, Head of Global Energy at Facebook. "We appreciate New Mexico's supportive environment that has enabled us to procure this amount of renewable energy so quickly."
Solar and wind projects constructed to serve Facebook are expected to total approximately $800 million of investment in New Mexico and create over 1,300 construction and permanent jobs, representing significant economic development in Valencia, Bernalillo, Quay, Torrance, Cibola and Sandoval counties.
The agreements are subject to approval from the Federal Energy Regulatory Commission.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2017 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,580 megawatts of generation capacity and provides electricity to more than 773,000 homes and businesses in New Mexico and Texas. 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 that relate to future events or PNM Resources, Inc.'s ("PNMR") or Public Service Company of New Mexico's ("PNM") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. PNMR and PNM assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR and PNM caution readers not to place undue reliance on these statements. PNMR's and PNM'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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Oct. 16, 2018 /PRNewswire/ -- PNM Resources (NYSE: PNM) will announce 2018 third quarter financial results prior to the market opening on Tuesday, November 6, 2018. The earnings news release will be issued at 6:30 a.m. Eastern and also will be posted on the company's website at www.PNMResources.com.
Management will host a live conference call and webcast that morning at 11 a.m. Eastern to discuss financial results and provide other company updates.
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: http://dpregister.com/10124096.
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 conference call." Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software.
A live webcast of the call will be available at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2017 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,580 megawatts of generation capacity and provides electricity to more than 773,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | |||
Analysts | Media | ||
Lisa Goodman | Pahl Shipley | ||
(505) 241-2160 | (505) 259-8063 |
View original content to download multimedia:http://www.prnewswire.com/news-releases/pnm-resources-to-announce-2018-third-quarter-earnings-on-november-6-300731529.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Sept. 19, 2018 /PRNewswire/ -- At its regular meeting held yesterday, the Board of Directors of PNM Resources (NYSE: PNM) declared the regular quarterly dividend of $0.265 per share on the company's common stock. The dividend is payable Nov. 16, 2018, to shareholders of record at the close of business Nov. 2, 2018.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2017 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,580 megawatts of generation capacity and provides electricity to more than 773,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | |
Analysts | Media |
Jimmie Blotter | Pahl Shipley |
(505) 241-2227 | (505) 259-8063 |
View original content to download multimedia:http://www.prnewswire.com/news-releases/pnm-resources-board-declares-quarterly-common-stock-dividend-300715161.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Sept. 11, 2018 /PRNewswire/ -- The Board of Directors of PNM, a subsidiary of PNM Resources (NYSE: PNM), has declared the regular quarterly dividend of $1.145 per share on the 4.58 percent series of cumulative preferred stock. The preferred stock dividend is payable October 15, 2018, to shareholders of record at the close of business October 1, 2018.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2017 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,580 megawatts of generation capacity and provides electricity to more than 773,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | |||
Analysts | Media | ||
Lisa Goodman | Pahl Shipley | ||
(505) 241-2160 | (505) 259-8063 |
View original content to download multimedia:http://www.prnewswire.com/news-releases/pnm-declares-preferred-dividend-300710679.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., July 31, 2018 /PRNewswire/ --
PNM Resources (In millions, except EPS) | |||||
Q2 2018 |
Q2 2017 |
YTD 2018 |
YTD 2017 | ||
GAAP net earnings attributable to PNM Resources |
$38.2 |
$37.6 |
$53.2 |
$60.4 | |
GAAP diluted EPS |
$0.48 |
$0.47 |
$0.67 |
$0.75 | |
Ongoing net earnings |
$42.3 |
$39.6 |
$58.8 |
$61.6 | |
Ongoing diluted EPS |
$0.53 |
$0.49 |
$0.73 |
$0.77 |
PNM Resources (NYSE: PNM) today released the company's 2018 second quarter results. In addition, management raised its consolidated ongoing earnings guidance to $1.91 to $1.98 per diluted share for 2018 and $2.08 to $2.18 per diluted share for 2019.
"We have raised 2018 and 2019 guidance based on higher load growth trends at PNM and continued strong demand at TNMP. In addition, hotter temperatures increased second quarter earnings," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "At TNMP, we have increased capital spending in 2018 to serve their growing needs. Plans for capital spending beyond 2018 will be further evaluated as we progress through the year."
SEGMENT REPORTING OF 2018 SECOND QUARTER EARNINGS
PNM – a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.
PNM (In millions, except EPS) | |||||
Q2 2018 |
Q2 2017 |
YTD 2018 |
YTD 2017 | ||
GAAP net earnings attributable to PNM Resources |
$26.5 |
$26.8 |
$34.2 |
$43.3 | |
GAAP diluted EPS |
$0.33 |
$0.34 |
$0.43 |
$0.54 | |
Ongoing net earnings |
$30.8 |
$28.8 |
$39.9 |
$44.5 | |
Ongoing diluted EPS |
$0.38 |
$0.36 |
$0.49 |
$0.56 |
TNMP – an electric transmission and distribution utility in Texas.
TNMP (In millions, except EPS) | |||||
Q2 2018 |
Q2 2017 |
YTD 2018 |
YTD 2017 | ||
GAAP net earnings attributable to PNM Resources |
$15.4 |
$12.2 |
$24.8 |
$19.8 | |
GAAP diluted EPS |
$0.19 |
$0.15 |
$0.31 |
$0.24 | |
Ongoing net earnings |
$15.4 |
$12.2 |
$24.8 |
$19.8 | |
Ongoing diluted EPS |
$0.19 |
$0.15 |
$0.31 |
$0.24 |
Corporate and Other – a segment that reflects the PNM Resources holding company and other subsidiaries.
Corporate and Other (In millions, except EPS) | |||||
Q2 2018 |
Q2 2017 |
YTD 2018 |
YTD 2017 | ||
GAAP net earnings (loss) attributable to PNM Resources |
($3.7) |
($1.4) |
($5.8) |
($2.7) | |
GAAP diluted EPS |
($0.04) |
($0.02) |
($0.07) |
($0.03) | |
Ongoing net earnings (loss) |
($3.9) |
($1.4) |
($5.9) |
($2.6) | |
Ongoing diluted EPS |
($0.04) |
($0.02) |
($0.07) |
($0.03) |
Financial materials are available at http://www.pnmresources.com/investors/results.cfm.
SECOND QUARTER CONFERENCE CALL: 11 A.M. EASTERN TUESDAY, JULY 31
PNM Resources will discuss second quarter earnings results during a live conference call and webcast on Tuesday, July 31st at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources chairman, president and CEO, and Chuck Eldred, PNM Resources executive vice president and CFO.
A live webcast of the call will be archived at http://www.pnmresources.com/investors/events.cfm.
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: http://dpregister.com/10121668. 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 conference 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 2017 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,580 megawatts of generation capacity and provides electricity to more than 773,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | |||
Analysts |
Media | ||
Lisa Goodman |
Pahl Shipley | ||
(505) 241-2160 |
(505) 259-8063 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 (or ongoing diluted earnings per 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 |
PNMR | ||||||||||||
(in thousands) | |||||||||||||||
Three Months Ended June 30, 2018 |
|||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
26,540 |
$ |
15,367 |
$ |
(3,699) |
$ |
38,208 |
|||||||
Adjusting items before income tax effects: |
|||||||||||||||
Mark-to-market impact of economic hedges2a |
(28) |
— |
— |
(28) |
|||||||||||
Net change in unrealized gains and losses on investment securities2b |
3,027 |
— |
— |
3,027 |
|||||||||||
Regulatory disallowances and restructuring costs2c |
1,794 |
— |
— |
1,794 |
|||||||||||
Pension expense related to previously disposed of gas distribution business2d |
869 |
— |
— |
869 |
|||||||||||
(Gain) related to previously disposed of activities2e |
— |
— |
(216) |
(216) |
|||||||||||
Total adjustments before income tax effects |
5,662 |
— |
(216) |
5,446 |
|||||||||||
Income tax impact of above adjustments1,2f |
(1,438) |
— |
55 |
(1,383) |
|||||||||||
Adjusting items, net of income taxes |
4,224 |
— |
(161) |
4,063 |
|||||||||||
Ongoing Earnings (Loss) |
$ |
30,764 |
$ |
15,367 |
$ |
(3,860) |
$ |
42,271 |
|||||||
Six Months Ended June 30, 2018 |
|||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
34,246 |
$ |
24,779 |
$ |
(5,827) |
$ |
53,198 |
|||||||
Adjusting items before income tax effects: |
|||||||||||||||
Mark-to-market impact of economic hedges2a |
(56) |
— |
— |
(56) |
|||||||||||
Net change in unrealized gains and losses on investment securities2b |
4,083 |
— |
— |
4,083 |
|||||||||||
Regulatory disallowances and restructuring costs2c |
1,794 |
— |
— |
1,794 |
|||||||||||
Pension expense related to previously disposed of gas distribution business2d |
1,701 |
— |
— |
1,701 |
|||||||||||
(Gain) related to previously disposed of activities2e |
— |
— |
(216) |
(216) |
|||||||||||
Total adjustments before income tax effects |
7,522 |
— |
(216) |
7,306 |
|||||||||||
Income tax impact of above adjustments1 |
(1,911) |
— |
55 |
(1,856) |
|||||||||||
Impairment of state tax credits |
— |
— |
123 |
123 |
|||||||||||
Total income tax impacts2f |
(1,911) |
— |
178 |
(1,733) |
|||||||||||
Adjusting items, net of income taxes |
5,611 |
— |
(38) |
5,573 |
|||||||||||
Ongoing Earnings (Loss) |
$ |
39,857 |
$ |
24,779 |
$ |
(5,865) |
$ |
58,771 |
1 2018 income tax effects calculated using a tax rate of 25.40% | ||||||||||||||||
2 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows: | ||||||||||||||||
aReductions in "Electric Operating Revenues" and "Cost of energy" of $264 and $292 in the three months ended June 30, 2018 and $545 and $601 in the six months ended June 30, 2018 | ||||||||||||||||
bReductions in "Gains on investment securities" | ||||||||||||||||
cIncreases in "Regulatory allowances and restructuring costs" | ||||||||||||||||
dIncreases in "Other (deductions)" | ||||||||||||||||
eIncreases in "Other income" | ||||||||||||||||
fIncome 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 |
PNMR | ||||||||||||
(in thousands) | |||||||||||||||
Three Months Ended June 30, 2017 |
|||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
26,800 |
$ |
12,204 |
$ |
(1,449) |
$ |
37,555 |
|||||||
Adjusting items before income tax effects: |
|||||||||||||||
Mark-to-market impact of economic hedges2a |
2,284 |
— |
— |
2,284 |
|||||||||||
Net change in unrealized impairments of available-for-sale securities2b |
73 |
— |
— |
73 |
|||||||||||
Pension expense related to previously disposed of gas distribution business2c |
961 |
— |
— |
961 |
|||||||||||
Total adjustments before income tax effects |
3,318 |
— |
— |
3,318 |
|||||||||||
Income tax impact of above adjustments1,2d |
(1,287) |
— |
— |
(1,287) |
|||||||||||
Adjusting items, net of income taxes |
2,031 |
— |
— |
2,031 |
|||||||||||
Ongoing Earnings (Loss) |
$ |
28,831 |
$ |
12,204 |
$ |
(1,449) |
$ |
39,586 |
|||||||
Six Months Ended June 30, 2017 |
|||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
43,327 |
$ |
19,808 |
$ |
(2,718) |
$ |
60,417 |
|||||||
Adjusting items before income tax effects: |
|||||||||||||||
Mark-to-market impact of economic hedges2a |
939 |
— |
— |
939 |
|||||||||||
Net change in unrealized impairments of available-for-sale securities2b |
(1,028) |
— |
— |
(1,028) |
|||||||||||
Pension expense related to previously disposed of gas distribution business2c |
1,922 |
— |
— |
1,922 |
|||||||||||
Total adjustments before income tax effects |
1,833 |
— |
— |
1,833 |
|||||||||||
Income tax impact of above adjustments1 |
(711) |
— |
— |
(711) |
|||||||||||
New Mexico corporate income tax rate change |
22 |
— |
83 |
105 |
|||||||||||
Total income tax impacts2d |
(689) |
— |
83 |
(606) |
|||||||||||
Adjusting items, net of income taxes |
1,144 |
— |
83 |
1,227 |
|||||||||||
Ongoing Earnings (Loss) |
$ |
44,471 |
$ |
19,808 |
$ |
(2,635) |
$ |
61,644 |
12017 income tax effects calculated using a tax rate of 38.80% | ||||||||||||||||
2The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows: | ||||||||||||||||
aIncreases in "Electric Operating Revenues" and "Cost of energy" of $7,977 and $10,261 in the three months ended June 30, 2017 and $9,026 and $9,965 in the six months ended June 30, 2017 | ||||||||||||||||
b(Increase) decrease in "Gains on investment securities" | ||||||||||||||||
cIncreases in "Other (deductions)" | ||||||||||||||||
dIncome 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 |
PNMR | ||||||||||||
(per diluted share) | |||||||||||||||
Three Months Ended June 30, 2018 |
|||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
0.33 |
$ |
0.19 |
$ |
(0.04) |
$ |
0.48 |
|||||||
Adjusting items, net of income tax effects: |
|||||||||||||||
Mark-to-market impact of economic hedges |
— |
— |
— |
— |
|||||||||||
Net change in unrealized gains and losses on investment securities |
0.03 |
— |
— |
0.03 |
|||||||||||
Regulatory disallowances and restructuring costs |
0.02 |
— |
— |
0.02 |
|||||||||||
Pension expense related to previously disposed of gas distribution business |
— |
— |
— |
— |
|||||||||||
(Gain) related to previously disposed of activities |
— |
— |
— |
— |
|||||||||||
Total Adjustments |
0.05 |
— |
— |
0.05 |
|||||||||||
Ongoing Earnings (Loss) |
$ |
0.38 |
$ |
0.19 |
$ |
(0.04) |
$ |
0.53 |
|||||||
Average Diluted Shares Outstanding: 79,978,605 |
|||||||||||||||
Six Months Ended June 30, 2018 |
|||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
0.43 |
$ |
0.31 |
$ |
(0.07) |
$ |
0.67 |
|||||||
Adjusting items, net of income tax effects: |
|||||||||||||||
Mark-to-market impact of economic hedges |
— |
— |
— |
— |
|||||||||||
Net change in unrealized gains and losses on investment securities |
0.03 |
— |
— |
0.03 |
|||||||||||
Regulatory disallowances and restructuring costs |
0.02 |
— |
— |
0.02 |
|||||||||||
Pension expense related to previously disposed of gas distribution business |
0.01 |
— |
— |
0.01 |
|||||||||||
(Gain) related to previously disposed of activities |
— |
— |
— |
— |
|||||||||||
Impairment of state tax credits |
— |
— |
— |
— |
|||||||||||
Total Adjustments |
0.06 |
— |
— |
0.06 |
|||||||||||
Ongoing Earnings (Loss) |
$ |
0.49 |
$ |
0.31 |
$ |
(0.07) |
$ |
0.73 |
|||||||
Average Diluted Shares Outstanding: 79,995,926 |
PNM Resources, Inc. and Subsidiaries | |||||||||||||||
Schedule 4 | |||||||||||||||
Reconciliation of GAAP to Ongoing Earnings Per Diluted Share | |||||||||||||||
(Preliminary and Unaudited) | |||||||||||||||
PNM |
TNMP |
Corporate |
PNMR | ||||||||||||
(per diluted share) | |||||||||||||||
Three Months Ended June 30, 2017 |
|||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
0.34 |
$ |
0.15 |
$ |
(0.02) |
$ |
0.47 |
|||||||
Adjusting items, net of income tax effects: |
|||||||||||||||
Mark-to-market impact of economic hedges |
0.02 |
— |
— |
0.02 |
|||||||||||
Net change in unrealized impairments of available-for-sale securities |
— |
— |
— |
— |
|||||||||||
Pension expense related to previously disposed of gas distribution business |
— |
— |
— |
— |
|||||||||||
Total Adjustments |
0.02 |
— |
— |
0.02 |
|||||||||||
Ongoing Earnings (Loss) |
$ |
0.36 |
$ |
0.15 |
$ |
(0.02) |
$ |
0.49 |
|||||||
Average Diluted Shares Outstanding: 80,130,904 |
|||||||||||||||
Six Months Ended June 30, 2017 |
|||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
0.54 |
$ |
0.24 |
$ |
(0.03) |
$ |
0.75 |
|||||||
Adjusting items, net of income tax effects: |
|||||||||||||||
Mark-to-market impact of economic hedges |
0.01 |
— |
— |
0.01 |
|||||||||||
Net change in unrealized impairments of available-for-sale securities |
(0.01) |
— |
— |
(0.01) |
|||||||||||
Pension expense related to previously disposed of gas distribution business |
0.02 |
— |
— |
0.02 |
|||||||||||
New Mexico corporate income tax rate change |
— |
— |
— |
— |
|||||||||||
Total Adjustments |
0.02 |
— |
— |
0.02 |
|||||||||||
Ongoing Earnings (Loss) |
$ |
0.56 |
$ |
0.24 |
$ |
(0.03) |
$ |
0.77 |
|||||||
Average Diluted Shares Outstanding: 80,121,449 |
PNM Resources, Inc. and Subsidiaries | |||||||||||||||
Schedule 5 | |||||||||||||||
Condensed Consolidated Statement of Earnings | |||||||||||||||
(Preliminary and Unaudited) | |||||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, | ||||||||||||||
2018 |
2017 |
2018 |
2017 | ||||||||||||
(In thousands, except per share amounts) | |||||||||||||||
Electric Operating Revenues: |
|||||||||||||||
Contracts with customers |
$ |
338,659 |
$ |
326,586 |
$ |
642,010 |
$ |
623,777 |
|||||||
Alternative revenue programs |
5,660 |
$ |
8,920 |
6,584 |
13,499 |
||||||||||
Other electric operating revenue |
7,994 |
$ |
26,814 |
21,597 |
55,222 |
||||||||||
Total electric operating revenues |
$ |
352,313 |
$ |
362,320 |
670,191 |
692,498 |
|||||||||
Operating Expenses: |
|||||||||||||||
Cost of energy |
87,711 |
104,267 |
180,267 |
207,070 |
|||||||||||
Administrative and general |
43,355 |
42,984 |
91,638 |
88,379 |
|||||||||||
Energy production costs |
41,888 |
34,393 |
77,238 |
66,180 |
|||||||||||
Regulatory disallowances and restructuring costs |
1,794 |
— |
1,794 |
— |
|||||||||||
Depreciation and amortization |
60,063 |
57,625 |
118,785 |
114,008 |
|||||||||||
Transmission and distribution costs |
18,450 |
17,031 |
35,406 |
33,508 |
|||||||||||
Taxes other than income taxes |
19,723 |
18,777 |
39,602 |
38,012 |
|||||||||||
Total operating expenses |
272,984 |
275,077 |
544,730 |
547,157 |
|||||||||||
Operating income |
79,329 |
87,243 |
125,461 |
145,341 |
|||||||||||
Other Income and Deductions: |
|||||||||||||||
Interest income |
4,339 |
3,885 |
8,462 |
8,766 |
|||||||||||
Gains (losses) on investment securities |
(1,670) |
5,663 |
(1,382) |
12,324 |
|||||||||||
Other income |
4,796 |
3,450 |
8,265 |
8,351 |
|||||||||||
Other (deductions) |
(5,868) |
(5,042) |
(7,243) |
(10,663) |
|||||||||||
Net other income and deductions |
1,597 |
7,956 |
8,102 |
18,778 |
|||||||||||
Interest Charges |
33,321 |
32,332 |
66,376 |
64,031 |
|||||||||||
Earnings before Income Taxes |
47,605 |
62,867 |
67,187 |
100,088 |
|||||||||||
Income Taxes |
5,156 |
21,636 |
5,939 |
32,411 |
|||||||||||
Net Earnings |
42,449 |
41,231 |
61,248 |
67,677 |
|||||||||||
(Earnings) Attributable to Valencia Non-controlling Interest |
(4,109) |
(3,544) |
(7,786) |
(6,996) |
|||||||||||
Preferred Stock Dividend Requirements of Subsidiary |
(132) |
(132) |
(264) |
(264) |
|||||||||||
Net Earnings Attributable to PNMR |
$ |
38,208 |
$ |
37,555 |
$ |
53,198 |
$ |
60,417 |
|||||||
Net Earnings Attributable to PNMR per Common Share: |
|||||||||||||||
Basic |
$ |
0.48 |
$ |
0.47 |
$ |
0.67 |
$ |
0.76 |
|||||||
Diluted |
$ |
0.48 |
$ |
0.47 |
$ |
0.67 |
$ |
0.75 |
|||||||
Dividends Declared per Common Share |
$ |
0.2650 |
$ |
0.2425 |
$ |
0.5300 |
$ |
0.4850 |
View original content with multimedia:http://www.prnewswire.com/news-releases/pnm-resources-reports-second-quarter-results-300688906.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., July 27, 2018 /PRNewswire/ -- At its regular meeting held today, the Board of Directors of PNM Resources (NYSE: PNM) declared the regular quarterly dividend of $0.265 per share on the company's common stock. The dividend is payable August 17, 2018, to shareholders of record at the close of business August 6, 2018.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2017 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,580 megawatts of generation capacity and provides electricity to more than 773,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS:
Analysts |
Media |
Lisa Goodman |
Pahl Shipley |
(505) 241-2160 |
(505) 259-8063 |
View original content with multimedia:http://www.prnewswire.com/news-releases/pnm-resources-board-declares-quarterly-common-stock-dividend-300688051.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., July 10, 2018 /PRNewswire/ -- PNM Resources (NYSE: PNM) will announce 2018 second quarter financial results prior to the market opening on Tuesday, July 31, 2018. The earnings news release will be issued at 6:30 a.m. Eastern and also will be posted on the company's website at www.PNMResources.com.
Management will host a live conference call and webcast that morning at 11 a.m. Eastern to discuss financial results and provide other company updates.
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: http://dpregister.com/10121668.
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 conference call." Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software.
A live webcast of the call will be available at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2017 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,580 megawatts of generation capacity and provides electricity to more than 773,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Lisa Goodman |
Pahl Shipley |
(505) 241-2160 |
(505) 241-2782 |
View original content with multimedia:http://www.prnewswire.com/news-releases/pnm-resources-to-announce-2018-second-quarter-earnings-on-july-31-300678227.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., June 5, 2018 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week in New York City.
During the meetings, management is expected to affirm the company's 2018 consolidated earnings guidance of $1.82 to $1.92 per diluted share, and 2019 consolidated earnings guidance of $2.04 to $2.16 per diluted share. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2017 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,580 megawatts of generation capacity and provides electricity to more than 773,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Lisa Goodman |
Pahl Shipley |
(505) 241-2160 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
View original content with multimedia:http://www.prnewswire.com/news-releases/pnm-resources-management-to-meet-with-investors-300658549.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., April 27, 2018 /PRNewswire/ --
PNM Resources (In millions, except EPS) | ||
Q1 2018 |
Q1 2017 | |
GAAP net earnings attributable to PNM Resources |
$15.0 |
$22.9 |
GAAP diluted EPS |
$0.19 |
$0.29 |
Ongoing net earnings |
$16.5 |
$22.1 |
Ongoing diluted EPS |
$0.21 |
$0.28 |
PNM Resources (NYSE: PNM) today released the company's 2018 first quarter results. In addition, management affirmed its consolidated ongoing earnings guidance of $1.82 to $1.92 per diluted share for 2018 and $2.04 to $2.16 per diluted share for 2019.
"The first quarter provided the anticipated financial results that incorporate the phase-in of retail rates at PNM," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "We are focused on achieving our plans for 2018, including the filing of a general rate case in Texas."
SEGMENT REPORTING OF 2018 FIRST QUARTER EARNINGS
PNM – a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.
PNM (In millions, except EPS) | ||
Q1 2018 |
Q1 2017 | |
GAAP net earnings attributable to PNM Resources |
$7.7 |
$16.5 |
GAAP diluted EPS |
$0.10 |
$0.21 |
Ongoing net earnings |
$9.1 |
$15.6 |
Ongoing diluted EPS |
$0.12 |
$0.20 |
TNMP – an electric transmission and distribution utility in Texas.
TNMP (In millions, except EPS) | ||
Q1 2018 |
Q1 2017 | |
GAAP net earnings attributable to PNM Resources |
$9.4 |
$7.6 |
GAAP diluted EPS |
$0.12 |
$0.09 |
Ongoing net earnings |
$9.4 |
$7.6 |
Ongoing diluted EPS |
$0.12 |
$0.09 |
Corporate and Other – a segment that reflects the PNM Resources holding company and other subsidiaries.
Corporate and Other (In millions, except EPS) | ||
Q1 2018 |
Q1 2017 | |
GAAP net earnings (loss) attributable to PNM Resources |
$(2.1) |
$(1.3) |
GAAP diluted EPS |
$(0.03) |
$(0.01) |
Ongoing net earnings (loss) |
$(2.0) |
$(1.2) |
Ongoing diluted EPS |
$(0.03) |
$(0.01) |
Financial materials are available at http://www.pnmresources.com/investors/results.cfm.
FIRST QUARTER CONFERENCE CALL: 11 A.M. EASTERN FRIDAY, APRIL 27
PNM Resources will discuss first quarter earnings results during a live conference call and webcast on Friday, April 27th at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources chairman, president and CEO, and Chuck Eldred, PNM Resources executive vice president and CFO.
A live webcast of the call will be archived at http://www.pnmresources.com/investors/events.cfm. 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: http://dpregister.com/10119153. 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 first quarter conference 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 2017 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,580 megawatts of generation capacity and provides electricity to more than 773,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | |||
Analysts |
Media | ||
Jimmie Blotter |
Pahl Shipley | ||
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 (or ongoing diluted earnings per 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 1-2.
PNM Resources, Inc. and Subsidiaries | |||||||||||
Schedule 1 | |||||||||||
Reconciliation of GAAP to Ongoing Earnings | |||||||||||
(Preliminary and Unaudited) | |||||||||||
PNM |
TNMP |
Corporate |
Consolidated | ||||||||
(in thousands) | |||||||||||
Three Months Ended March 31, 2018 |
|||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
7,705 |
$ |
9,413 |
$ |
(2,128) |
$ |
14,990 | |||
Adjusting items before income tax effects |
|||||||||||
Mark-to-market impact of economic hedges3a |
(28) |
— |
— |
(28) | |||||||
Net change in unrealized gains and losses on investment securities3b |
1,056 |
— |
— |
1,056 | |||||||
Pension expense related to previously disposed of gas distribution business3c |
832 |
— |
— |
832 | |||||||
Total adjustments before income tax effects |
1,860 |
— |
— |
1,860 | |||||||
Income tax impact of above adjustments1 |
(472) |
— |
— |
(472) | |||||||
Impairment of state tax credits |
— |
— |
123 |
123 | |||||||
Total income tax impacts3d |
(472) |
— |
123 |
(349) | |||||||
Adjusting items, net of income taxes |
1,388 |
— |
123 |
1,511 | |||||||
Ongoing Earnings (Loss) |
$ |
9,093 |
$ |
9,413 |
$ |
(2,005) |
$ |
16,501 | |||
Three Months Ended March 31, 2017 |
|||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
16,526 |
$ |
7,604 |
$ |
(1,268) |
$ |
22,862 | |||
Adjusting items before income tax effects |
|||||||||||
Mark-to-market impact of economic hedges3a |
(1,345) |
— |
— |
(1,345) | |||||||
Net change in unrealized gains and losses on investment securities3b |
(1,101) |
— |
— |
(1,101) | |||||||
Pension expense related to previously disposed of gas distribution business3c |
961 |
— |
— |
961 | |||||||
Total adjustments before income tax effects |
(1,485) |
— |
— |
(1,485) | |||||||
Income tax impact of above adjustments2 |
576 |
— |
— |
576 | |||||||
New Mexico corporate income tax rate change |
22 |
— |
83 |
105 | |||||||
Total income tax impacts3d |
598 |
— |
83 |
681 | |||||||
Adjusting items, net of income taxes |
(887) |
— |
83 |
(804) | |||||||
Ongoing Earnings (Loss) |
$ |
15,639 |
$ |
7,604 |
$ |
(1,185) |
$ |
22,058 |
1 2018 income tax effects calculated using a tax rate of 25.40% | ||||||||||||||||
2 2017 income tax effects calculated using a tax rate of 38.80% | ||||||||||||||||
3 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows: | ||||||||||||||||
aReductions in "Electric Operating Revenues" and "Cost of energy" of $281 and $309 in the three months ended March 31, 2018 and increases in "Electric Operating Revenues" and "Cost of energy" of $1,462 and $117 in the three months ended March 31, 2017 | ||||||||||||||||
bReductions (increases) in "Gains on investment securities" | ||||||||||||||||
cIncreases in "Other (deductions)" | ||||||||||||||||
dIncome tax impacts reflected in "Income Taxes" |
PNM Resources, Inc. and Subsidiaries | |||||||||||
Schedule 2 | |||||||||||
Reconciliation of GAAP to Ongoing Earnings Per Diluted Share | |||||||||||
(Preliminary and Unaudited) | |||||||||||
PNM |
TNMP |
Corporate |
Consolidated | ||||||||
(per diluted share) | |||||||||||
Three Months Ended March 31, 2018 |
|||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
0.10 |
$ |
0.12 |
$ |
(0.03) |
$ |
0.19 | |||
Adjusting items, net of income tax effects |
|||||||||||
Mark-to-market impact of economic hedges |
— |
— |
— |
— | |||||||
Net change in unrealized gains and losses on investment securities |
0.01 |
— |
— |
0.01 | |||||||
Pension expense related to previously disposed of gas distribution business |
0.01 |
— |
— |
0.01 | |||||||
Impairment of state tax credits |
— |
— |
— |
— | |||||||
Total Adjustments |
0.02 |
— |
— |
0.02 | |||||||
Ongoing Earnings (Loss) |
$ |
0.12 |
$ |
0.12 |
$ |
(0.03) |
$ |
0.21 | |||
Average Diluted Shares Outstanding: 80,013,247 |
|||||||||||
Three Months Ended March 31, 2017 |
|||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
0.21 |
$ |
0.09 |
$ |
(0.01) |
$ |
0.29 | |||
Adjusting items, net of income tax effects |
|||||||||||
Mark-to-market impact of economic hedges |
(0.01) |
— |
— |
(0.01) | |||||||
Net change in unrealized gains and losses on investment securities |
(0.01) |
— |
— |
(0.01) | |||||||
Pension expense related to previously disposed of gas distribution business |
0.01 |
— |
— |
0.01 | |||||||
New Mexico corporate income tax rate change |
— |
— |
— |
— | |||||||
Total Adjustments |
(0.01) |
— |
— |
(0.01) | |||||||
Ongoing Earnings (Loss) |
$ |
0.20 |
$ |
0.09 |
$ |
(0.01) |
$ |
0.28 | |||
Average Diluted Shares Outstanding: 80,111,994 |
PNM Resources, Inc. and Subsidiaries | |||||
Schedule 3 | |||||
Condensed Consolidated Statement of Earnings | |||||
(Preliminary and Unaudited) | |||||
Three Months Ended March 31, | |||||
2018 |
2017 | ||||
(In thousands, except per share amounts) | |||||
Electric Operating Revenues |
|||||
Contracts with customers |
$ |
303,351 |
$ |
297,191 | |
Alternative revenue programs |
924 |
4,579 | |||
Other electric operating revenue |
13,603 |
28,408 | |||
Total electric operating revenues |
317,878 |
330,178 | |||
Operating Expenses: |
|||||
Cost of energy |
92,556 |
102,804 | |||
Administrative and general |
48,283 |
45,394 | |||
Energy production costs |
35,350 |
31,787 | |||
Depreciation and amortization |
58,722 |
56,383 | |||
Transmission and distribution costs |
16,955 |
16,477 | |||
Taxes other than income taxes |
19,880 |
19,235 | |||
Total operating expenses |
271,746 |
272,080 | |||
Operating income |
46,132 |
58,098 | |||
Other Income and Deductions: |
|||||
Interest income |
4,124 |
4,881 | |||
Gains on investment securities |
288 |
6,661 | |||
Other income |
3,469 |
4,902 | |||
Other (deductions) |
(1,376) |
(5,621) | |||
Net other income and deductions |
6,505 |
10,823 | |||
Interest Charges |
33,055 |
31,700 | |||
Earnings before Income Taxes |
19,582 |
37,221 | |||
Income Taxes |
783 |
10,775 | |||
Net Earnings |
18,799 |
26,446 | |||
(Earnings) Attributable to Valencia Non-controlling Interest |
(3,677) |
(3,452) | |||
Preferred Stock Dividend Requirements of Subsidiary |
(132) |
(132) | |||
Net Earnings Attributable to PNMR |
$ |
14,990 |
$ |
22,862 | |
Net Earnings Attributable to PNMR per Common Share: |
|||||
Basic |
$ |
0.19 |
$ |
0.29 | |
Diluted |
$ |
0.19 |
$ |
0.29 | |
Dividends Declared per Common Share |
$ |
0.2650 |
$ |
0.2425 |
View original content with multimedia:http://www.prnewswire.com/news-releases/pnm-resources-reports-first-quarter-results-300637822.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., March 16, 2018 /PRNewswire/ -- The Board of Directors of PNM, a subsidiary of PNM Resources (NYSE: PNM), has declared the regular quarterly dividend of $1.145 per share on the 4.58 percent series of cumulative preferred stock. The preferred stock dividend is payable April 15, 2018, to shareholders of record at the close of business April 2, 2018.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2017 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,580 megawatts of generation capacity and provides electricity to more than 773,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | ||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
View original content with multimedia:http://www.prnewswire.com/news-releases/pnm-declares-preferred-dividend-300615322.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Feb. 28, 2018 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week in Boston and Cleveland.
During the meetings, management is expected to affirm the company's 2018 consolidated earnings guidance of $1.82 to $1.92 per diluted share, and 2019 consolidated earnings guidance of $2.04 to $2.16 per diluted share. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2017 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,580 megawatts of generation capacity and provides electricity to more than 773,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
View original content with multimedia:http://www.prnewswire.com/news-releases/pnm-resources-management-to-meet-with-investors-300605492.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Feb. 27, 2018 /PRNewswire/ -- PNM Resources (NYSE: PNM) today released the company's 2017 fourth quarter and year-end earnings results. GAAP earnings in the fourth quarter of 2017 include a $57.5 million charge for the impacts of the reduction in the federal corporate income tax rate on net deferred income tax assets primarily related to items not in regulated rates. In addition, management affirmed its recently revised consolidated ongoing earnings guidance of $1.82 to $1.92 per diluted share for 2018 and $2.04 to $2.16 per diluted share for 2019.
PNM Resources (In millions, except EPS) | |||||
Q4 2017 |
Q4 2016 |
YE 2017 |
YE 2016 | ||
GAAP net earnings (loss) attributable to PNM Resources |
($54.3) |
$24.8 |
$79.9 |
$116.8 | |
GAAP diluted EPS |
($0.68) |
$0.31 |
$1.00 |
$1.46 | |
Ongoing net earnings |
$19.4 |
$27.4 |
$155.3 |
$132.4 | |
Ongoing diluted EPS |
$0.24 |
$0.34 |
$1.94 |
$1.65 |
SEGMENT REPORTING OF 2017 FOURTH QUARTER AND YEAR-END EARNINGS
PNM – a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.
PNM (In millions, except EPS) | |||||
Q4 2017 |
Q4 2016 |
YE 2017 |
YE 2016 | ||
GAAP net earnings (loss) attributable to PNM Resources |
($32.2) |
$16.0 |
$71.9 |
$76.9 | |
GAAP diluted EPS |
($0.40) |
$0.20 |
$0.90 |
$0.96 | |
Ongoing net earnings |
$12.8 |
$18.4 |
$118.4 |
$91.4 | |
Ongoing diluted EPS |
$0.16 |
$0.23 |
$1.48 |
$1.14 |
TNMP – an electric transmission and distribution utility in Texas.
TNMP (In millions, except EPS) | |||||
Q4 2017 |
Q4 2016 |
YE 2017 |
YE 2016 | ||
GAAP net earnings attributable to PNM Resources |
$1.0 |
$9.9 |
$35.6 |
$41.7 | |
GAAP diluted EPS |
$0.01 |
$0.12 |
$0.44 |
$0.52 | |
Ongoing net earnings |
$8.9 |
$10.0 |
$43.4 |
$42.5 | |
Ongoing diluted EPS |
$0.11 |
$0.12 |
$0.54 |
$0.53 |
Corporate and Other – a segment that reflects the PNM Resources holding company and other subsidiaries.
Corporate and Other (In millions, except EPS) | |||||
Q4 2017 |
Q4 2016 |
YE 2017 |
YE 2016 | ||
GAAP net earnings (loss) attributable to PNM Resources |
($23.2) |
($1.0) |
($27.6) |
($1.7) | |
GAAP diluted EPS |
($0.29) |
($0.01) |
($0.34) |
($0.02) | |
Ongoing net earnings (loss) |
($2.2) |
($1.0) |
($6.5) |
($1.4) | |
Ongoing diluted EPS |
($0.03) |
($0.01) |
($0.08) |
($0.02) |
Financial materials are available at http://www.pnmresources.com/investors/results.cfm.
FOURTH QUARTER CONFERENCE CALL: 11 A.M. EASTERN TUESDAY, FEB. 27
PNM Resources will discuss fourth quarter and year-end earnings results during a live conference call and webcast on Tuesday, Feb. 27th at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources chairman, president and CEO, and Chuck Eldred, PNM Resources executive vice president and CFO.
A live webcast of the call will be archived at http://www.pnmresources.com/investors/events.cfm.
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: http://dpregister.com/10116727. 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 fourth quarter conference 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 2017 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,580 megawatts of generation capacity and provides electricity to more than 773,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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 |
Consolidated | |||||||||||||
(in thousands) | ||||||||||||||||
Quarter Ended December 31, 2017 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
(32,154) |
$ |
1,024 |
$ |
(23,152) |
$ |
(54,282) |
||||||||
Adjusting items before income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges4a |
2,017 |
— |
— |
2,017 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities4b |
(2,124) |
— |
— |
(2,124) |
||||||||||||
Regulatory disallowances and restructuring costs3, 4c |
27,036 |
— |
— |
27,036 |
||||||||||||
Pension expense related to previously disposed of gas distribution business4d |
961 |
— |
— |
961 |
||||||||||||
Total adjustments before income tax effects |
27,890 |
— |
— |
27,890 |
||||||||||||
Income (taxes) on above adjustments1 |
(10,822) |
— |
— |
(10,822) |
||||||||||||
Change in federal corporate income tax rate2 |
29,606 |
7,865 |
19,990 |
57,461 |
||||||||||||
Other income tax impairments and valuation allowances |
2,732 |
— |
1,100 |
3,832 |
||||||||||||
New Mexico corporate income tax rate change |
(1,201) |
— |
(163) |
(1,364) |
||||||||||||
Recovery of prior tax impairments in New Mexico general rate review |
(3,297) |
— |
— |
(3,297) |
||||||||||||
Total income tax impacts4e |
17,018 |
7,865 |
20,927 |
45,810 |
||||||||||||
Adjusting items, net of income taxes |
44,908 |
7,865 |
20,927 |
73,700 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
12,754 |
$ |
8,889 |
$ |
(2,225) |
$ |
19,418 |
||||||||
Year Ended December 31, 2017 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
71,868 |
$ |
35,559 |
$ |
(27,553) |
$ |
79,874 |
||||||||
Adjusting items before income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges4a |
2,875 |
— |
— |
2,875 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities4b |
(3,258) |
— |
— |
(3,258) |
||||||||||||
Regulatory disallowances and restructuring costs3, 4c |
27,036 |
— |
— |
27,036 |
||||||||||||
Pension expense related to previously disposed of gas distribution business4d |
3,846 |
— |
— |
3,846 |
||||||||||||
Total adjustments before income tax effects |
30,499 |
— |
— |
30,499 |
||||||||||||
Income (taxes) on above adjustments1 |
(11,833) |
— |
— |
(11,833) |
||||||||||||
Change in federal corporate income tax rate2 |
29,606 |
7,865 |
19,990 |
57,461 |
||||||||||||
Other income tax impairments and valuation allowances |
2,732 |
— |
1,100 |
3,832 |
||||||||||||
New Mexico corporate income tax rate change |
(1,179) |
— |
(80) |
(1,259) |
||||||||||||
Recovery of prior tax impairments in New Mexico general rate review |
(3,297) |
— |
— |
(3,297) |
||||||||||||
Total income tax impacts4e |
16,029 |
7,865 |
21,010 |
44,904 |
||||||||||||
Adjusting items, net of income taxes |
46,528 |
7,865 |
21,010 |
75,403 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
118,396 |
$ |
43,424 |
$ |
(6,543) |
$ |
155,277 |
||||||||
1 2017 income taxes calculated using a tax rate of 38.80% | ||||||||||||||||
2 Federal tax reform, which was enacted in December 2017, reduced the federal corporate income tax rate from 35% to 21%; GAAP required that accumulated deferred income tax assets and liabilities be re-measured to reflect the new rate; the re-measurement reductions in net deferred income tax liabilities related to regulated activities were recorded as increases in regulatory liabilities; the re-measurement reductions in net deferred income tax assets related to non-regulated activities were recorded as increases in income tax expense and are reflected as adjustments above | ||||||||||||||||
3 Regulatory disallowances and restructuring costs are primarily related to the January 2018 order in PNM's general rate review granting a debt-only return on $148.1 million of investments in the Four Corners Power Plant | ||||||||||||||||
4 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Consolidated Statement of Earnings as follows: | ||||||||||||||||
a Reductions in "Electric Operating Revenues" and "Cost of energy" of $2,224 and $207 in the three months ended December 31, 2017 and increases in "Electric Operating Revenues and "Cost of energy" of $6,594 and $9,469 in the year ended December 31, 2017 | ||||||||||||||||
b Increases in "Gains on available-for-sale securities" | ||||||||||||||||
c Increases in "Regulatory disallowances and restructuring costs" | ||||||||||||||||
d Increases in "Administrative and general" | ||||||||||||||||
e 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 |
Consolidated | |||||||||||||
(in thousands) | ||||||||||||||||
Quarter Ended December 31, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
15,982 |
$ |
9,855 |
$ |
(1,028) |
$ |
24,809 |
||||||||
Adjusting items before income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges3a |
(616) |
— |
— |
(616) |
||||||||||||
Net change in unrealized impairments of available-for-sale securities3b |
2,190 |
— |
— |
2,190 |
||||||||||||
Regulatory disallowances and restructuring costs3c |
(2,214) |
— |
— |
(2,214) |
||||||||||||
Pension expense related to previously disposed of gas distribution business3d |
925 |
— |
— |
925 |
||||||||||||
Process improvement initiatives3e |
3,743 |
237 |
— |
3,980 |
||||||||||||
Total adjustments before income tax effects |
4,028 |
237 |
— |
4,265 |
||||||||||||
Income (taxes) on above adjustments1, 3f |
(1,572) |
(82) |
— |
(1,654) |
||||||||||||
Adjusting items, net of income taxes |
2,456 |
155 |
— |
2,611 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
18,438 |
$ |
10,010 |
$ |
(1,028) |
$ |
27,420 |
||||||||
Year Ended December 31, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
76,891 |
$ |
41,672 |
$ |
(1,714) |
$ |
116,849 |
||||||||
Adjusting items before income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges3a |
1,577 |
— |
— |
1,577 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities3b |
1,169 |
— |
— |
1,169 |
||||||||||||
Regulatory disallowances and restructuring costs2, 3c |
15,010 |
— |
586 |
15,596 |
||||||||||||
Pension expense related to previously disposed of gas distribution business3d |
3,702 |
— |
— |
3,702 |
||||||||||||
Process improvement initiatives3e |
3,743 |
237 |
— |
3,980 |
||||||||||||
Building consolidation3d |
737 |
996 |
— |
1,733 |
||||||||||||
Total adjustments before income tax effects |
25,938 |
1,233 |
586 |
27,757 |
||||||||||||
Income (taxes) on above adjustments1 |
(10,122) |
(431) |
(229) |
(10,782) |
||||||||||||
New Mexico corporate income tax rate change |
804 |
— |
(92) |
712 |
||||||||||||
Recovery of prior tax impairments in New Mexico general rate review |
(2,145) |
— |
— |
(2,145) |
||||||||||||
Total income tax impacts3f |
(11,463) |
(431) |
(321) |
(12,215) |
||||||||||||
Adjusting items, net of income tax |
14,475 |
802 |
265 |
15,542 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
91,366 |
$ |
42,474 |
$ |
(1,449) |
$ |
132,391 |
1 2016 income taxes calculated using rates of 35.00% for TNMP and 39.02% for other segments. | ||||||||||||||||
2 Regulatory disallowances and restructuring costs are primarily related to the September 2016 order in PNM's general rate review | ||||||||||||||||
3 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Consolidated Statement of Earnings as follows: | ||||||||||||||||
a Increases in "Electric Operating Revenues" and "Cost of energy" of $5,247 and $4,631 in the three months ended December 31, 2016 and $3,182 and $4,759 in the year ended December 31, 2016 | ||||||||||||||||
b Reductions in "Gains on available-for-sale securities" | ||||||||||||||||
c Reduction in "Regulatory disallowances and restructuring costs" (PNM) in the three months ended December 31, 2016 and increases in "Regulatory disallowances and restructuring costs" (PNM) and "Other (deductions)" (Corporate and Other) in the year ended December 31, 2016 | ||||||||||||||||
d Increases in "Administrative and general" | ||||||||||||||||
e Increases in "Administrative and general" and "Taxes other than income taxes" of $3,960 ($3,723 PNM and $237 TNMP) and $20 (PNM) in the three months and year ended December 31, 2016 | ||||||||||||||||
f 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 |
Consolidated | |||||||||||||
(per diluted share) | ||||||||||||||||
Quarter Ended December 31, 2017 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
(0.40) |
$ |
0.01 |
$ |
(0.29) |
$ |
(0.68) |
||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges |
0.02 |
— |
— |
0.02 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
(0.02) |
— |
— |
(0.02) |
||||||||||||
Regulatory disallowances and restructuring costs |
0.21 |
— |
— |
0.21 |
||||||||||||
Pension expense related to previously disposed of gas distribution business |
0.01 |
— |
— |
0.01 |
||||||||||||
Change in federal corporate income tax rate |
0.37 |
0.10 |
0.25 |
0.72 |
||||||||||||
Other income tax impairments and valuation allowances |
0.03 |
— |
0.01 |
0.04 |
||||||||||||
New Mexico corporate income tax rate change |
(0.02) |
— |
— |
(0.02) |
||||||||||||
Recovery of prior year impairments in New Mexico general rate review |
(0.04) |
— |
— |
(0.04) |
||||||||||||
Total Adjustments |
0.56 |
0.10 |
0.26 |
0.92 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
0.16 |
$ |
0.11 |
$ |
(0.03) |
$ |
0.24 |
||||||||
Average Diluted Shares Outstanding: 80,169,385 |
||||||||||||||||
Year Ended December 31, 2017 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
0.90 |
$ |
0.44 |
$ |
(0.34) |
$ |
1.00 |
||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges |
0.02 |
— |
— |
0.02 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
(0.02) |
— |
— |
(0.02) |
||||||||||||
Regulatory disallowances and restructuring costs |
0.21 |
— |
— |
0.21 |
||||||||||||
Pension expense related to previously disposed of gas distribution business |
0.03 |
— |
— |
0.03 |
||||||||||||
Change in federal corporate income tax rate |
0.37 |
0.10 |
0.25 |
0.72 |
||||||||||||
Other income tax impairments and valuation allowances |
0.03 |
— |
0.01 |
0.04 |
||||||||||||
New Mexico corporate income tax rate change |
(0.02) |
— |
— |
(0.02) |
||||||||||||
Recovery of prior year impairments in New Mexico general rate review |
(0.04) |
— |
— |
(0.04) |
||||||||||||
Total Adjustments |
0.58 |
0.10 |
0.26 |
0.94 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
1.48 |
$ |
0.54 |
$ |
(0.08) |
$ |
1.94 |
||||||||
Average Diluted Shares Outstanding: 80,141,447 |
||||||||||||||||
PNM Resources, Inc. and Subsidiaries | ||||||||||||||||
Schedule 4 | ||||||||||||||||
Reconciliation of GAAP to Ongoing Earnings Per Diluted Share | ||||||||||||||||
(Preliminary and Unaudited) | ||||||||||||||||
PNM |
TNMP |
Corporate |
Consolidated | |||||||||||||
(per diluted share) | ||||||||||||||||
Quarter Ended December 31, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
0.20 |
$ |
0.12 |
$ |
(0.01) |
$ |
0.31 |
||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges |
(0.01) |
— |
— |
(0.01) |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
0.02 |
— |
— |
0.02 |
||||||||||||
Regulatory disallowances and restructuring costs |
(0.02) |
— |
— |
(0.02) |
||||||||||||
Pension expense related to previously disposed of gas distribution business |
0.01 |
— |
— |
0.01 |
||||||||||||
Process improvement initiatives |
0.03 |
— |
— |
0.03 |
||||||||||||
Total Adjustments |
0.03 |
— |
— |
0.03 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
0.23 |
$ |
0.12 |
$ |
(0.01) |
$ |
0.34 |
||||||||
Average Basic and Diluted Shares Outstanding: 80,137,352 |
||||||||||||||||
Year Ended December 31, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
0.96 |
$ |
0.52 |
$ |
(0.02) |
$ |
1.46 |
||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges |
0.01 |
— |
— |
0.01 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
0.01 |
— |
— |
0.01 |
||||||||||||
Regulatory disallowances and restructuring costs1 |
0.09 |
— |
— |
0.09 |
||||||||||||
Pension expense related to previously disposed of gas distribution business |
0.03 |
— |
— |
0.03 |
||||||||||||
Process improvement initiatives |
0.03 |
— |
— |
0.03 |
||||||||||||
Building consolidation |
— |
0.01 |
— |
0.01 |
||||||||||||
New Mexico corporate income tax rate change |
0.01 |
— |
— |
0.01 |
||||||||||||
Total Adjustments |
0.18 |
0.01 |
— |
0.19 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
1.14 |
$ |
0.53 |
$ |
(0.02) |
$ |
1.65 |
||||||||
Average Diluted Shares Outstanding: 80,131,541 |
1 Includes earnings per share impact of "Recovery of prior tax impairments in New Mexico general rate review" |
PNM Resources, Inc. and Subsidiaries | |||||||||||
Schedule 5 | |||||||||||
Consolidated Statements of Earnings | |||||||||||
(Preliminary and Unaudited) | |||||||||||
Year Ended December 31, | |||||||||||
2017 |
2016 |
2015 | |||||||||
(In thousands, except per share amounts) | |||||||||||
Electric Operating Revenues |
$ |
1,445,003 |
$ |
1,362,951 |
$ |
1,439,082 |
|||||
Operating Expenses: |
|||||||||||
Cost of energy |
407,479 |
380,596 |
464,649 |
||||||||
Administrative and general |
186,345 |
191,514 |
179,100 |
||||||||
Energy production costs |
137,450 |
146,187 |
176,752 |
||||||||
Regulatory disallowances and restructuring costs |
27,036 |
15,011 |
167,471 |
||||||||
Depreciation and amortization |
231,942 |
209,110 |
185,919 |
||||||||
Transmission and distribution costs |
71,576 |
66,227 |
69,157 |
||||||||
Taxes other than income taxes |
76,690 |
76,321 |
71,684 |
||||||||
Total operating expenses |
1,138,518 |
1,084,966 |
1,314,732 |
||||||||
Operating income |
306,485 |
277,985 |
124,350 |
||||||||
Other Income and Deductions: |
|||||||||||
Interest income |
15,916 |
22,293 |
6,498 |
||||||||
Gains on available-for-sale securities |
27,161 |
19,517 |
16,060 |
||||||||
Other income |
19,515 |
17,796 |
26,833 |
||||||||
Other (deductions) |
(15,693) |
(13,784) |
(12,728) |
||||||||
Net other income and deductions |
46,899 |
45,822 |
36,663 |
||||||||
Interest Charges |
127,625 |
128,633 |
114,860 |
||||||||
Earnings before Income Taxes |
225,759 |
195,174 |
46,153 |
||||||||
Income Taxes |
130,340 |
63,278 |
15,075 |
||||||||
Net Earnings |
95,419 |
131,896 |
31,078 |
||||||||
(Earnings) Attributable to Valencia Non-controlling Interest |
(15,017) |
(14,519) |
(14,910) |
||||||||
Preferred Stock Dividend Requirements of Subsidiary |
(528) |
(528) |
(528) |
||||||||
Net Earnings Attributable to PNMR |
$ |
79,874 |
$ |
116,849 |
$ |
15,640 |
|||||
Net Earnings Attributable to PNMR per Common Share: |
|||||||||||
Basic |
$ |
1.00 |
$ |
1.47 |
$ |
0.20 |
|||||
Diluted |
$ |
1.00 |
$ |
1.46 |
$ |
0.20 |
View original content with multimedia:http://www.prnewswire.com/news-releases/pnm-resources-reports-fourth-quarter-and-year-end-results-300604619.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Feb. 23, 2018 /PRNewswire/ -- At its regular meeting held today, the Board of Directors of PNM Resources (NYSE: PNM) declared the regular quarterly dividend of $0.265 per share on the company's common stock. The dividend is payable May 16, 2018, to shareholders of record at the close of business May 2, 2018.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
View original content with multimedia:http://www.prnewswire.com/news-releases/pnm-resources-board-declares-quarterly-common-stock-dividend-300603560.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Feb. 6, 2018 /PRNewswire/ -- PNM Resources (NYSE: PNM) will announce 2017 fourth quarter and year-end financial results prior to the market opening on Tuesday, February 27, 2018. The earnings news release will be issued at 6:30 a.m. Eastern and also will be posted on the company's website at www.PNMResources.com.
Management will host a live conference call and webcast that morning at 11 a.m. Eastern to discuss financial results and provide other company updates.
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: http://dpregister.com/10116727.
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 fourth quarter conference call." Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software.
A live webcast of the call will be available at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
View original content with multimedia:http://www.prnewswire.com/news-releases/pnm-resources-to-announce-2017-fourth-quarter-and-year-end-earnings-on-february-27-300593893.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Jan. 11, 2018 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week in Arizona.
The presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | ||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
View original content with multimedia:http://www.prnewswire.com/news-releases/pnm-resources-management-to-meet-with-investors-300581613.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Jan. 11, 2018 /PRNewswire/ -- The New Mexico Public Regulation Commission (Commission) yesterday approved an order that contained modifications to the previously filed settlement agreement (Order) in the general rate review filing of Public Service Co. of New Mexico (PNM), a wholly owned subsidiary of PNM Resources (NYSE: PNM). After hearing oral arguments, the Commission reconsidered its Dec. 20, 2017 order and voted 3-2 to approve the revised settlement with certain modifications. The written Order has not been released by the Commission. However, based on the oral hearing, PNM believes the Order would change the previously presented settlement agreement of $62.3 million, effectively reducing this amount by passing to customers the federal tax reform of approximately $48 million in 2018, as proposed by PNM and other parties. While the Order defers the Dec. 20, 2017 finding of imprudence related to PNM's Four Corners Power Plant participation to a later regulatory proceeding, it does include an additional revenue reduction to the settlement agreement of approximately $9 million for the exclusion of the return on $148 million of Four Corners Power Plant investments. The Order maintains the two year phase-in of rates.
"We are disappointed that the Commission decided to propose modifications in their Order associated with the Four Corners Power Plant that could result in a significant write off," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "This has consequences to both PNM and its customers by increasing the risks related to the financial health of the utility and jeopardizing the company's ability to access the capital markets cost-effectively to raise the debt and equity required to deliver reliable energy to customers."
As the Order reflects modifications to the settlement agreement, the parties to the settlement must decide whether to accept the modifications, which decision is due by Jan. 16, 2018. PNM and other parties to the settlement will need to review the written order prior to deciding the appropriate course of action. If the Order is not accepted, the rate review is expected to move to litigation. If the Order is accepted, our preliminary estimate is that it could result in a pre-tax write off in the range of $55 to $60 million.
Parties to the settlement include: PNM; NM Attorney General; the Utility Division Staff; City of Albuquerque; Bernalillo County; New Mexico Industrial Energy Consumers; Albuquerque Bernalillo County Water Authority; Coalition for Clean Affordable Energy; Wal-Mart Stores East, LP and Sam's East, Inc.; Kroger Co.; Sierra Club; Renewable Energy Industries Association; and Western Resource Advocates.
The Order will be posted at the following website, after it is received from the Commission: http://www.pnmresources.com/investors/rates-and-filings.aspx.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the Company's website at www.PNMResources.com.
CONTACTS:
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR") or Public Service Company of New Mexico's ("PNM") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. PNMR and PNM assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR and PNM caution readers not to place undue reliance on these statements. PNMR's and PNM'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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Dec. 28, 2017 /PRNewswire/ -- Public Service Co. of New Mexico (PNM), a wholly owned subsidiary of PNM Resources (NYSE: PNM), has requested that the New Mexico Public Regulation Commission (Commission) reconsider their rejection of its general rate review settlement agreement dated May 23, 2017. There is no opposition to this request from the signatories. In addition, several parties have also filed requests seeking reconsideration and approval of the settlement agreement. If the Commission does not approve the settlement agreement, the rate review is expected to move forward to litigation.
"The settlement agreement continues to have overwhelming support from the parties to our rate review and it should be upheld by the Commission," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "Each of the settlement parties recognizes the significance and complexities of transitioning to coal-free generation and made concessions in this agreement to continue down this path. If we proceed to litigation, it will be to protect our ability to achieve this transition in a responsible way for all stakeholders."
The Commission had previously issued an order on Dec. 20, 2017 that accepted the Oct. 31, 2017 Hearing Examiners' Recommended Decision with certain modifications. The Commission has 20 days to consider the request. The Commission has authority to extend the suspension period in the rate review until Mar. 6, 2018. It is presumed that if the rate review moves to litigation, the suspension period would be extended to accommodate the Commissioners' review of the litigated proceeding. Under the Commission rules, parties have until Jan. 2, 2018 to respond to the motion. The Commission's next scheduled Open Meeting is on Jan. 3, 2018.
The signatories to the settlement agreement include: PNM; NM Attorney General; the Utility Division Staff; City of Albuquerque; Bernalillo County; New Mexico Industrial Energy Consumers; Albuquerque Bernalillo County Water Authority; Coalition for Clean Affordable Energy; Wal-Mart Stores East, LP and Sam's East, Inc.; Kroger Co.; Sierra Club; Renewable Energy Industries Association; and Western Resource Advocates.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the Company's website at www.PNMResources.com.
CONTACTS: | |
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR") or Public Service Company of New Mexico's ("PNM") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. PNMR and PNM assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR and PNM caution readers not to place undue reliance on these statements. PNMR's and PNM'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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Dec. 21, 2017 /PRNewswire/ -- The New Mexico Public Regulation Commission (Commission) approved an Order Partially Adopting Certification of Stipulation (Order) yesterday in the general rate review filing of Public Service Co. of New Mexico (PNM), a wholly owned subsidiary of PNM Resources (NYSE: PNM). The Order accepts the Oct. 31, 2017 Hearing Examiners' Recommended Decision with certain modifications. These modifications include reflecting the impacts of federal tax reform in customer rates in 2018 rather than in 2019, and further evaluation of PNM's prudence related to the Four Corners Power Plant through additional Commission proceedings. The Order adopts a non-fuel revenue increase of $62.3 million (before tax reform) phased-in over two years for services rendered after Jan. 1, 2018. Next steps include the parties to the settlement making a decision as to whether they will accept the Order's modifications to the revised stipulation within the next five business days. If the parties do not accept the Order, then the case will move to a litigated path.
"We are very disappointed with the Commission's Order, and their position related to the prudency of the Four Corners Power Plant," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "The parties to the settlement agreement have worked together to strike a fair and balanced outcome, but based on comments from some of the Commissioners today, it would seem that the possibility for future rate review settlements is very limited. This is disappointing as settlements provide an efficient means to reach fair and balanced outcomes for all parties. PNM, however, will continue its customer-centric focus on the delivery of affordable, reliable and environmentally responsible energy for New Mexicans."
Based on a preliminary assessment of the Order, the other key elements appear to be:
Parties to the settlement include: PNM; NM Attorney General; the Utility Division Staff; City of Albuquerque; Bernalillo County; New Mexico Industrial Energy Consumers; Albuquerque Bernalillo County Water Authority; Coalition for Clean Affordable Energy; Wal-Mart Stores East, LP and Sam's East, Inc.; Kroger Co.; Sierra Club; Renewable Energy Industries Association; and Western Resource Advocates.
The Order will be posted at the following website: http://www.pnmresources.com/investors/rates-and-filings.aspx.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the Company's website at www.PNMResources.com.
CONTACTS:
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR") or Public Service Company of New Mexico's ("PNM") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. PNMR and PNM assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR and PNM caution readers not to place undue reliance on these statements. PNMR's and PNM'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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Dec. 20, 2017 /PRNewswire/ -- PNM Resources' (NYSE: PNM) New Mexico utility, Public Service Co. of New Mexico (PNM) has completed the shutdown of two of the four units of its San Juan Generating Station (SJGS) near Farmington, NM.
The retirement of the two units is part of the Revised State Implementation Plan (Revised SIP), which resulted from an agreement among the New Mexico Environment Department, the U.S. Environmental Protection Agency and PNM. Retiring the units is necessary for SJGS to comply with federal visibility regulations under the Clean Air Act. Retiring the two units reduces the plant's emissions, including carbon dioxide, as well as its use of coal and water, by approximately 50 percent.
"This agreement is the result of a strong collaboration among many parties, each of whom worked to find a solution in the best interests of New Mexicans," said PNM Resources' President, Chairman and CEO Pat Vincent-Collawn. "As we look ahead, there will be more challenges to face and tough decisions to make. The best way to achieve our shared vision of a clean, sustainable energy future will be to continue to work together."
Operators shut down both units a few days earlier than planned because of mechanical problems. Unit 2 was shut down around noon today and Unit 3 was taken offline early Tuesday morning, Dec. 19. It would have been uneconomical to repair the units given the fact that they were scheduled to be shut down later this week.
Crews will now begin the process of cleaning out the units and completing other procedures to permanently retire them from service. The agreement with the EPA mandates that the units be completely out of service by December 31, 2017.
PNM also continues to honor its pledge that reductions in the number of jobs at the plant will be handled through retirements and attrition with no layoffs associated with the shutdown of these units.
Unit 2 came online when the plant opened in 1973 and is the oldest unit at San Juan. Unit 3 began operation in 1979. The shutdown of these two units will result in the reduction of energy generation of approximately 836 MW. PNM plans to replace that loss in generation with a diverse mix of increased renewable energy, existing nuclear power and natural gas generation.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR") or Public Service Company of New Mexico's ("PNM") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. PNMR and PNM assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR and PNM caution readers not to place undue reliance on these statements. PNMR's and PNM'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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Dec. 11, 2017 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week in California.
During the meetings, management is expected to affirm the company's 2017 consolidated ongoing earnings guidance of $1.85 to $1.90 per diluted share, 2018 consolidated earnings guidance of $1.70 to $1.80 per diluted share, and 2019 consolidated earnings guidance of $2.00 to $2.16 per diluted share. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | ||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Dec. 8, 2017 /PRNewswire/ -- PNM Resources' (NYSE: PNM) management today will discuss the company's 2018 ongoing earnings guidance of $1.70 to $1.80 per diluted share and 2019 ongoing earnings guidance of $2.00 to $2.16 per diluted share.
Management will host a meeting today with analysts and investors to discuss details of the guidance and provide company updates. The meeting will be webcast live from 11 a.m. until approximately 12 p.m. Eastern. Speaking at the meeting will be Pat Vincent-Collawn, PNM Resources chairman, president and CEO, and Chuck Eldred, PNM Resources executive vice president and CFO.
The presentation and live webcast will be available prior to the start of the meeting on PNM Resources' website at http://www.pnmresources.com/investors/events.cfm. Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software. The webcast archive will be available following the meeting on the PNM Resources website.
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: http://dpregister.com/10114840. 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 2017 Financial Update."
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Dec. 7, 2017 /PRNewswire/ -- The Board of Directors of PNM, a subsidiary of PNM Resources (NYSE: PNM), has declared the regular quarterly dividend of $1.145 per share on the 4.58 percent series of cumulative preferred stock. The preferred stock dividend is payable January 15, 2018, to shareholders of record at the close of business January 2, 2018.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | ||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
View original content with multimedia:http://www.prnewswire.com/news-releases/pnm-declares-preferred-dividend-300568598.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Dec. 1, 2017 /PRNewswire/ -- The Board of Directors of PNM Resources (NYSE: PNM) yesterday unanimously voted to increase the company's annual dividend payment by $0.09, a 9.3 percent increase, to an indicated annual rate of $1.06 per share of common stock. This is consistent with the company's target to pay out 50 to 60 percent of annual ongoing earnings. The board has declared the resulting quarterly stock dividend of $0.2650 per share, payable February 1, 2018, to shareholders of record at the close of business January 18, 2018.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Dec. 1, 2017 /PRNewswire/ -- PNM Resources (NYSE: PNM) will announce the company's 2018 and 2019 ongoing earnings guidance prior to the market opening on Friday, Dec. 8, 2017. The news release will be issued at 6:30 a.m. Eastern and available on the company's website at www.pnmresources.com.
Management will host a meeting with analysts and investors to discuss details of the guidance and provide company updates. The meeting will be webcast live from 11 a.m. until approximately 12 p.m. Eastern. Speaking at the meeting will be Pat Vincent-Collawn, PNM Resources chairman, president and CEO, and Chuck Eldred, PNM Resources executive vice president and CFO.
The presentation and live webcast will be available prior to the start of the meeting on PNM Resources' website at http://www.pnmresources.com/investors/events.cfm. Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software. The webcast archive will be available following the meeting on the PNM Resources website.
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: http://dpregister.com/10114840. 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 2017 Financial Update."
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | ||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Nov. 3, 2017 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors at the Edison Electric Institute Financial Conference in Florida beginning Nov. 5, 2017.
During the meetings, management is expected to affirm the company's 2017 consolidated ongoing earnings guidance of $1.77 to $1.87 per diluted share. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
View original content with multimedia:http://www.prnewswire.com/news-releases/pnm-resources-management-to-meet-with-investors-300549660.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Oct. 27, 2017 /PRNewswire/ --
PNM Resources (In millions, except EPS) | |||||
Q3 2017 |
Q3 2016 |
YTD 2017 |
YTD 2016 | ||
GAAP net earnings |
$73.7 |
$54.4 |
$134.2 |
$92.0 | |
GAAP diluted EPS |
$0.92 |
$0.68 |
$1.67 |
$1.15 | |
Ongoing net earnings |
$74.2 |
$62.1 |
$135.9 |
$105.0 | |
Ongoing diluted EPS |
$0.93 |
$0.78 |
$1.70 |
$1.31 |
PNM Resources (NYSE: PNM) today released the company's 2017 third quarter earnings results. In addition, management affirmed its 2017 consolidated ongoing earnings guidance of $1.77 to $1.87 per diluted share.
"Third quarter earnings keep us on track with annual earnings guidance and reflect the retail rates implemented last year to pay for our investments in system improvements," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "As we finish out the calendar year, we remain focused on key New Mexico regulatory filings that allow us to continue strengthening our system and provide customers with reliable, affordable and environmentally sustainable power in the future."
SEGMENT REPORTING OF 2017 THIRD QUARTER EARNINGS
PNM – a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.
PNM (In millions, except EPS) | |||||
Q3 2017 |
Q3 2016 |
YTD 2017 |
YTD 2016 | ||
GAAP net earnings |
$60.7 |
$40.9 |
$104.0 |
$60.9 | |
GAAP diluted EPS |
$0.76 |
$0.51 |
$1.30 |
$0.76 | |
Ongoing net earnings |
$61.2 |
$47.9 |
$105.6 |
$72.9 | |
Ongoing diluted EPS |
$0.77 |
$0.60 |
$1.33 |
$0.91 |
TNMP – an electric transmission and distribution utility in Texas.
TNMP (In millions, except EPS) | |||||
Q3 2017 |
Q3 2016 |
YTD 2017 |
YTD 2016 | ||
GAAP net earnings |
$14.7 |
$13.9 |
$34.5 |
$31.8 | |
GAAP diluted EPS |
$0.18 |
$0.17 |
$0.43 |
$0.40 | |
Ongoing net earnings |
$14.7 |
$14.5 |
$34.5 |
$32.5 | |
Ongoing diluted EPS |
$0.18 |
$0.18 |
$0.43 |
$0.41 |
Corporate and Other – a segment that reflects the PNM Resources holding company and other subsidiaries.
Corporate and Other (In millions, except EPS) | |||||
Q3 2017 |
Q3 2016 |
YTD 2017 |
YTD 2016 | ||
GAAP net earnings (loss) |
($1.7) |
($0.3) |
($4.4) |
($0.7) | |
GAAP diluted EPS |
($0.02) |
$0.00 |
($0.06) |
($0.01) | |
Ongoing net earnings (loss) |
($1.7) |
($0.3) |
($4.3) |
($0.4) | |
Ongoing diluted EPS |
($0.02) |
$0.00 |
($0.06) |
($0.01) |
Financial materials are available at http://www.pnmresources.com/investors/results.cfm.
THIRD QUARTER CONFERENCE CALL: 11 AM EASTERN FRIDAY, OCT. 27
PNM Resources will discuss third quarter earnings results during a live conference call and webcast on Friday, Oct. 27th at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources chairman, president and CEO, and Chuck Eldred, PNM Resources executive vice president and CFO.
A live webcast of the call will be archived at http://www.pnmresources.com/investors/events.cfm.
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: http://dpregister.com/10113291. 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 conference 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 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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, 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 |
Consolidated | |||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended September 30, 2017 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
60,695 |
$ |
14,727 |
$ |
(1,683) |
$ |
73,739 |
||||||||
Adjusting items before income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges1 |
(80) |
— |
— |
(80) |
||||||||||||
Net change in unrealized impairments of available-for-sale securities2 |
(107) |
— |
— |
(107) |
||||||||||||
Pension expense related to previously disposed of gas distribution business3 |
961 |
— |
— |
961 |
||||||||||||
Total adjustments before income tax effects |
774 |
— |
— |
774 |
||||||||||||
Income (taxes) on above adjustments* |
(300) |
— |
— |
(300) |
||||||||||||
Adjusting items, net of income taxes |
474 |
— |
— |
474 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
61,169 |
$ |
14,727 |
$ |
(1,683) |
$ |
74,213 |
||||||||
Nine Months Ended September 30, 2017 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
104,021 |
$ |
34,535 |
$ |
(4,400) |
$ |
134,156 |
||||||||
Adjusting items before income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges1 |
858 |
— |
— |
858 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities2 |
(1,135) |
— |
— |
(1,135) |
||||||||||||
Pension expense related to previously disposed of gas distribution business3 |
2,884 |
— |
— |
2,884 |
||||||||||||
Total adjustments before income tax effects |
2,607 |
— |
— |
2,607 |
||||||||||||
Income (taxes) on above adjustments* |
(1,011) |
— |
— |
(1,011) |
||||||||||||
New Mexico corporate income tax rate change |
22 |
— |
83 |
105 |
||||||||||||
Total income tax impacts |
(989) |
— |
83 |
(906) |
||||||||||||
Adjusting items, net of income taxes |
1,618 |
— |
83 |
1,701 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
105,639 |
$ |
34,535 |
$ |
(4,317) |
$ |
135,857 |
||||||||
*2017 income tax effects calculated using a tax rate of 38.80%. | ||||||||||||||||
The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows: | ||||||||||||||||
1Reductions in "Electric Operating Revenues" and "Cost of energy" of $208 and $288 in the three months ended September 30, 2017 and increases in "Electric Operating Revenues" and "Cost of energy" of $8,818 and $9,676 in the nine months ended September 30, 2017 | ||||||||||||||||
2(Increases) in "Gains on available-for-sale securities" | ||||||||||||||||
3Increases in "Administrative and general" |
PNM Resources, Inc. and Subsidiaries | ||||||||||||||||
Schedule 2 | ||||||||||||||||
Reconciliation of GAAP to Ongoing Earnings | ||||||||||||||||
(Preliminary and Unaudited) | ||||||||||||||||
PNM |
TNMP |
Corporate and Other |
Consolidated | |||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended September 30, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
40,852 |
$ |
13,853 |
$ |
(287) |
$ |
54,418 |
||||||||
Adjusting items before income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges1 |
(2,969) |
— |
— |
(2,969) |
||||||||||||
Net change in unrealized impairments of available-for-sale securities2 |
(69) |
— |
— |
(69) |
||||||||||||
Regulatory disallowances and restructuring costs3 |
16,451 |
— |
— |
16,451 |
||||||||||||
Pension expense related to previously disposed of gas distribution business4 |
925 |
— |
— |
925 |
||||||||||||
Building consolidation4 |
737 |
996 |
— |
1,733 |
||||||||||||
Total adjustments before income tax effects |
15,075 |
996 |
— |
16,071 |
||||||||||||
Income (taxes) on above adjustments* |
(5,883) |
(349) |
— |
(6,232) |
||||||||||||
New Mexico corporate income tax rate change |
— |
— |
— |
— |
||||||||||||
Recovery of prior tax impairments in New Mexico general rate case |
(2,145) |
— |
— |
(2,145) |
||||||||||||
Total income tax impacts |
(8,028) |
(349) |
— |
(8,377) |
||||||||||||
Adjusting items, net of income taxes |
7,047 |
647 |
— |
7,694 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
47,899 |
$ |
14,500 |
$ |
(287) |
$ |
62,112 |
||||||||
Nine Months Ended September 30, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
60,909 |
$ |
31,817 |
$ |
(686) |
$ |
92,040 |
||||||||
Adjusting items before income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges1 |
2,193 |
— |
— |
2,193 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities2 |
(1,021) |
— |
— |
(1,021) |
||||||||||||
Regulatory disallowances and restructuring costs3 |
17,225 |
— |
586 |
17,811 |
||||||||||||
Pension expense related to previously disposed of gas distribution business4 |
2,776 |
— |
— |
2,776 |
||||||||||||
Building consolidation4 |
737 |
996 |
— |
1,733 |
||||||||||||
Total adjustments before income tax effects |
21,910 |
996 |
586 |
23,492 |
||||||||||||
Income (taxes) on above adjustments* |
(8,549) |
(349) |
(229) |
(9,127) |
||||||||||||
New Mexico corporate income tax rate change |
804 |
— |
(92) |
712 |
||||||||||||
Recovery of prior tax impairments in New Mexico general rate case |
(2,145) |
— |
— |
(2,145) |
||||||||||||
Total income tax impacts |
(9,890) |
(349) |
(321) |
(10,560) |
||||||||||||
Adjusting items, net of income taxes |
12,020 |
647 |
265 |
12,932 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
72,929 |
$ |
32,464 |
$ |
(421) |
$ |
104,972 |
||||||||
*2016 income tax effects calculated using tax rates of 35.00% for TNMP and 39.02% for other segments. | ||||||||||||||||
The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows: | ||||||||||||||||
1Increase of $2,650 in "Electric Operating Revenues" and reduction of $319 in "Cost of energy" in the three months ended September 30, 2016 and reduction in "Electric Operating Revenues of $2,064 and increase in "Cost of energy" of $129 in the nine months ended September 30, 2016 | ||||||||||||||||
2(Increases) in "Gains on available-for-sale securities" | ||||||||||||||||
3Increases in "Regulatory disallowances and restructuring costs" (PNM) and "Other (deductions)" (Corporate and Other) | ||||||||||||||||
4Increases in "Administrative and general" |
PNM Resources, Inc. and Subsidiaries | ||||||||||||||||
Schedule 3 | ||||||||||||||||
Reconciliation of GAAP to Ongoing Earnings Per Diluted Share | ||||||||||||||||
(Preliminary and Unaudited) | ||||||||||||||||
PNM |
TNMP |
Corporate and Other |
Consolidated | |||||||||||||
(per diluted share) | ||||||||||||||||
Three Months Ended September 30, 2017 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
0.76 |
$ |
0.18 |
$ |
(0.02) |
$ |
0.92 |
||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges |
— |
— |
— |
— |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
— |
— |
— |
— |
||||||||||||
Pension expense related to previously disposed of gas distribution business |
0.01 |
— |
— |
0.01 |
||||||||||||
Total Adjustments |
0.01 |
— |
— |
0.01 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
0.77 |
$ |
0.18 |
$ |
(0.02) |
$ |
0.93 |
||||||||
Average Diluted Shares Outstanding: 80,153,623 |
||||||||||||||||
Nine Months Ended September 30, 2017 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
1.30 |
$ |
0.43 |
$ |
(0.06) |
$ |
1.67 |
||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges |
0.01 |
— |
— |
0.01 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
(0.01) |
— |
— |
(0.01) |
||||||||||||
Pension expense related to previously disposed of gas distribution business |
0.03 |
— |
— |
0.03 |
||||||||||||
New Mexico corporate income tax rate change |
— |
— |
— |
— |
||||||||||||
Total Adjustments |
0.03 |
— |
— |
0.03 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
1.33 |
$ |
0.43 |
$ |
(0.06) |
$ |
1.70 |
||||||||
Average Diluted Shares Outstanding: 80,132,174 |
PNM Resources, Inc. and Subsidiaries | ||||||||||||||||
Schedule 4 | ||||||||||||||||
Reconciliation of GAAP to Ongoing Earnings Per Diluted Share | ||||||||||||||||
(Preliminary and Unaudited) | ||||||||||||||||
PNM |
TNMP |
Corporate and Other |
Consolidated | |||||||||||||
(per diluted share) | ||||||||||||||||
Three Months Ended September 30, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
0.51 |
$ |
0.17 |
$ |
— |
$ |
0.68 |
||||||||
Adjusting items |
||||||||||||||||
Mark-to-market impact of economic hedges |
(0.02) |
— |
— |
(0.02) |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
— |
— |
— |
— |
||||||||||||
Regulatory disallowances and restructuring costs |
0.10 |
— |
— |
0.10 |
||||||||||||
Pension expense related to previously disposed of gas distribution business |
0.01 |
— |
— |
0.01 |
||||||||||||
Building consolidation |
— |
0.01 |
— |
0.01 |
||||||||||||
Total Adjustments |
0.09 |
0.01 |
— |
0.10 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
0.60 |
$ |
0.18 |
$ |
— |
$ |
0.78 |
||||||||
Average Diluted Shares Outstanding: 80,117,232 |
||||||||||||||||
Nine Months Ended September 30, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
0.76 |
$ |
0.40 |
$ |
(0.01) |
$ |
1.15 |
||||||||
Adjusting items |
||||||||||||||||
Mark-to-market impact of economic hedges |
0.02 |
— |
— |
0.02 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
(0.01) |
— |
— |
(0.01) |
||||||||||||
New Mexico corporate income tax rate change |
0.01 |
— |
— |
0.01 |
||||||||||||
Regulatory disallowances and restructuring costs |
0.11 |
— |
— |
0.11 |
||||||||||||
Pension expense related to previously disposed of gas distribution business |
0.02 |
— |
— |
0.02 |
||||||||||||
Building consolidation |
— |
0.01 |
— |
0.01 |
||||||||||||
Total Adjustments |
0.15 |
0.01 |
— |
0.16 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
0.91 |
$ |
0.41 |
$ |
(0.01) |
$ |
1.31 |
||||||||
Average Diluted Shares Outstanding: 80,129,604 |
||||||||||||||||
PNM Resources, Inc. and Subsidiaries | |||||||||||||||
Schedule 5 | |||||||||||||||
Condensed Consolidated Statement of Earnings | |||||||||||||||
(Preliminary and Unaudited) | |||||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, | ||||||||||||||
2017 |
2016 |
2017 |
2016 | ||||||||||||
(In thousands, except per share amounts) | |||||||||||||||
Electric Operating Revenues |
$ |
419,900 |
$ |
400,374 |
$ |
1,112,398 |
$ |
1,026,726 |
|||||||
Operating Expenses: |
|||||||||||||||
Cost of energy |
103,748 |
108,766 |
310,818 |
282,498 |
|||||||||||
Administrative and general |
46,268 |
46,942 |
138,923 |
139,214 |
|||||||||||
Energy production costs |
31,970 |
31,460 |
98,150 |
112,026 |
|||||||||||
Regulatory disallowances and restructuring costs |
— |
16,451 |
— |
17,225 |
|||||||||||
Depreciation and amortization |
58,821 |
53,017 |
172,829 |
153,801 |
|||||||||||
Transmission and distribution costs |
16,801 |
16,056 |
50,309 |
49,965 |
|||||||||||
Taxes other than income taxes |
19,808 |
19,611 |
57,820 |
57,598 |
|||||||||||
Total operating expenses |
277,416 |
292,303 |
828,849 |
812,327 |
|||||||||||
Operating income |
142,484 |
108,071 |
283,549 |
214,399 |
|||||||||||
Other Income and Deductions: |
|||||||||||||||
Interest income |
3,582 |
4,604 |
12,348 |
18,420 |
|||||||||||
Gains on available-for-sale securities |
5,406 |
4,531 |
17,730 |
15,380 |
|||||||||||
Other income |
6,275 |
4,884 |
14,626 |
13,413 |
|||||||||||
Other (deductions) |
(4,571) |
(3,764) |
(10,958) |
(10,866) |
|||||||||||
Net other income and deductions |
10,692 |
10,255 |
33,746 |
36,347 |
|||||||||||
Interest Charges |
32,106 |
32,467 |
96,137 |
97,179 |
|||||||||||
Earnings before Income Taxes |
121,070 |
85,859 |
221,158 |
153,567 |
|||||||||||
Income Taxes |
42,743 |
27,303 |
75,154 |
50,094 |
|||||||||||
Net Earnings |
78,327 |
58,556 |
146,004 |
103,473 |
|||||||||||
(Earnings) Attributable to Valencia Non-controlling Interest |
(4,456) |
(4,006) |
(11,452) |
(11,037) |
|||||||||||
Preferred Stock Dividend Requirements of Subsidiary |
(132) |
(132) |
(396) |
(396) |
|||||||||||
Net Earnings Attributable to PNMR |
$ |
73,739 |
$ |
54,418 |
$ |
134,156 |
$ |
92,040 |
|||||||
Net Earnings Attributable to PNMR per Common Share: |
|||||||||||||||
Basic |
$ |
0.92 |
$ |
0.68 |
$ |
1.68 |
$ |
1.15 |
|||||||
Diluted |
$ |
0.92 |
$ |
0.68 |
$ |
1.67 |
$ |
1.15 |
|||||||
Dividends Declared per Common Share |
$ |
0.2425 |
$ |
0.2200 |
$ |
0.7275 |
$ |
0.6600 |
View original content with multimedia:http://www.prnewswire.com/news-releases/pnm-resources-reports-third-quarter-results-300544724.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Oct. 13, 2017 /PRNewswire/ -- PNM Resources (NYSE: PNM) will announce 2017 third quarter financial results prior to the market opening on Friday, October 27, 2017. The earnings news release will be issued at 6:30 a.m. Eastern and also will be posted on the company's website at www.PNMResources.com.
Management will host a live conference call and webcast that morning at 11 a.m. Eastern to discuss financial results and provide other company updates.
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: http://dpregister.com/10113291.
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 conference call." Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software.
A live webcast of the call will be available at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
View original content with multimedia:http://www.prnewswire.com/news-releases/pnm-resources-to-announce-2017-third-quarter-earnings-on-october-27-300536061.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Oct. 2, 2017 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week in New York City.
During the meetings, management is expected to affirm the company's 2017 consolidated ongoing earnings guidance of $1.77 to $1.87 per diluted share. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
View original content with multimedia:http://www.prnewswire.com/news-releases/pnm-resources-management-to-meet-with-investors-300528618.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Sept. 19, 2017 /PRNewswire/ -- At its regular meeting held today, the Board of Directors of PNM Resources (NYSE: PNM) declared the regular quarterly dividend of $0.2425 per share on the company's common stock. The dividend is payable November 14, 2017, to shareholders of record at the close of business October 30, 2017.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
View original content with multimedia:http://www.prnewswire.com/news-releases/pnm-resources-board-declares-quarterly-common-stock-dividend-300522453.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Sept. 11, 2017 /PRNewswire/ -- The Board of Directors of PNM, a subsidiary of PNM Resources (NYSE: PNM), has declared the regular quarterly dividend of $1.145 per share on the 4.58 percent series of cumulative preferred stock. The preferred stock dividend is payable October 15, 2017, to shareholders of record at the close of business October 2, 2017.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
View original content with multimedia:http://www.prnewswire.com/news-releases/pnm-declares-preferred-dividend-300517390.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Aug. 21, 2017 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week in St. Louis.
During the meetings, management is expected to affirm the company's 2017 consolidated ongoing earnings guidance of $1.77 to $1.87 per diluted share. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
View original content with multimedia:http://www.prnewswire.com/news-releases/pnm-resources-management-to-meet-with-investors-300506776.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Aug. 16, 2017 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week in Wisconsin.
During the meetings, management is expected to affirm the company's 2017 consolidated ongoing earnings guidance of $1.77 to $1.87 per diluted share. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
View original content with multimedia:http://www.prnewswire.com/news-releases/pnm-resources-management-to-meet-with-investors-300504891.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., July 28, 2017 /PRNewswire/ --
PNM Resources (In millions, except EPS) | ||||
Q2 2017 |
Q2 2016 |
YTD 2017 |
YTD 2016 | |
GAAP net earnings |
$37.6 |
$27.1 |
$60.4 |
$37.6 |
GAAP diluted EPS |
$0.47 |
$0.34 |
$0.75 |
$0.47 |
Ongoing net earnings |
$39.6 |
$32.1 |
$61.6 |
$42.9 |
Ongoing diluted EPS |
$0.49 |
$0.40 |
$0.77 |
$0.53 |
PNM Resources (NYSE: PNM) today released the company's 2017 second quarter earnings results. In addition, management affirmed its 2017 consolidated ongoing earnings guidance of $1.77 to $1.87 per diluted share.
"Positive second quarter financial results keep us on track with annual earnings guidance," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "The settlement filed in PNM's general rate case, which includes the retirement of two coal-fired units at the San Juan Generating Station at the end of this year, is scheduled for hearings in August. Additionally, PNM's 2017 Integrated Resource Plan was filed on July 3, providing a roadmap for the transformation to a coal-free generation portfolio in 2031 while continuing to provide customers with reliable, affordable and environmentally sustainable power."
SEGMENT REPORTING OF 2017 SECOND QUARTER EARNINGS
PNM – a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.
PNM (In millions, except EPS) | ||||
Q2 2017 |
Q2 2016 |
YTD 2017 |
YTD 2016 | |
GAAP net earnings |
$26.8 |
$15.9 |
$43.3 |
$20.1 |
GAAP diluted EPS |
$0.34 |
$0.20 |
$0.54 |
$0.25 |
Ongoing net earnings |
$28.8 |
$20.9 |
$44.5 |
$25.0 |
Ongoing diluted EPS |
$0.36 |
$0.26 |
$0.56 |
$0.31 |
TNMP – an electric transmission and distribution utility in Texas.
TNMP (In millions, except EPS) | ||||
Q2 2017 |
Q2 2016 |
YTD 2017 |
YTD 2016 | |
GAAP net earnings |
$12.2 |
$10.5 |
$19.8 |
$18.0 |
GAAP diluted EPS |
$0.15 |
$0.13 |
$0.24 |
$0.22 |
Ongoing net earnings |
$12.2 |
$10.5 |
$19.8 |
$18.0 |
Ongoing diluted EPS |
$0.15 |
$0.13 |
$0.24 |
$0.22 |
Corporate and Other – includes PNMR holding company activities, primarily related to corporate level debt and PNMR Services Company, in addition to the activities of PNMR Development and NM Capital.
Corporate and Other (In millions, except EPS) | ||||
Q2 2017 |
Q2 2016 |
YTD 2017 |
YTD 2016 | |
GAAP net earnings (loss) |
($1.4) |
$0.7 |
($2.7) |
($0.4) |
GAAP diluted EPS |
($0.02) |
$0.01 |
($0.03) |
$0.00 |
Ongoing net earnings (loss) |
($1.4) |
$0.7 |
($2.6) |
($0.1) |
Ongoing diluted EPS |
($0.02) |
$0.01 |
($0.03) |
$0.00 |
Financial materials are available at http://www.pnmresources.com/investors/results.cfm.
SECOND QUARTER CONFERENCE CALL: 11 AM EASTERN FRIDAY, JULY 28
PNM Resources will discuss second quarter results during a live conference call and webcast on Friday, July 28th at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources chairman, president and CEO, and Chuck Eldred, PNM Resources executive vice president and CFO.
A live webcast of the call will be archived at http://www.pnmresources.com/investors/events.cfm.
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: http://dpregister.com/10110125. 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 conference 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 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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, 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 | ||||||||||||||||
PNM |
TNMP |
Corporate |
Consolidated | |||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended June 30, 2017 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
26,800 |
$ |
12,204 |
$ |
(1,449) |
$ |
37,555 | ||||||||
Adjusting items before income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges1 |
2,284 |
— |
— |
2,284 | ||||||||||||
Net change in unrealized impairments of available-for-sale securities2 |
73 |
— |
— |
73 | ||||||||||||
Pension expense related to previously disposed of gas distribution business3 |
961 |
— |
— |
961 | ||||||||||||
Total adjustments before income tax effects |
3,318 |
— |
— |
3,318 | ||||||||||||
Income (taxes) on above adjustments* |
(1,287) |
— |
— |
(1,287) | ||||||||||||
Adjusting items, net of income taxes |
2,031 |
— |
— |
2,031 | ||||||||||||
Ongoing Earnings (Loss) |
$ |
28,831 |
$ |
12,204 |
$ |
(1,449) |
$ |
39,586 | ||||||||
Six Months Ended June 30, 2017 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
43,327 |
$ |
19,808 |
$ |
(2,718) |
$ |
60,417 | ||||||||
Adjusting items before income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges1 |
939 |
— |
— |
939 | ||||||||||||
Net change in unrealized impairments of available-for-sale securities2 |
(1,028) |
— |
— |
(1,028) | ||||||||||||
Pension expense related to previously disposed of gas distribution business3 |
1,922 |
— |
— |
1,922 | ||||||||||||
Total adjustments before income tax effects |
1,833 |
— |
— |
1,833 | ||||||||||||
Income (taxes) on above adjustments* |
(711) |
— |
— |
(711) | ||||||||||||
New Mexico corporate income tax rate change |
22 |
— |
83 |
105 | ||||||||||||
Total income tax impacts |
(689) |
— |
83 |
(606) | ||||||||||||
Adjusting items, net of income taxes |
1,144 |
— |
83 |
1,227 | ||||||||||||
Ongoing Earnings (Loss) |
$ |
44,471 |
$ |
19,808 |
$ |
(2,635) |
$ |
61,644 | ||||||||
*2017 income tax effects calculated using a tax rate of 38.80%. | ||||||||||||||||
The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows: | ||||||||||||||||
1Increases in "Electric Operating Revenues" and "Cost of energy" of $7,977 and $10,261 in the three months ended June 30, 2017 and $9,026 and $9,965 in the six months ended June 30, 2017 | ||||||||||||||||
2(Increase) decrease in "Gains on available-for-sale securities" | ||||||||||||||||
3Increases in "Administrative and general" |
PNM Resources, Inc. and Subsidiaries | ||||||||||||||||
PNM |
TNMP |
Corporate |
Consolidated | |||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended June 30, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
15,917 |
$ |
10,508 |
$ |
651 |
$ |
27,076 | ||||||||
Adjusting items before income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges1 |
6,598 |
— |
— |
6,598 | ||||||||||||
Net change in unrealized impairments of available-for-sale securities2 |
666 |
— |
— |
666 | ||||||||||||
Pension expense related to previously disposed of gas distribution business3 |
925 |
— |
— |
925 | ||||||||||||
Total adjustments before income tax effects |
8,189 |
— |
— |
8,189 | ||||||||||||
Income (taxes) on above adjustments* |
(3,196) |
— |
— |
(3,196) | ||||||||||||
Adjusting items, net of income taxes |
4,993 |
— |
— |
4,993 | ||||||||||||
Ongoing Earnings (Loss) |
$ |
20,910 |
$ |
10,508 |
$ |
651 |
$ |
32,069 | ||||||||
Six Months Ended June 30, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
20,057 |
$ |
17,965 |
$ |
(400) |
$ |
37,622 | ||||||||
Adjusting items before income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges1 |
5,163 |
— |
— |
5,163 | ||||||||||||
Net change in unrealized impairments of available for sale securities2 |
(951) |
— |
— |
(951) | ||||||||||||
Regulatory disallowances and restructuring costs4 |
774 |
— |
586 |
1,360 | ||||||||||||
Pension expense related to previously disposed of gas distribution business3 |
1,851 |
— |
— |
1,851 | ||||||||||||
Total adjustments before income tax effects |
6,837 |
— |
586 |
7,423 | ||||||||||||
Income (taxes) on above adjustments* |
(2,668) |
— |
(229) |
(2,897) | ||||||||||||
New Mexico corporate income tax rate change |
804 |
— |
(92) |
712 | ||||||||||||
Total income tax impacts |
(1,864) |
— |
(321) |
(2,185) | ||||||||||||
Adjusting items, net of income taxes |
4,973 |
— |
265 |
5,238 | ||||||||||||
Ongoing Earnings (Loss) |
$ |
25,030 |
$ |
17,965 |
$ |
(135) |
$ |
42,860 | ||||||||
*2016 income tax effects calculated using a tax rate of 39.02%. | ||||||||||||||||
The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows: | ||||||||||||||||
1Decreases in "Electric Operating Revenues" and increases in "Cost of energy" of $6,079 and $519 in the three months ended June 30, 2016 and $4,715 and $448 in the six months ended June 30, 2016 | ||||||||||||||||
2(Increase) decrease in "Gains on available-for-sale securities" | ||||||||||||||||
3Increases in "Administrative and general" | ||||||||||||||||
5Increases in "Regulatory disallowances and restructuring costs" (PNM) and "Other (deductions)" (Corporate and Other) |
PNM Resources, Inc. and Subsidiaries | ||||||||||||||||
PNM |
TNMP |
Corporate |
Consolidated | |||||||||||||
(per diluted share) | ||||||||||||||||
Three Months Ended June 30, 2017 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
0.34 |
$ |
0.15 |
$ |
(0.02) |
$ |
0.47 | ||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges |
0.02 |
— |
— |
0.02 | ||||||||||||
Net change in unrealized impairments of available-for-sale securities |
— |
— |
— |
— | ||||||||||||
Pension expense related to previously disposed of gas distribution business |
— |
— |
— |
— | ||||||||||||
Total Adjustments |
0.02 |
— |
— |
0.02 | ||||||||||||
Ongoing Earnings (Loss) |
$ |
0.36 |
$ |
0.15 |
$ |
(0.02) |
$ |
0.49 | ||||||||
Average Diluted Shares Outstanding: 80,130,904 |
||||||||||||||||
Six Months Ended June 30, 2017 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
0.54 |
$ |
0.24 |
$ |
(0.03) |
$ |
0.75 | ||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges |
0.01 |
— |
— |
0.01 | ||||||||||||
Net change in unrealized impairments of available-for-sale securities |
(0.01) |
— |
— |
(0.01) | ||||||||||||
Pension expense related to previously disposed of gas distribution business |
0.02 |
— |
— |
0.02 | ||||||||||||
New Mexico corporate income tax rate change |
— |
— |
— |
— | ||||||||||||
Total Adjustments |
0.02 |
— |
— |
0.02 | ||||||||||||
Ongoing Earnings (Loss) |
$ |
0.56 |
$ |
0.24 |
$ |
(0.03) |
$ |
0.77 | ||||||||
Average Diluted Shares Outstanding: 80,121,449 |
PNM Resources, Inc. and Subsidiaries | ||||||||||||||||
PNM |
TNMP |
Corporate |
Consolidated | |||||||||||||
(per diluted share) | ||||||||||||||||
Three Months Ended June 30, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
0.20 |
$ |
0.13 |
$ |
0.01 |
$ |
0.34 | ||||||||
Adjusting items |
||||||||||||||||
Mark-to-market impact of economic hedges |
0.05 |
— |
— |
0.05 | ||||||||||||
Net change in unrealized impairments of available-for-sale securities |
— |
— |
— |
— | ||||||||||||
Pension expense related to previously disposed of gas distribution business |
0.01 |
— |
— |
0.01 | ||||||||||||
Total Adjustments |
0.06 |
— |
— |
0.06 | ||||||||||||
Ongoing Earnings (Loss) |
$ |
0.26 |
$ |
0.13 |
$ |
0.01 |
$ |
0.40 | ||||||||
Average Diluted Shares Outstanding: 80,107,844 |
||||||||||||||||
Six Months Ended June 30, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
0.25 |
$ |
0.22 |
$ |
— |
$ |
0.47 | ||||||||
Adjusting items |
||||||||||||||||
Mark-to-market impact of economic hedges |
0.04 |
— |
— |
0.04 | ||||||||||||
Net change in unrealized impairments of available-for-sale securities |
(0.01) |
— |
— |
(0.01) | ||||||||||||
New Mexico corporate income tax rate change |
0.01 |
— |
— |
0.01 | ||||||||||||
Regulatory disallowances and restructuring costs |
0.01 |
— |
— |
0.01 | ||||||||||||
Pension expense related to previously disposed of gas distribution business |
0.01 |
— |
— |
0.01 | ||||||||||||
Total Adjustments |
0.06 |
— |
— |
0.06 | ||||||||||||
Ongoing Earnings (Loss) |
$ |
0.31 |
$ |
0.22 |
$ |
— |
$ |
0.53 | ||||||||
Average Diluted Shares Outstanding: 80,135,790 |
||||||||||||||||
PNM Resources, Inc. and Subsidiaries | |||||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, | ||||||||||||||
2017 |
2016 |
2017 |
2016 | ||||||||||||
(In thousands, except per share amounts) | |||||||||||||||
Electric Operating Revenues |
$ |
362,320 |
$ |
315,391 |
$ |
692,498 |
$ |
626,352 | |||||||
Operating Expenses: |
|||||||||||||||
Cost of energy |
104,267 |
81,363 |
207,070 |
173,732 | |||||||||||
Administrative and general |
45,122 |
45,160 |
92,655 |
92,270 | |||||||||||
Energy production costs |
34,393 |
37,881 |
66,180 |
80,567 | |||||||||||
Regulatory disallowances and restructuring costs |
— |
— |
— |
774 | |||||||||||
Depreciation and amortization |
57,625 |
50,955 |
114,008 |
100,784 | |||||||||||
Transmission and distribution costs |
17,031 |
17,315 |
33,508 |
33,909 | |||||||||||
Taxes other than income taxes |
18,777 |
17,895 |
38,012 |
37,987 | |||||||||||
Total operating expenses |
277,215 |
250,569 |
551,433 |
520,023 | |||||||||||
Operating income |
85,105 |
64,822 |
141,065 |
106,329 | |||||||||||
Other Income and Deductions: |
|||||||||||||||
Interest income |
3,885 |
10,194 |
8,766 |
13,815 | |||||||||||
Gains on available-for-sale securities |
5,663 |
4,631 |
12,324 |
10,849 | |||||||||||
Other income |
3,450 |
4,265 |
8,351 |
8,530 | |||||||||||
Other (deductions) |
(2,904) |
(4,105) |
(6,387) |
(7,104) | |||||||||||
Net other income and deductions |
10,094 |
14,985 |
23,054 |
26,090 | |||||||||||
Interest Charges |
32,332 |
33,221 |
64,031 |
64,712 | |||||||||||
Earnings before Income Taxes |
62,867 |
46,586 |
100,088 |
67,707 | |||||||||||
Income Taxes |
21,636 |
15,634 |
32,411 |
22,790 | |||||||||||
Net Earnings |
41,231 |
30,952 |
67,677 |
44,917 | |||||||||||
(Earnings) Attributable to Valencia Non-controlling Interest |
(3,544) |
(3,744) |
(6,996) |
(7,031) | |||||||||||
Preferred Stock Dividend Requirements of Subsidiary |
(132) |
(132) |
(264) |
(264) | |||||||||||
Net Earnings Attributable to PNMR |
$ |
37,555 |
$ |
27,076 |
$ |
60,417 |
$ |
37,622 | |||||||
Net Earnings Attributable to PNMR per Common Share: |
|||||||||||||||
Basic |
$ |
0.47 |
$ |
0.34 |
$ |
0.76 |
$ |
0.47 | |||||||
Diluted |
$ |
0.47 |
$ |
0.34 |
$ |
0.75 |
$ |
0.47 | |||||||
Dividends Declared per Common Share |
$ |
0.2425 |
$ |
0.2200 |
$ |
0.4850 |
$ |
0.4400 |
View original content with multimedia:http://www.prnewswire.com/news-releases/pnm-resources-reports-second-quarter-results-300495879.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., July 27, 2017 /PRNewswire/ -- At its regular meeting held today, the Board of Directors of PNM Resources (NYSE: PNM) declared the regular quarterly dividend of $0.2425 per share on the company's common stock. The dividend is payable August 14, 2017, to shareholders of record at the close of business August 7, 2017.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
View original content with multimedia:http://www.prnewswire.com/news-releases/pnm-resources-board-declares-quarterly-common-stock-dividend-300495812.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., July 14, 2017 /PRNewswire/ -- PNM Resources (NYSE: PNM) will announce 2017 second quarter financial results prior to the market opening on Friday, July 28, 2017. The earnings news release will be issued at 6:30 a.m. Eastern and also will be posted on the company's website at www.PNMResources.com.
Management will host a live conference call and webcast that morning at 11 a.m. Eastern to discuss financial results and provide other company updates.
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: http://dpregister.com/10110125.
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 conference call." Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software.
A live webcast of the call will be available at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
View original content with multimedia:http://www.prnewswire.com/news-releases/pnm-resources-to-announce-2017-second-quarter-earnings-on-july-28-300488112.html
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., June 21, 2017 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week in Atlanta.
During the meetings, management is expected to affirm the company's 2017 consolidated ongoing earnings guidance of $1.77 to $1.87 per diluted share. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | |
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., June 15, 2017 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week in Boston.
During the meetings, management is expected to affirm the company's 2017 consolidated ongoing earnings guidance of $1.77 to $1.87 per diluted share. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., June 12, 2017 /PRNewswire/ -- The Board of Directors of PNM, a subsidiary of PNM Resources (NYSE: PNM), has declared the regular quarterly dividend of $1.145 per share on the 4.58 percent series of cumulative preferred stock. The preferred stock dividend is payable July 15, 2017, to shareholders of record at the close of business June 30, 2017.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., June 6, 2017 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week in New York City.
During the meetings, management is expected to affirm the company's 2017 consolidated ongoing earnings guidance of $1.77 to $1.87 per diluted share. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS:
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., May 5, 2017 /PRNewswire/ -- PNM Resources' (NYSE: PNM) New Mexico utility, Public Service Co. of New Mexico (PNM) filed with the New Mexico Public Regulation Commission (NMPRC) today a proposed settlement agreement with several of the key parties on its request to increase retail customer rates effective January 1, 2018. The agreement is subject to NMPRC approval. The settlement includes a phase-in of rates, resulting in an estimated average residential customer annual bill increase of 3.9 percent in 2018 and an additional 3.4 percent in 2019.
Certain financial information reflecting the impact of the phased-in settlement, if it were to be adopted by the NMPRC, to both 2018 and 2019 potential earnings power can be found at: http://www.pnmresources.com/investors/events-and-presentations.aspx. The settlement agreement can be found at: http://www.pnmresources.com/investors/rates-and-filings.aspx.
"The broad support of this agreement demonstrates the parties' shared vision for PNM customers to have affordable, reliable and environmentally responsible power," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO.
Parties to the settlement include: PNM; NM Attorney General; the Utility Division Staff; Coalition for Clean Affordable Energy; Wal-Mart Stores East, LP and Sam's East, Inc.; Kroger Co.; Sierra Club; Renewable Energy Industries Association; and Western Resource Advocates. The agreement provides that other parties may join at a later date.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the Company's website at www.PNMResources.com.
CONTACTS: | ||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR") or Public Service Company of New Mexico's ("PNM") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. PNMR and PNM assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR and PNM caution readers not to place undue reliance on these statements. PNMR's and PNM'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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., April 28, 2017 /PRNewswire/ --
PNM Resources (In millions, except EPS) | ||
Q1 2017 |
Q1 2016 | |
GAAP net earnings |
$22.9 |
$10.5 |
GAAP diluted EPS |
$0.29 |
$0.13 |
Ongoing net earnings |
$22.1 |
$10.8 |
Ongoing diluted EPS |
$0.28 |
$0.13 |
PNM Resources (NYSE: PNM) today released the company's 2017 first quarter earnings results and affirmed its 2017 consolidated ongoing earnings guidance of $1.77 to $1.87 per diluted share. Additionally, Public Service Co. of New Mexico (PNM), a wholly owned subsidiary of PNM Resources, has reached an agreement on the parameters of a settlement in its general rate case. The majority of the parties to the rate case requested an extension of the period to file a settlement agreement to May 5, 2017 with the New Mexico Public Regulation Commission. The eight-day extension would allow the parties time to finalize an agreement and obtain their appropriate approvals in order to sign the settlement.
"This agreement shows a sincere effort by the signatories to work together, ensuring that customers continue to receive affordable, reliable and environmentally responsible power," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "I appreciate the willingness of the parties to work together to achieve an agreement early in the rate case process."
SEGMENT REPORTING OF 2017 FIRST QUARTER EARNINGS
PNM – a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.
PNM (In millions, except EPS) | ||
Q1 2017 |
Q1 2016 | |
GAAP net earnings |
$16.5 |
$4.1 |
GAAP diluted EPS |
$0.21 |
$0.05 |
Ongoing net earnings |
$15.6 |
$4.1 |
Ongoing diluted EPS |
$0.20 |
$0.05 |
TNMP – an electric transmission and distribution utility in Texas.
TNMP (In millions, except EPS) | ||
Q1 2017 |
Q1 2016 | |
GAAP net earnings |
$7.6 |
$7.5 |
GAAP diluted EPS |
$0.09 |
$0.09 |
Ongoing net earnings |
$7.6 |
$7.5 |
Ongoing diluted EPS |
$0.09 |
$0.09 |
Corporate and Other – a segment that reflects the PNM Resources holding company and other subsidiaries.
Corporate and Other (In millions, except EPS) | ||
Q1 2017 |
Q1 2016 | |
GAAP net earnings (loss) |
$(1.3) |
$(1.1) |
GAAP diluted EPS |
$(0.01) |
$(0.01) |
Ongoing net earnings (loss) |
$(1.2) |
$(0.8) |
Ongoing diluted EPS |
$(0.01) |
$(0.01) |
Financial materials are available at http://www.pnmresources.com/investors/results.cfm.
FIRST QUARTER CONFERENCE CALL: 11 AM EASTERN FRIDAY, APRIL 28
PNM Resources will discuss first quarter results during a live conference call and webcast on Friday, April 28th at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources chairman, president and CEO, and Chuck Eldred, PNM Resources executive vice president and CFO.
A live webcast of the call will be archived at http://www.pnmresources.com/investors/events.cfm.
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: http://dpregister.com/10103121. 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 first quarter conference 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 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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, 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 1-2.
PNM Resources, Inc. and Subsidiaries | ||||||||||||||||
PNM |
TNMP |
Corporate |
Consolidated | |||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended March 31, 2017 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
16,526 |
$ |
7,604 |
$ |
(1,268) |
$ |
22,862 |
||||||||
Adjusting items before income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges1 |
(1,345) |
— |
— |
(1,345) |
||||||||||||
Net change in unrealized impairments of available-for-sale securities2 |
(1,101) |
— |
— |
(1,101) |
||||||||||||
Pension expense related to previously disposed of gas distribution business3 |
961 |
— |
— |
961 |
||||||||||||
Total adjustments before income tax effects |
(1,485) |
— |
— |
(1,485) |
||||||||||||
Income (taxes) on above adjustments* |
576 |
— |
— |
576 |
||||||||||||
New Mexico corporate income tax rate change |
22 |
— |
83 |
105 |
||||||||||||
Total income tax impacts |
598 |
— |
83 |
681 |
||||||||||||
Adjusting items, net of income taxes |
(887) |
— |
83 |
(804) |
||||||||||||
Ongoing Earnings (Loss) |
$ |
15,639 |
$ |
7,604 |
$ |
(1,185) |
$ |
22,058 |
||||||||
Three Months Ended March 31, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
4,142 |
$ |
7,456 |
$ |
(1,052) |
$ |
10,546 |
||||||||
Adjusting items before income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges4 |
(1,435) |
— |
— |
(1,435) |
||||||||||||
Net change in unrealized impairments of available-for-sale securities2 |
(1,617) |
— |
— |
(1,617) |
||||||||||||
Regulatory disallowances and restructuring costs5 |
774 |
— |
585 |
1,359 |
||||||||||||
Pension expense related to previously disposed of gas distribution business3 |
925 |
— |
— |
925 |
||||||||||||
Total adjustments before income tax effects |
(1,353) |
— |
585 |
(768) |
||||||||||||
Income (taxes) on above adjustments# |
528 |
(228) |
300 |
|||||||||||||
New Mexico corporate income tax rate change |
804 |
(92) |
712 |
|||||||||||||
Total income tax impacts |
1,332 |
— |
(320) |
1,012 |
||||||||||||
Adjusting items, net of income taxes |
(21) |
— |
265 |
244 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
4,121 |
$ |
7,456 |
$ |
(787) |
$ |
10,790 |
||||||||
*2017 income tax effects calculated using tax rates of 35.00% for TNMP and 38.80% for other segments. | ||||||||||||||||
#2016 income tax effects calculated using tax rates of 35.00% for TNMP and 39.02% for other segments. | ||||||||||||||||
The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows: | ||||||||||||||||
1Increases in "Electric Operating Revenues" and "Cost of energy" of $1,462 and $117 in the three months ended March 31, 2017 | ||||||||||||||||
2Increases in "Gains on available-for-sale securities" | ||||||||||||||||
3Increases in "Administrative and general" | ||||||||||||||||
4Increase in "Electric Operating Revenues" of $1,364 and reduction in "Cost of energy" of $71 in the three months ended March 31, 2016 | ||||||||||||||||
5Increases in "Regulatory disallowances and restructuring costs" (PNM) and "Other (deductions)" (Corporate and Other) |
PNM Resources, Inc. and Subsidiaries | ||||||||||||||||
PNM |
TNMP |
Corporate |
Consolidated | |||||||||||||
(per diluted share) | ||||||||||||||||
Three Months Ended March 31, 2017 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
0.21 |
$ |
0.09 |
$ |
(0.01) |
$ |
0.29 |
||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges |
(0.01) |
— |
— |
(0.01) |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
(0.01) |
— |
— |
(0.01) |
||||||||||||
Pension expense related to previously disposed of gas distribution business |
0.01 |
— |
— |
0.01 |
||||||||||||
New Mexico corporate income tax rate change |
— |
— |
— |
— |
||||||||||||
Total Adjustments |
(0.01) |
— |
— |
(0.01) |
||||||||||||
Ongoing Earnings (Loss) |
$ |
0.20 |
$ |
0.09 |
$ |
(0.01) |
$ |
0.28 |
||||||||
Average Diluted Shares Outstanding: 80,111,994 |
||||||||||||||||
Three Months Ended March 31, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
0.05 |
$ |
0.09 |
$ |
(0.01) |
$ |
0.13 |
||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges |
(0.01) |
— |
— |
(0.01) |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
(0.01) |
— |
— |
(0.01) |
||||||||||||
Regulatory disallowances and restructuring costs |
0.01 |
— |
— |
0.01 |
||||||||||||
Pension expense related to previously disposed of gas distribution business |
— |
— |
— |
— |
||||||||||||
New Mexico corporate income tax rate change |
0.01 |
— |
— |
0.01 |
||||||||||||
Total Adjustments |
— |
— |
— |
— |
||||||||||||
Ongoing Earnings (Loss) |
$ |
0.05 |
$ |
0.09 |
$ |
(0.01) |
$ |
0.13 |
||||||||
Average Diluted Shares Outstanding: 80,163,736 |
PNM Resources, Inc. and Subsidiaries | |||||||
Three Months Ended March 31, | |||||||
2017 |
2016 | ||||||
(In thousands, except per share amounts) | |||||||
Electric Operating Revenues |
$ |
330,178 |
$ |
310,961 |
|||
Operating Expenses: |
|||||||
Cost of energy |
102,804 |
92,369 |
|||||
Administrative and general |
47,532 |
47,109 |
|||||
Energy production costs |
31,787 |
42,686 |
|||||
Regulatory disallowances and restructuring costs |
— |
774 |
|||||
Depreciation and amortization |
56,383 |
49,829 |
|||||
Transmission and distribution costs |
16,477 |
16,594 |
|||||
Taxes other than income taxes |
19,235 |
20,092 |
|||||
Total operating expenses |
274,218 |
269,453 |
|||||
Operating income |
55,960 |
41,508 |
|||||
Other Income and Deductions: |
|||||||
Interest income |
4,881 |
3,622 |
|||||
Gains on available-for-sale securities |
6,661 |
6,218 |
|||||
Other income |
4,902 |
4,264 |
|||||
Other (deductions) |
(3,483) |
(2,999) |
|||||
Net other income and deductions |
12,961 |
11,105 |
|||||
Interest Charges |
31,700 |
31,491 |
|||||
Earnings before Income Taxes |
37,221 |
21,122 |
|||||
Income Taxes |
10,775 |
7,157 |
|||||
Net Earnings |
26,446 |
13,965 |
|||||
(Earnings) Attributable to Valencia Non-controlling Interest |
(3,452) |
(3,287) |
|||||
Preferred Stock Dividend Requirements of Subsidiary |
(132) |
(132) |
|||||
Net Earnings Attributable to PNMR |
$ |
22,862 |
$ |
10,546 |
|||
Net Earnings Attributable to PNMR per Common Share: |
|||||||
Basic |
$ |
0.29 |
$ |
0.13 |
|||
Diluted |
$ |
0.29 |
$ |
0.13 |
|||
Dividends Declared per Common Share |
$ |
0.2425 |
$ |
0.2200 |
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., April 21, 2017 /PRNewswire/ -- PNM Resources' (NYSE: PNM) New Mexico utility, Public Service Co. of New Mexico (PNM) is proposing a future energy resource portfolio that would eliminate its use of coal-fired generation by the end of 2031. The findings are included in PNM's draft 2017 Integrated Resource Plan (IRP) that is posted on the utility's website (https://www.pnm.com/irp). Public input and comments on the draft are being considered as part of the ongoing IRP process, which culminates in a final report to be filed with the New Mexico Public Regulation Commission (NMPRC) by July 3, 2017.
"Our number-one responsibility is to act in the best interests of our customers, and this plan outlines the most effective way to deliver reliable, affordable and environmentally sustainable energy going forward," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "Market forces are driving a rapid evolution of energy resources, and the current data clearly shows that replacing the coal in our current portfolio with a cleaner energy mix that includes more renewables and natural gas is the best, most economical path to a strong energy future for New Mexico."
Every three years, PNM is required to produce and file an IRP with the NMPRC. PNM evaluates numerous existing and anticipated options for energy resources over the next 20 years to determine the most cost-effective mix of resources that will support reliability and environmental responsibility. In addition, the IRP contains a proposed, specific four-year action plan, including actions that will require future NMPRC approvals.
Highlights of the draft 2017 IRP:
"While this plan offers significant environmental benefits and is the most cost-effective for customers, we know that it will have an impact on the economy of the Four Corners area and the families and businesses that depend on the coal industry for income, especially the Navajo Nation," added Vincent-Collawn. "PNM will work with the communities that will be most affected and other stakeholders to mitigate the effects of these changes."
PNM representatives will be traveling to communities throughout the utility's service territory to provide an opportunity for anyone to comment on the future of energy in New Mexico. Comments may also be submitted to irp@pnm.com.
In accordance with the SJGS settlement agreement previously approved by the NMPRC, this IRP considers two primary scenarios - one with the retirement of SJGS at the end of 2022 and one with the continued operation of SJGS after 2022. In addition, there are many legal, regulatory and other processes that would have to take place before PNM can take any actions regarding SJGS, Four Corners Power Plant, or other resources. More information about the IRP process can be found at https://www.pnm.com/irp
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the Company's website at www.PNMResources.com.
CONTACTS: | ||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR") or Public Service Company of New Mexico's ("PNM") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. PNMR and PNM assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR and PNM caution readers not to place undue reliance on these statements. PNMR's and PNM'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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., April 17, 2017 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with investors today in Denver.
During the meetings, management is expected to affirm the Company's 2017 consolidated ongoing earnings guidance of $1.77 to $1.87 per diluted share. Presentation materials are available on the Company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the Company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., April 7, 2017 /PRNewswire/ -- PNM Resources (NYSE: PNM) will announce 2017 first quarter financial results prior to the market opening on Friday, April 28, 2017. The earnings news release will be issued at 6:30 a.m. Eastern and also will be posted on the company's website at www.PNMResources.com.
Management will host a live conference call and webcast that morning at 11 a.m. Eastern to discuss financial results and provide other company updates.
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: http://dpregister.com/10103121.
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 first quarter conference call." Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software.
A live webcast of the call will be available at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | ||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., March 17, 2017 /PRNewswire/ -- PNM Resources' (NYSE: PNM) New Mexico utility, Public Service Co. of New Mexico (PNM) and other parties today requested that the New Mexico Public Regulation Commission grant an extension of the settlement period for PNM's current rate filing. If approved, this extension would move the deadline for filing any potential settlement to April 27, 2017. Settlement discussions with parties to the rate case are ongoing.
Additionally, PNM's Integrated Resource Plan (IRP) process is continuing. Prior to the IRP's July 3, 2017 filing, a public process occurs that enables parties to consider the assumptions made in the resource portfolio modeling. Although no final decision has been made, a preliminary analysis indicates that retiring the remaining two units of San Juan Generating Station in 2022 could provide long-term benefits to customers.
The company expects to provide an update on both the rate case and the IRP during its first quarter earnings call which is currently planned for April 28, 2017.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the Company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR") or Public Service Company of New Mexico's ("PNM") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. PNMR and PNM assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR and PNM caution readers not to place undue reliance on these statements. PNMR's and PNM'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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., March 17, 2017 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors next week in Milan, London and Zurich.
During the meetings, management is expected to affirm the Company's 2017 consolidated ongoing earnings guidance of $1.77 to $1.87 per diluted share. Presentation materials are available on the Company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the Company's website at www.PNMResources.com.
CONTACTS: | |||
Analysts |
Media | ||
Jimmie Blotter |
Pahl Shipley | ||
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., March 14, 2017 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week in Washington, D.C.
During the meetings, management is expected to affirm the Company's 2017 consolidated ongoing earnings guidance of $1.77 to $1.87 per diluted share. Presentation materials are available on the Company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the Company's website at www.PNMResources.com.
CONTACTS: |
||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., March 13, 2017 /PRNewswire/ -- The Board of Directors of PNM, a subsidiary of PNM Resources (NYSE: PNM), has declared the regular quarterly dividend of $1.145 per share on the 4.58 percent series of cumulative preferred stock. The preferred stock dividend is payable April 15, 2017, to shareholders of record at the close of business March 31, 2017.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS:
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., March 6, 2017 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week in Boston, Baltimore and New York City.
During the meetings, management is expected to affirm the company's 2017 consolidated ongoing earnings guidance of $1.77 to $1.87 per diluted share. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS:
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., March 2, 2017 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week in Cleveland and Chicago.
During the meetings, management is expected to affirm the company's 2017 consolidated ongoing earnings guidance of $1.77 to $1.87 per diluted share. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS:
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Feb. 28, 2017 /PRNewswire/ --
PNM Resources (In millions, except EPS) | |||||
Q4 2016 |
Q4 2015 |
YE 2016 |
YE 2015 | ||
GAAP net earnings (loss) |
$24.8 |
($91.4) |
$116.8 |
$15.6 | |
GAAP diluted EPS |
$0.31 |
($1.15) |
$1.46 |
$0.20 | |
Ongoing net earnings |
$27.4 |
$18.7 |
$132.4 |
$131.5 | |
Ongoing diluted EPS |
$0.34 |
$0.23 |
$1.65 |
$1.64 |
PNM Resources (NYSE: PNM) today released the company's 2016 fourth quarter earnings results. In addition, management affirmed its 2017 consolidated ongoing earnings guidance of $1.77 to $1.87 per diluted share.
"In 2016, we made progress by creating value for customers, communities and shareholders, despite a challenging year of rate case litigation in New Mexico," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "As we further our efforts in 2017, we will continue to seek fair regulatory outcomes that balance the interests of customers and investors, and above all, remain focused on serving our customers."
SEGMENT REPORTING OF 2016 FOURTH QUARTER AND YEAR-END EARNINGS
PNM – a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.
PNM (In millions, except EPS) | |||||
Q4 2016 |
Q4 2015 |
YE 2016 |
YE 2015 | ||
GAAP net earnings (loss) |
$16.0 |
($96.4) |
$76.9 |
($15.8) | |
GAAP diluted EPS |
$0.20 |
($1.21) |
$0.96 |
($0.20) | |
Ongoing net earnings |
$18.4 |
$10.5 |
$91.4 |
$94.7 | |
Ongoing diluted EPS |
$0.23 |
$0.13 |
$1.14 |
$1.18 |
TNMP – an electric transmission and distribution utility in Texas.
TNMP (In millions, except EPS) | |||||
Q4 2016 |
Q4 2015 |
YE 2016 |
YE 2015 | ||
GAAP net earnings |
$9.9 |
$8.7 |
$41.7 |
$42.0 | |
GAAP diluted EPS |
$0.12 |
$0.11 |
$0.52 |
$0.52 | |
Ongoing net earnings |
$10.0 |
$8.7 |
$42.5 |
$41.9 | |
Ongoing diluted EPS |
$0.12 |
$0.11 |
$0.53 |
$0.52 |
Corporate and Other – a segment that reflects the PNM Resources holding company and other subsidiaries.
Corporate and Other (In millions, except EPS) | |||||
Q4 2016 |
Q4 2015 |
YE 2016 |
YE 2015 | ||
GAAP net earnings (loss) |
($1.0) |
($3.8) |
($1.7) |
($10.6) | |
GAAP diluted EPS |
($0.01) |
($0.05) |
($0.02) |
($0.12) | |
Ongoing net earnings (loss) |
($1.0) |
($0.5) |
($1.4) |
($5.1) | |
Ongoing diluted EPS |
($0.01) |
($0.01) |
($0.02) |
($0.06) |
Financial materials are available at http://www.pnmresources.com/investors/results.cfm.
FOURTH QUARTER CONFERENCE CALL: 11 AM EASTERN TUESDAY, FEB. 28
PNM Resources will discuss fourth quarter and year-end earnings results during a live conference call and webcast on Tuesday, Feb. 28th at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources chairman, president and CEO, and Chuck Eldred, PNM Resources executive vice president and CFO.
A live webcast of the call will be archived at http://www.pnmresources.com/investors/events.cfm.
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: http://dpregister.com/10099464.
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 fourth quarter conference 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 2016 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,791 megawatts of generation capacity and provides electricity to more than 767,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | ||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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; 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 |
Consolidated | |||||||||||||
(in thousands) | ||||||||||||||||
Quarter Ended December 31, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
15,982 |
$ |
9,855 |
$ |
(1,028) |
$ |
24,809 |
||||||||
Adjusting items before income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges1 |
(616) |
— |
— |
(616) |
||||||||||||
Net change in unrealized impairments of available-for-sale securities2 |
2,190 |
— |
— |
2,190 |
||||||||||||
Regulatory disallowances and restructuring costs3 |
(2,214) |
— |
— |
(2,214) |
||||||||||||
Pension expense related to previously disposed of gas distribution business4 |
925 |
— |
— |
925 |
||||||||||||
Process improvement initiatives5 |
3,743 |
237 |
— |
3,980 |
||||||||||||
Total adjustments before income tax effects |
4,028 |
237 |
— |
4,265 |
||||||||||||
Income (taxes) on above adjustments* |
(1,572) |
(82) |
— |
(1,654) |
||||||||||||
Adjusting items, net of income taxes |
2,456 |
155 |
— |
2,611 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
18,438 |
$ |
10,010 |
$ |
(1,028) |
$ |
27,420 |
||||||||
Year Ended December 31, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
76,891 |
$ |
41,672 |
$ |
(1,714) |
$ |
116,849 |
||||||||
Adjusting items before income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges1 |
1,577 |
— |
— |
1,577 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities2 |
1,169 |
— |
— |
1,169 |
||||||||||||
Regulatory disallowances and restructuring costs3 |
15,010 |
— |
586 |
15,596 |
||||||||||||
Pension expense related to previously disposed of gas distribution business4 |
3,702 |
— |
— |
3,702 |
||||||||||||
Process improvement initiatives5 |
3,743 |
237 |
— |
3,980 |
||||||||||||
Building consolidation4 |
737 |
996 |
— |
1,733 |
||||||||||||
Total adjustments before income tax effects |
25,938 |
1,233 |
586 |
27,757 |
||||||||||||
Income (taxes) on above adjustments* |
(10,122) |
(431) |
(229) |
(10,782) |
||||||||||||
New Mexico corporate income tax rate change |
804 |
— |
(92) |
712 |
||||||||||||
Recovery of prior tax impairments in New Mexico general rate case |
(2,145) |
— |
— |
(2,145) |
||||||||||||
Total income tax impacts |
(11,463) |
(431) |
(321) |
(12,215) |
||||||||||||
Adjusting items, net of income taxes |
14,475 |
802 |
265 |
15,542 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
91,366 |
$ |
42,474 |
$ |
(1,449) |
$ |
132,391 |
||||||||
* 2016 income taxes calculated using rates of 35.00% for TNMP and 39.02% for other segments. |
The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Consolidated Statement of Earnings as follows: |
1 Increases in "Electric Operating Revenues" and "Cost of energy" of $5,247 and $4,631 in the three months ended December 31, 2016 and $3,182 and $4,759 in the year ended December 31, 2016 |
2 Reductions in "Gains on available-for-sale securities" |
3 Reduction in "Regulatory disallowances and restructuring costs" (PNM) in the three months ended December 31, 2016 and increases in "Regulatory disallowances and restructuring costs" (PNM) and "Other (deductions)" (Corporate and Other) in the year ended December 31, 2016 |
4 Increases in "Administrative and general" |
5 Increases in "Administrative and general" and "Taxes other than income taxes" of $3,960 ($3,723 PNM and $237 TNMP) and $20 (PNM) in the three months and year ended December 31, 2016 |
PNM Resources, Inc. and Subsidiaries | ||||||||||||||||
Schedule 2 | ||||||||||||||||
Reconciliation of GAAP to Ongoing Earnings | ||||||||||||||||
(Preliminary and Unaudited) | ||||||||||||||||
PNM |
TNMP |
Corporate |
Consolidated | |||||||||||||
(in thousands) | ||||||||||||||||
Quarter Ended December 31, 2015 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
(96,380) |
$ |
8,715 |
$ |
(3,753) |
$ |
(91,418) |
||||||||
Adjusting items before income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges1 |
3,937 |
— |
— |
3,937 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities2 |
1,130 |
— |
— |
1,130 |
||||||||||||
Regulatory disallowances and restructuring costs3 |
165,727 |
— |
(3,133) |
162,594 |
||||||||||||
Building consolidation4 |
(297) |
(81) |
— |
(378) |
||||||||||||
Settlement of regulatory proceeding5 |
(1,631) |
— |
— |
(1,631) |
||||||||||||
Total adjustments before income tax effects |
168,866 |
(81) |
(3,133) |
165,652 |
||||||||||||
Income (taxes) on above adjustments* |
(66,179) |
29 |
1,228 |
(64,922) |
||||||||||||
Reversal of deferred tax items due to BART decision for SJGS |
1,826 |
— |
— |
1,826 |
||||||||||||
Federal and state tax credit, NOL, and charitable contribution impairments |
2,407 |
— |
5,157 |
7,564 |
||||||||||||
Total income tax impacts |
(61,946) |
29 |
6,385 |
(55,532) |
||||||||||||
Adjusting items, net of income taxes |
106,920 |
(52) |
3,252 |
110,120 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
10,540 |
$ |
8,663 |
$ |
(501) |
$ |
18,702 |
||||||||
Year Ended December 31, 2015 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
(15,762) |
$ |
41,963 |
$ |
(10,561) |
$ |
15,640 |
||||||||
Adjusting items before income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges1 |
5,188 |
— |
— |
5,188 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities2 |
4,344 |
— |
— |
4,344 |
||||||||||||
Regulatory disallowances and restructuring costs3 |
167,471 |
— |
(3,133) |
164,338 |
||||||||||||
Building consolidation4 |
(297) |
(81) |
— |
(378) |
||||||||||||
Settlement of regulatory proceeding5 |
(1,631) |
— |
— |
(1,631) |
||||||||||||
(Gain) loss related to previously disposed of activities6 |
(1,086) |
— |
1,488 |
402 |
||||||||||||
Total adjustments before income tax effects |
173,989 |
(81) |
(1,645) |
172,263 |
||||||||||||
Income (taxes) on above adjustments* |
(68,186) |
29 |
645 |
(67,512) |
||||||||||||
Reversal of deferred tax items due to BART decision for SJGS |
1,826 |
— |
— |
1,826 |
||||||||||||
Federal and state tax credit, NOL, and charitable contribution impairments |
3,297 |
— |
6,643 |
9,940 |
||||||||||||
New Mexico corporate income tax rate change |
(470) |
— |
(203) |
(673) |
||||||||||||
Total income tax impacts |
(63,533) |
29 |
7,085 |
(56,419) |
||||||||||||
Adjusting items, net of income tax |
110,456 |
(52) |
5,440 |
115,844 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
94,694 |
$ |
41,911 |
$ |
(5,121) |
$ |
131,484 |
||||||||
* 2015 income taxes calculated using rates of 35.00% for TNMP and 39.19% for other segments. |
The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Consolidated Statement of Earnings as follows: |
1 Reductions in "Electric Operating Revenues" and "Cost of energy" of $3,971 and $34 in the three months ended December 31, 2015 and $5,270 and $83 in the year ended December 31, 2015 |
2 Reductions in "Gains on available-for-sale securities" |
3 Increases "Regulatory disallowances and restructuring costs" (PNM) and "Other income" (Corporate and Other) |
4 Increases in "Administrative and general" |
5 Reduction in "Cost of energy" of $1,339 and increase in "Interest income" of $292 |
6 Increases in "Other income" (PNM) of $1,086, "Taxes other than income" (Corporate and Other) of $292, "Interest charges" (Corporate and Other) of $74, and "Other deductions" (Corporate and Other ) of $1,122 |
PNM Resources, Inc. and Subsidiaries | ||||||||||||||||
Schedule 3 | ||||||||||||||||
Reconciliation of GAAP to Ongoing Earnings Per Diluted Share | ||||||||||||||||
(Preliminary and Unaudited) | ||||||||||||||||
PNM |
TNMP |
Corporate |
Consolidated | |||||||||||||
(per diluted share) | ||||||||||||||||
Quarter Ended December 31, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
0.20 |
$ |
0.12 |
$ |
(0.01) |
$ |
0.31 |
||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges |
(0.01) |
— |
— |
(0.01) |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
0.02 |
— |
— |
0.02 |
||||||||||||
Regulatory disallowances and restructuring costs |
(0.02) |
— |
— |
(0.02) |
||||||||||||
Pension expense related to previously disposed of gas distribution business |
0.01 |
— |
— |
0.01 |
||||||||||||
Process improvement initiatives |
0.03 |
— |
— |
0.03 |
||||||||||||
Total Adjustments |
0.03 |
— |
— |
0.03 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
0.23 |
$ |
0.12 |
$ |
(0.01) |
$ |
0.34 |
||||||||
Average Diluted Shares Outstanding: 80,137,352 |
||||||||||||||||
Year Ended December 31, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
0.96 |
$ |
0.52 |
$ |
(0.02) |
$ |
1.46 |
||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges |
0.01 |
— |
— |
0.01 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
0.01 |
— |
— |
0.01 |
||||||||||||
Regulatory disallowances and restructuring costs1 |
0.09 |
— |
— |
0.09 |
||||||||||||
Pension expense related to previously disposed of gas distribution business |
0.03 |
— |
— |
0.03 |
||||||||||||
Process improvement initiatives |
0.03 |
— |
— |
0.03 |
||||||||||||
Building consolidation |
— |
0.01 |
— |
0.01 |
||||||||||||
New Mexico corporate income tax rate change |
0.01 |
— |
— |
0.01 |
||||||||||||
Total Adjustments |
0.18 |
0.01 |
— |
0.19 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
1.14 |
$ |
0.53 |
$ |
(0.02) |
$ |
1.65 |
||||||||
Average Diluted Shares Outstanding: 80,131,541 |
||||||||||||||||
1 Includes earnings per share impact of "Recovery of prior tax impairments in New Mexico general rate case" |
PNM Resources, Inc. and Subsidiaries | ||||||||||||||||
Schedule 4 | ||||||||||||||||
Reconciliation of GAAP to Ongoing Earnings Per Diluted Share | ||||||||||||||||
(Preliminary and Unaudited) | ||||||||||||||||
PNM |
TNMP |
Corporate |
Consolidated | |||||||||||||
(per diluted share) | ||||||||||||||||
Quarter Ended December 31, 2015 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
(1.21) |
$ |
0.11 |
$ |
(0.05) |
$ |
(1.15) |
||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges |
0.03 |
— |
— |
0.03 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
0.01 |
— |
— |
0.01 |
||||||||||||
Regulatory disallowances and restructuring costs1 |
1.29 |
— |
(0.03) |
1.26 |
||||||||||||
Building consolidation |
— |
— |
— |
— |
||||||||||||
Settlement of regulatory proceeding |
(0.01) |
— |
— |
(0.01) |
||||||||||||
Federal and state tax credit, NOL, and charitable contribution impairments |
0.02 |
— |
0.07 |
0.09 |
||||||||||||
Total Adjustments |
1.34 |
— |
0.04 |
1.38 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
0.13 |
$ |
0.11 |
$ |
(0.01) |
$ |
0.23 |
||||||||
Average Basic and Diluted Shares Outstanding: 79,758,944 |
||||||||||||||||
Year Ended December 31, 2015 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
(0.20) |
$ |
0.52 |
$ |
(0.12) |
$ |
0.20 |
||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges |
0.04 |
— |
— |
0.04 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
0.03 |
— |
— |
0.03 |
||||||||||||
Regulatory disallowances and restructuring costs1 |
1.29 |
— |
(0.03) |
1.26 |
||||||||||||
Building consolidation |
— |
— |
— |
— |
||||||||||||
Settlement of regulatory proceeding |
(0.01) |
— |
— |
(0.01) |
||||||||||||
(Gain) loss related to previously disposed of activities |
(0.01) |
— |
0.01 |
— |
||||||||||||
Federal and state tax credit, NOL, and charitable contribution impairments |
0.04 |
— |
0.08 |
0.12 |
||||||||||||
New Mexico corporate income tax rate change |
— |
— |
— |
— |
||||||||||||
Total Adjustments |
1.38 |
— |
0.06 |
1.44 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
1.18 |
$ |
0.52 |
$ |
(0.06) |
$ |
1.64 |
||||||||
Average Diluted Shares Outstanding: 80,139,052 |
||||||||||||||||
1 Includes earnings per share impacts of "Reversal of deferred tax items due to BART decision for SJGS" (PNM) |
PNM Resources, Inc. and Subsidiaries | |||||||||||
Schedule 5 | |||||||||||
Consolidated Statements of Earnings | |||||||||||
(Preliminary and Unaudited) | |||||||||||
Year Ended December 31, | |||||||||||
2016 |
2015 |
2014 | |||||||||
(In thousands, except per share amounts) | |||||||||||
Electric Operating Revenues |
$ |
1,362,951 |
$ |
1,439,082 |
$ |
1,435,853 |
|||||
Operating Expenses: |
|||||||||||
Cost of energy |
380,596 |
464,649 |
471,556 |
||||||||
Administrative and general |
191,514 |
179,100 |
171,111 |
||||||||
Energy production costs |
146,187 |
176,752 |
185,638 |
||||||||
Regulatory disallowances and restructuring costs |
15,011 |
167,471 |
1,062 |
||||||||
Depreciation and amortization |
209,110 |
185,919 |
172,634 |
||||||||
Transmission and distribution costs |
66,227 |
69,157 |
66,571 |
||||||||
Taxes other than income taxes |
76,321 |
71,684 |
67,584 |
||||||||
Total operating expenses |
1,084,966 |
1,314,732 |
1,136,156 |
||||||||
Operating income |
277,985 |
124,350 |
299,697 |
||||||||
Other Income and Deductions: |
|||||||||||
Interest income |
22,293 |
6,498 |
8,483 |
||||||||
Gains on available-for-sale securities |
19,517 |
16,060 |
10,527 |
||||||||
Other income |
17,796 |
26,833 |
12,048 |
||||||||
Other (deductions) |
(13,784) |
(12,728) |
(10,481) |
||||||||
Net other income and deductions |
45,822 |
36,663 |
20,577 |
||||||||
Interest Charges |
128,633 |
114,860 |
119,627 |
||||||||
Earnings before Income Taxes |
195,174 |
46,153 |
200,647 |
||||||||
Income Taxes |
63,278 |
15,075 |
69,738 |
||||||||
Net Earnings |
131,896 |
31,078 |
130,909 |
||||||||
(Earnings) Attributable to Valencia Non-controlling Interest |
(14,519) |
(14,910) |
(14,127) |
||||||||
Preferred Stock Dividend Requirements of Subsidiary |
(528) |
(528) |
(528) |
||||||||
Net Earnings Attributable to PNMR |
$ |
116,849 |
$ |
15,640 |
$ |
116,254 |
|||||
Net Earnings Attributable to PNMR per Common Share: |
|||||||||||
Basic |
$ |
1.47 |
$ |
0.20 |
$ |
1.46 |
|||||
Diluted |
$ |
1.46 |
$ |
0.20 |
$ |
1.45 |
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Feb. 24, 2017 /PRNewswire/ -- At its regular meeting held today, the Board of Directors of PNM Resources (NYSE: PNM) declared the regular quarterly dividend of $0.2425 per share on the company's common stock. The dividend is payable May 15, 2017, to shareholders of record at the close of business May 1, 2017.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP), PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Feb. 7, 2017 /PRNewswire/ -- PNM Resources (NYSE: PNM) will announce 2016 fourth quarter and year-end financial results prior to the market opening on Tuesday, Feb. 28, 2017. The earnings news release will be issued at 6:30 a.m. Eastern and also will be posted on the company's website at www.PNMResources.com.
Management will host a live conference call and webcast that morning at 11 a.m. Eastern to discuss financial results and provide other company updates.
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: http://dpregister.com/10099464.
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 fourth quarter conference call." Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software.
A live webcast of the call will be available at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Jan. 12, 2017 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week in Florida.
During the meetings, management is expected to affirm the company's 2016 consolidated ongoing earnings guidance of $1.60 to $1.65 per diluted share and 2017 consolidated ongoing earnings guidance of $1.77 to $1.87 per diluted share. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, and certain non-recurring or infrequent items. The Company uses ongoing earnings and ongoing earnings per diluted share (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Dec. 14, 2016 /PRNewswire/ -- PNM Resources' (NYSE: PNM) management today will discuss the company's 2017 ongoing earnings guidance of $1.77 to $1.87 per diluted share, with a midpoint of $1.82.
"As we look forward to 2017, we will remain focused on successfully delivering results to our customers, stakeholders and investors," said Pat Vincent-Collawn, PNM Resources' chairman, president, and CEO. "The general rate case that we recently filed in New Mexico enables the company to make significant strides in serving customers with a more sustainable generation portfolio and in Texas the economy in our service territory continues to be strong, resulting in continued load growth. In both New Mexico and Texas, we continue to focus on making sure that we are serving our customers by providing reliable and affordable power."
Management will host a meeting today with analysts and investors to discuss details of the guidance range, details of its recent general rate case filing and provide company updates. The meeting will be webcast live from 10 a.m. until approximately 12 p.m. Eastern.
The presentation and live webcast will be available prior to the start of the meeting on PNM Resources' website at http://www.pnmresources.com/investors/events.cfm. Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software. The webcast archive will be available following the meeting on the PNM Resources website.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | |
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Dec. 13, 2016 /PRNewswire/ -- The Board of Directors of PNM Resources (NYSE: PNM) yesterday unanimously voted to increase the company's annual dividend payment by $0.09, a 10.0 percent increase, to an indicated annual rate of $0.97 per share of common stock. This is consistent with the company's target to pay out 50 to 60 percent of annual ongoing earnings. The board has declared the resulting quarterly stock dividend of $0.2425 per share, payable Feb. 13, 2017, to shareholders of record at the close of business Jan. 23, 2017.
"We are pleased to be able to provide a dividend increase to our shareholders," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "In addition, as we near the end of 2016, we have also updated our guidance range. We continue to focus on delivering exceptional reliability and service to our customers while ensuring that we maintain affordability by operating efficiently."
Management narrowed the PNM Resources 2016 consolidated ongoing earnings guidance to $1.60 to $1.65 per diluted share from the previously stated guidance of $1.55 to $1.65 per diluted share.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Dec. 13, 2016 /PRNewswire/ -- The Board of Directors of PNM, a subsidiary of PNM Resources (NYSE: PNM), has declared the regular quarterly dividend of $1.145 per share on the 4.58 percent series of cumulative preferred stock. The preferred stock dividend is payable January 15, 2017, to shareholders of record at the close of business January 2, 2017.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP), PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Dec. 7, 2016 /PRNewswire/ -- PNM Resources' (NYSE: PNM) New Mexico utility, PNM, today filed with the New Mexico Public Regulation Commission (NMPRC) its request for an increase in electric rates of $99 million that, if approved, would take effect January 1, 2018. The average system bill impact from this increase would be 11.2 percent.
"This rate filing represents important changes that will transform the generation portfolio that serves our New Mexico customers as we use carbon-free nuclear energy to replace two coal-fired units that will be shut down," said Pat Vincent-Collawn, PNM Resources' chairman, president, and CEO. "We know that this change comes at a price, but we also know that it is important to our customers, and to all of us, to have reliable, affordable and sustainable energy."
The rate request reflects the implementation of the San Juan Generating Station (SJGS) plan that was broadly supported by the intervenors to the filing and approved by the NMPRC in December 2015. This plan paves the way for PNM customers to receive power from a more sustainable generation resource portfolio by approving the use of PNM's interest in the Palo Verde Nuclear Generating Station Unit 3 to serve retail customers following the shutdown of SJGS Units 2 and 3. The values for these items were set in the December 2015 NMPRC approval. In addition to the SJGS plan, this rate filing includes other environmental improvements to generation resources, normal capital expenditures that ensure reliable service for customers and adjusts for the lower sales due to the company's successful energy efficiency programs.
In the rate filing, PNM also proposes changes to rate design to better align electric rates with the actual costs to serve customers and encourage continued energy efficiency while proposing a rate mechanism that eliminates the disincentives associated with energy efficiency and load management programs.
PNM management will hold an analyst meeting and live webcast Wednesday, Dec. 14 at 10 a.m. Eastern to discuss PNM's general rate case filing and other company updates. The presentation for the live webcast will be available prior to the start of the meeting on PNM Resources' website at http://www.pnmresources.com/investors/events.cfm. Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software. The webcast archive will be available following the meeting on the PNM Resources website.
Documents related to the PNM rate filing can be found at www.pnmresources.com/investors/rates-and-filings.aspx.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS:
Analysts |
Media |
Jimmie Blotter |
Dan Ware |
(505) 241-2227 |
(505) 241-2786 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
Logo - http://photos.prnewswire.com/prnh/20151104/284109LOGO
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Nov. 30, 2016 /PRNewswire/ -- PNM Resources (NYSE: PNM) will announce the company's 2017 ongoing earnings guidance range prior to the market opening on Wednesday, Dec. 14, 2016. The news release will be issued at 6:30 a.m. Eastern and available on the company's website at www.pnmresources.com.
Management will host a meeting with analysts and investors to discuss details of the guidance range and provide company updates. The meeting will be webcast live from 10 a.m. to 12 p.m. Eastern.
The presentation and live webcast will be available prior to the start of the meeting on PNM Resources' website at www.pnmresources.com/investors/events-and-presentations.aspx. Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software. The webcast archive will be available following the meeting on the PNM Resources website.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | ||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
Logo - http://photos.prnewswire.com/prnh/20151104/284109LOGO
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Nov. 4, 2016 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors at the Edison Electric Institute Financial Conference beginning Nov. 7, 2016.
During the meetings, management is expected to affirm the company's 2016 consolidated ongoing earnings guidance of $1.55 to $1.65 per diluted share. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
Logo - http://photos.prnewswire.com/prnh/20151104/284109LOGO
SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Oct. 28, 2016 /PRNewswire/ --
PNM Resources (In millions, except EPS) | |||||
Q3 2016 |
Q3 2015 |
YTD 2016 |
YTD 2015 | ||
GAAP net earnings |
$54.4 |
$61.0 |
$92.0 |
$107.1 | |
GAAP diluted EPS |
$0.68 |
$0.76 |
$1.15 |
$1.34 | |
Ongoing net earnings |
$62.1 |
$60.9 |
$105.0 |
$112.8 | |
Ongoing diluted EPS |
$0.78 |
$0.76 |
$1.31 |
$1.41 |
PNM Resources (NYSE: PNM) today released the company's 2016 third quarter earnings results. In addition, management affirmed its 2016 consolidated ongoing earnings guidance of $1.55 to $1.65 per diluted share.
"Third quarter earnings are on track with guidance and retail rates associated with the $61.2 million final order on PNM's general rate case were implemented on October 1st," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "While we have filed our appeal with the New Mexico Supreme Court for recovery of the disallowed Palo Verde and balanced draft assets, we remain focused on managing business operations while continuing to serve our customers with reliable, affordable and environmentally responsible power."
SEGMENT REPORTING OF 2016 THIRD QUARTER EARNINGS
PNM – a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.
PNM (In millions, except EPS) | |||||
Q3 2016 |
Q3 2015 |
YTD 2016 |
YTD 2015 | ||
GAAP net earnings |
$40.9 |
$49.2 |
$60.9 |
$80.6 | |
GAAP diluted EPS |
$0.51 |
$0.61 |
$0.76 |
$1.01 | |
Ongoing net earnings |
$47.9 |
$48.0 |
$72.9 |
$84.2 | |
Ongoing diluted EPS |
$0.60 |
$0.60 |
$0.91 |
$1.05 |
TNMP – an electric transmission and distribution utility in Texas.
TNMP (In millions, except EPS) | |||||
Q3 2016 |
Q3 2015 |
YTD 2016 |
YTD 2015 | ||
GAAP net earnings |
$13.9 |
$13.7 |
$31.8 |
$33.2 | |
GAAP diluted EPS |
$0.17 |
$0.17 |
$0.40 |
$0.41 | |
Ongoing net earnings |
$14.5 |
$13.7 |
$32.5 |
$33.2 | |
Ongoing diluted EPS |
$0.18 |
$0.17 |
$0.41 |
$0.41 |
Corporate and Other – a segment that reflects the PNM Resources holding company and other subsidiaries.
Corporate and Other (In millions, except EPS) | |||||
Q3 2016 |
Q3 2015 |
YTD 2016 |
YTD 2015 | ||
GAAP net earnings (loss) |
($0.3) |
($1.9) |
($0.7) |
($6.8) | |
GAAP diluted EPS |
$0.00 |
($0.02) |
($0.01) |
($0.08) | |
Ongoing net earnings (loss) |
($0.3) |
($0.7) |
($0.4) |
($4.6) | |
Ongoing diluted EPS |
$0.00 |
($0.01) |
($0.01) |
($0.05) |
Financial materials are available at http://www.pnmresources.com/investors/results.cfm.
THIRD QUARTER CONFERENCE CALL: 11 AM EASTERN FRIDAY, OCT. 28
PNM Resources will discuss third quarter earnings results during a live conference call and webcast on Friday, Oct. 28th at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources chairman, president and CEO, and Chuck Eldred, PNM Resources executive vice president and CFO.
A live webcast of the call will be archived at http://www.pnmresources.com/investors/events.cfm. 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: http://dpregister.com/10094081. 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 conference 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 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, 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 (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
PNM Resources, Inc. and Subsidiaries | ||||||||||||||||
Schedule 1 | ||||||||||||||||
Reconciliation of GAAP to Ongoing Earnings | ||||||||||||||||
(Preliminary and Unaudited) | ||||||||||||||||
PNM |
TNMP |
Corporate and Other |
Consolidated | |||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended September 30, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
40,852 |
$ |
13,853 |
$ |
(287) |
$ |
54,418 |
||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges1 |
(1,811) |
— |
— |
(1,811) |
||||||||||||
Net change in unrealized impairments of available-for-sale securities2 |
(42) |
— |
— |
(42) |
||||||||||||
Regulatory disallowances and restructuring costs3 |
7,887 |
— |
— |
7,887 |
||||||||||||
Pension expense related to previously disposed of gas distribution business4 |
564 |
— |
564 |
|||||||||||||
Building consolidation5 |
449 |
647 |
— |
1,096 |
||||||||||||
Total Adjustments |
7,047 |
647 |
— |
7,694 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
47,899 |
$ |
14,500 |
$ |
(287) |
$ |
62,112 |
||||||||
Nine Months Ended September 30, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
60,909 |
$ |
31,817 |
$ |
(686) |
$ |
92,040 |
||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges1 |
1,337 |
— |
— |
1,337 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities2 |
(622) |
— |
— |
(622) |
||||||||||||
New Mexico corporate income tax rate change6 |
804 |
— |
(92) |
712 |
||||||||||||
Regulatory disallowances and restructuring costs3 |
8,359 |
— |
357 |
8,716 |
||||||||||||
Pension expense related to previously disposed of gas distribution business4 |
1,693 |
— |
— |
1,693 |
||||||||||||
Building consolidation5 |
449 |
647 |
— |
1,096 |
||||||||||||
Total Adjustments |
12,020 |
647 |
265 |
12,932 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
72,929 |
$ |
32,464 |
$ |
(421) |
$ |
104,972 |
||||||||
2016 income tax effects calculated using tax rates of 35.00% for TNMP and 39.02% for other segments. | ||||||||||||||||
The impacts of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows: | ||||||||||||||||
1Pre-tax6 impacts reflected as $2,650 thousand increase in "Electric Operating Revenues" and $319 thousand reduction in "Cost of energy" in the three months ended September 30, 2016 and $2,064 thousand reduction in "Electric Operating Revenues" and $129 thousand increase in "Cost of energy" in the nine months ended September 30, 2016 | ||||||||||||||||
2Pre-tax6 impacts reflected as increases in "Gains on available-for-sale securities" of $69 thousand in the three months ended September 30, 2016 and $1,021 thousand in the nine months ended September 30, 2016 | ||||||||||||||||
3Pre-tax6 impacts reflected as $16,451 thousand increase (PNM) in "Regulatory disallowances and restructuring costs" in the three months ended September 30, 2016 and $17,225 thousand increase (PNM) in "Regulatory disallowances and restructuring costs" and $586 thousand increase (Corporate and Other) in "Other (deductions)" in the nine months ended September 30, 2016; also includes after-tax6 impacts reflected as $2,145 thousand decrease (PNM) in "Income Taxes" in the three and nine months ended September 30, 2016 | ||||||||||||||||
4Pre-tax6 impacts reflected as increases in "Administrative and general" of $925 thousand in the three months ended September 30, 2016 and $2,776 thousand in the nine months ended September 30, 2016 | ||||||||||||||||
5Pre-tax6 impacts reflected as increases in "Administrative and general" of $1,733 thousand ($737 thousand PNM and $996 thousand TNMP) in the three and nine months ended September 30, 2016 | ||||||||||||||||
6Tax impacts reflected as reductions in "Income Taxes" of $8,377 thousand ($8,028 thousand PNM and $349 thousand TNMP) in the three months ended September 30, 2016 and $10,560 thousand ($9,891 thousand PNM, $349 thousand TNMP, and $320 thousand Corporate and Other) in the nine months ended September 30, 2016 |
PNM Resources, Inc. and Subsidiaries | ||||||||||||||||
Schedule 2 | ||||||||||||||||
Reconciliation of GAAP to Ongoing Earnings | ||||||||||||||||
(Preliminary and Unaudited) | ||||||||||||||||
PNM |
TNMP |
Corporate and Other |
Consolidated | |||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended September 30, 2015 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
49,246 |
$ |
13,689 |
$ |
(1,890) |
$ |
61,045 |
||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges1 |
(2,964) |
— |
— |
(2,964) |
||||||||||||
Net change in unrealized impairments of available-for-sale securities2 |
1,488 |
— |
— |
1,488 |
||||||||||||
State tax credit and NOL impairment5 |
233 |
1,143 |
1,376 |
|||||||||||||
Total Adjustments |
(1,243) |
— |
1,143 |
(100) |
||||||||||||
Ongoing Earnings (Loss) |
$ |
48,003 |
$ |
13,689 |
$ |
(747) |
$ |
60,945 |
||||||||
Nine Months Ended September 30, 2015 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
80,618 |
$ |
33,248 |
$ |
(6,808) |
$ |
107,058 |
||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges1 |
760 |
— |
— |
760 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities2 |
1,954 |
— |
— |
1,954 |
||||||||||||
New Mexico corporate income tax rate change5 |
(470) |
— |
(203) |
(673) |
||||||||||||
Regulatory disallowances3 |
1,061 |
— |
— |
1,061 |
||||||||||||
State tax credit and NOL impairment5 |
891 |
— |
1,486 |
2,377 |
||||||||||||
(Gain) loss related to previously disposed of activities4 |
(660) |
905 |
245 |
|||||||||||||
Total Adjustments |
3,536 |
— |
2,188 |
5,724 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
84,154 |
$ |
33,248 |
$ |
(4,620) |
$ |
112,782 |
||||||||
2015 income tax effects calculated using tax rates of 35.00% for TNMP and 39.19% for other segments. | ||||||||||||||||
The impacts of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows: | ||||||||||||||||
1Pre-tax5 impacts reflected as $4,719 thousand increase in "Electric Operating Revenues" and $158 thousand reduction in "Cost of energy" in the three months ended September 30, 2015 and $1,300 thousand reduction in "Electric Operating Revenues" and $49 thousand reduction in "Cost of energy" in the nine months ended September 30, 2016 | ||||||||||||||||
2Pre-tax5 impacts reflected as decreases in "Gains on available-for-sale securities" of $2,448 thousand in the three months ended September 30, 2015 and $3,214 thousand in the nine months ended September 30, 2015 | ||||||||||||||||
3Pre-tax5 impacts reflected as increases in "Regulatory disallowances and restructuring costs" of $1,744 thousand in the nine months ended September 30, 2015 | ||||||||||||||||
4Pre-tax5 impacts reflected as increases of $1,086 thousand (PNM) in "Other income", $291 thousand (Corporate and Other) in "Taxes other than incomes taxes", $74 thousand (Corporate and Other) in "Interest charges", and $1,122 thousand (Corporate and Other) in "Other deductions" in the nine months ended September 30, 2015 | ||||||||||||||||
5Tax impacts reflected as $2,328 thousand ($1,185 thousand PNM and $1,143 thousand Corporate and Other) increase in "Income Taxes" in the three months ended September 30, 2015 and $887 thousand reduction ($1,586 thousand reduction PNM and $699 thousand increase Corporate and Other) in the nine months ended September 30, 2015 |
PNM Resources, Inc. and Subsidiaries | ||||||||||||||||
Schedule 3 | ||||||||||||||||
Reconciliation of GAAP to Ongoing Earnings Per Diluted Share | ||||||||||||||||
(Preliminary and Unaudited) | ||||||||||||||||
PNM |
TNMP |
Corporate and Other |
Consolidated | |||||||||||||
(per diluted share) | ||||||||||||||||
Three Months Ended September 30, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
0.51 |
$ |
0.17 |
$ |
— |
$ |
0.68 |
||||||||
Adjusting items |
||||||||||||||||
Mark-to-market impact of economic hedges |
(0.02) |
— |
— |
(0.02) |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
— |
— |
— |
— |
||||||||||||
Regulatory disallowances and restructuring costs |
0.10 |
— |
— |
0.10 |
||||||||||||
Pension expense related to previously disposed of gas distribution business |
0.01 |
— |
— |
0.01 |
||||||||||||
Building consolidation |
— |
0.01 |
— |
0.01 |
||||||||||||
Total Adjustments |
0.09 |
0.01 |
— |
0.10 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
0.60 |
$ |
0.18 |
$ |
— |
$ |
0.78 |
||||||||
Average Diluted Shares Outstanding: 80,117,232 |
||||||||||||||||
Nine Months Ended September 30, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
0.76 |
$ |
0.40 |
$ |
(0.01) |
$ |
1.15 |
||||||||
Adjusting items |
||||||||||||||||
Mark-to-market impact of economic hedges |
0.02 |
— |
— |
0.02 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
(0.01) |
— |
— |
(0.01) |
||||||||||||
New Mexico corporate income tax rate change |
0.01 |
— |
— |
0.01 |
||||||||||||
Regulatory disallowances and restructuring costs |
0.11 |
— |
— |
0.11 |
||||||||||||
Pension expense related to previously disposed of gas distribution business |
0.02 |
— |
— |
0.02 |
||||||||||||
Building consolidation |
— |
0.01 |
— |
0.01 |
||||||||||||
Total Adjustments |
0.15 |
0.01 |
— |
0.16 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
0.91 |
$ |
0.41 |
$ |
(0.01) |
$ |
1.31 |
||||||||
Average Diluted Shares Outstanding: 80,129,604 |
||||||||||||||||
PNM Resources, Inc. and Subsidiaries | ||||||||||||||||
Schedule 4 | ||||||||||||||||
Reconciliation of GAAP to Ongoing Earnings Per Diluted Share | ||||||||||||||||
(Preliminary and Unaudited) | ||||||||||||||||
PNM |
TNMP |
Corporate and Other |
Consolidated | |||||||||||||
(per diluted share) | ||||||||||||||||
Three Months Ended September 30, 2015 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
0.61 |
$ |
0.17 |
$ |
(0.02) |
$ |
0.76 |
||||||||
Adjusting items |
||||||||||||||||
Mark-to-market impact of economic hedges |
(0.04) |
— |
— |
(0.04) |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
0.02 |
— |
— |
0.02 |
||||||||||||
State tax credit and NOL impairment |
0.01 |
— |
0.01 |
0.02 |
||||||||||||
Total Adjustments |
(0.01) |
— |
0.01 |
— |
||||||||||||
Ongoing Earnings (Loss) |
$ |
0.60 |
$ |
0.17 |
$ |
(0.01) |
$ |
0.76 |
||||||||
Average Diluted Shares Outstanding: 80,115,665 |
||||||||||||||||
Nine Months Ended September 30, 2015 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
1.01 |
$ |
0.41 |
$ |
(0.08) |
$ |
1.34 |
||||||||
Adjusting items |
||||||||||||||||
Mark-to-market impact of economic hedges |
0.01 |
— |
— |
0.01 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
0.02 |
— |
— |
0.02 |
||||||||||||
New Mexico corporate income tax rate change |
— |
— |
— |
— |
||||||||||||
Regulatory disallowances |
0.01 |
— |
— |
0.01 |
||||||||||||
State tax credit and NOL impairment |
0.01 |
— |
0.02 |
0.03 |
||||||||||||
(Gain) loss related to previously disposed of activities |
(0.01) |
— |
0.01 |
— |
||||||||||||
Total Adjustments |
0.04 |
— |
0.03 |
0.07 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
1.05 |
$ |
0.41 |
$ |
(0.05) |
$ |
1.41 |
||||||||
Average Diluted Shares Outstanding: 80,133,925 |
||||||||||||||||
PNM Resources, Inc. and Subsidiaries | |||||||||||||||
Schedule 5 | |||||||||||||||
Condensed Consolidated Statement of Earnings | |||||||||||||||
(Preliminary and Unaudited) | |||||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, | ||||||||||||||
2016 |
2015 |
2016 |
2015 | ||||||||||||
(In thousands, except per share amounts) | |||||||||||||||
Electric Operating Revenues |
$ |
400,374 |
$ |
417,433 |
$ |
1,026,726 |
$ |
1,103,187 |
|||||||
Operating Expenses: |
|||||||||||||||
Cost of energy |
108,766 |
124,255 |
282,498 |
353,939 |
|||||||||||
Administrative and general |
46,942 |
46,375 |
139,214 |
130,161 |
|||||||||||
Energy production costs |
31,460 |
42,168 |
112,026 |
129,627 |
|||||||||||
Regulatory disallowances and restructuring costs |
16,451 |
— |
17,225 |
1,744 |
|||||||||||
Depreciation and amortization |
53,017 |
47,503 |
153,801 |
139,013 |
|||||||||||
Transmission and distribution costs |
16,056 |
16,768 |
49,965 |
50,123 |
|||||||||||
Taxes other than income taxes |
19,611 |
18,859 |
57,598 |
55,093 |
|||||||||||
Total operating expenses |
292,303 |
295,928 |
812,327 |
859,700 |
|||||||||||
Operating income |
108,071 |
121,505 |
214,399 |
243,487 |
|||||||||||
Other Income and Deductions: |
|||||||||||||||
Interest income |
4,604 |
1,151 |
18,420 |
4,842 |
|||||||||||
Gains on available-for-sale securities |
4,531 |
2,536 |
15,380 |
12,116 |
|||||||||||
Other income |
4,884 |
6,165 |
13,413 |
16,844 |
|||||||||||
Other (deductions) |
(3,764) |
(3,222) |
(10,866) |
(10,591) |
|||||||||||
Net other income and deductions |
10,255 |
6,630 |
36,347 |
23,211 |
|||||||||||
Interest Charges |
32,467 |
27,528 |
97,179 |
86,714 |
|||||||||||
Earnings before Income Taxes |
85,859 |
100,607 |
153,567 |
179,984 |
|||||||||||
Income Taxes |
27,303 |
35,752 |
50,094 |
61,621 |
|||||||||||
Net Earnings |
58,556 |
64,855 |
103,473 |
118,363 |
|||||||||||
(Earnings) Attributable to Valencia Non-controlling Interest |
(4,006) |
(3,678) |
(11,037) |
(10,909) |
|||||||||||
Preferred Stock Dividend Requirements of Subsidiary |
(132) |
(132) |
(396) |
(396) |
|||||||||||
Net Earnings Attributable to PNMR |
$ |
54,418 |
$ |
61,045 |
$ |
92,040 |
$ |
107,058 |
|||||||
Net Earnings Attributable to PNMR per Common Share: |
|||||||||||||||
Basic |
$ |
0.68 |
$ |
0.77 |
$ |
1.15 |
$ |
1.34 |
|||||||
Diluted |
$ |
0.68 |
$ |
0.76 |
$ |
1.15 |
$ |
1.34 |
|||||||
Dividends Declared per Common Share |
$ |
0.22 |
$ |
0.20 |
$ |
0.66 |
$ |
0.60 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Oct. 14, 2016 /PRNewswire/ -- PNM Resources (NYSE: PNM) will announce 2016 third quarter financial results prior to the market opening on Friday, October 28, 2016. The earnings news release will be issued at 6:30 a.m. Eastern and also will be posted on the company's website at www.PNMResources.com.
Management will host a live conference call and webcast that morning at 11 a.m. Eastern to discuss financial results and provide other company updates.
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: http://dpregister.com/10094081.
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 conference call." Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software.
A live webcast of the call will be available at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | ||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Oct. 6, 2016 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week in New York, New Jersey and Maryland.
During the meetings, management is expected to affirm the company's 2016 consolidated ongoing earnings guidance of $1.55 to $1.65 per diluted share. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, and certain non-recurring or infrequent items. The Company uses ongoing earnings and ongoing earnings per diluted share (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
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SOURCE PNM Resources
ALBUQUERQUE, N.M., Sept. 29, 2016 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week in Los Angeles and San Francisco.
During the meetings, management is expected to affirm the company's 2016 consolidated ongoing earnings guidance of $1.55 to $1.65 per diluted share. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, and certain non-recurring or infrequent items. The Company uses ongoing earnings and ongoing earnings per diluted share (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Sept. 29, 2016 /PRNewswire/ -- The New Mexico Public Regulation Commission (Commission) approved a final order on Sept. 28, 2016 in the general rate case filing of Public Service Co. of New Mexico (PNM), a wholly owned subsidiary of PNM Resources (NYSE: PNM). PNM made the filing with the Commission on Aug. 27, 2015 for a $121.5 million non-fuel increase to its revenue requirement.
The Order adopts a non-fuel revenue requirement increase of $61 million, an average rate base of $2,263 million and is largely based on the Hearing Examiner's Aug. 4 Recommended Decision. However, the Order permits recovery of the 64 MWs of previously leased Palo Verde Nuclear Generation Station (PVNGS) Unit 2 capacity at $1,306 per kW, while excluding leasehold improvements and common plant associated with this capacity. The Order also permits the recovery of the lease and property tax expenses associated with the five remaining Palo Verde leases and reduces the amount of depreciation expense from the Recommended Decision by $5 million.
"We appreciate that the Commission's Order corrects some aspects of the Hearing Examiner's recommendation related to the Palo Verde Nuclear Generating Station," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "We are, however, disappointed that the Commission discounted the value of these critical carbon-free assets and did not approve recovery of the Balanced Draft technology for the San Juan Generating Station required by the New Mexico Environment Department. After completing our review of the final written Order, we will appeal these items and any other appropriate issues to the New Mexico Supreme Court."
PNM plans to implement the rates granted in the ruling in October. The Order includes the following key factors:
Commission Order: |
PNM's Request: |
9.575% return on equity |
10.5% return on equity |
Inclusion of the 64 MWs of previously leased PVNGS Unit 2 capacity in rate base at $1,306 per kW(1) |
Inclusion of the 64 MWs of previously leased PVNGS Unit 2 capacity in rate base at $2,550 per kW(2) |
Exclusion of leasehold improvements and common plant associated with the 64 MWs of previously leased PVNGS Unit 2 capacity |
Inclusion of leasehold improvements and common plant associated with the 64 MWs of previously leased PVNGS Unit 2 capacity at $26.1 million |
Exclusion of the San Juan Generating Station balanced draft technology in rate base |
Inclusion of the San Juan Generating Station balanced draft technology in rate base at $38.9 million |
(1) Results in a 13-month average rate base of $54.7 million | |
(2) Represents a September 30, 2016 ending rate base of $152.8 million |
The Order is available at http://www.pnmresources.com/investors/rates-and-filings.aspx.
Although the New Mexico Supreme Court is not required to rule on an appeal by a specific date, a decision will likely be made within 18 months. If the Court rules in favor of PNM, the matter will return to the Commission for action consistent with the Court's ruling.
The Company will evaluate the accounting impacts of the Order. Any write offs that are determined to be necessary under generally accepted accounting principles will be recorded as required.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP), PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Sept. 22, 2016 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week in Minneapolis and Chicago.
During the meetings, management is expected to affirm the company's 2016 consolidated ongoing earnings guidance of $1.55 to $1.65 per diluted share. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, and certain non-recurring or infrequent items. The Company uses ongoing earnings and ongoing earnings per diluted share (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
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SOURCE PNM Resources
ALBUQUERQUE, N.M., Sept. 20, 2016 /PRNewswire/ -- At its regular meeting held today, the Board of Directors of PNM Resources (NYSE: PNM) declared the regular quarterly dividend of $0.22 per share on the company's common stock. The dividend is payable Nov. 14, 2016, to shareholders of record at the close of business Oct. 31, 2016.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP), PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | |
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
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SOURCE PNM Resources
ALBUQUERQUE, N.M., Sept. 14, 2016 /PRNewswire/ -- PNM Resources (NYSE: PNM), and its New Mexico Utility, PNM, today applauded the announcement that Facebook has selected Los Lunas, New Mexico as the site for a new, multi-billion-dollar data center. PNM worked with the office of New Mexico Governor Susana Martinez, state and local economic development officials, and the New Mexico Public Regulation Commission (NMPRC) to develop a plan to bring the global internet company to New Mexico.
"This sends a strong message that in New Mexico, we can work together to get things done that benefit the state," said Pat Vincent-Collawn, chairman, president and CEO of PNM Resources. "I congratulate and thank Governor Susana Martinez and reform-minded New Mexico Legislators for their leadership in providing the economic development tools that helped close the deal with Facebook. Their support, especially for Local Economic Development Act (LEDA) funds, has boosted New Mexico's ability to compete regionally and nationally."
The NMPRC was also an important part of the process, reviewing and approving a filing from PNM under a tight deadline. Approval of the filing will enable PNM to build new solar facilities and related infrastructure, and to deliver renewable energy to meet Facebook's requirement to have the data center achieve 100 percent renewable equivalent power.
"We are grateful to the Commissioners for their hard work in making this unique project possible while protecting the interests of utility customers," added Vincent-Collawn.
Facebook is expected to break ground on the new facility in October.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Sept. 14, 2016 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week in New York City and Boston.
Management is expected to affirm the company's 2016 consolidated ongoing earnings guidance of $1.55 to $1.65 per diluted share during the meetings. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | ||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, and certain non-recurring or infrequent items. The Company uses ongoing earnings and ongoing earnings per diluted share (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
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SOURCE PNM Resources
ALBUQUERQUE, N.M., Sept. 9, 2016 /PRNewswire/ -- The Board of Directors of PNM, a subsidiary of PNM Resources (NYSE: PNM), has declared the regular quarterly dividend of $1.145 per share on the 4.58 percent series of cumulative preferred stock. The preferred stock dividend is payable October 15, 2016, to shareholders of record at the close of business October 3, 2016.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP), PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS:
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., Aug. 29, 2016 /PRNewswire/ -- PNM Resources' (NYSE: PNM) New Mexico utility, Public Service Co. of New Mexico (PNM), today filed its response with the New Mexico Public Regulation Commission (NMPRC) requesting that the NMPRC make a ruling related to PNM's Aug. 27, 2015 general rate case filing. The NMPRC had previously proposed reopening the case and extending the suspension period to Dec. 15, 2016.
"While we appreciate the Commission's willingness to address the implications of the Hearing Examiner's Recommended Decision, we cannot agree to further delays in the implementation of new rates," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "We believe that the extensive record established in this proceeding provides the Commission with a strong basis to make a balanced decision. As we indicated in our filed exceptions to the Recommended Decision, the record clearly demonstrates that our actions were prudent and that our proposed valuations presented in the rate case are reasonable."
The suspension period in the case is currently in place through Sept. 30, with implementation of new rates expected Oct. 1, 2016. The NMPRC presented its proposal to reopen and extend the case at its Aug. 24, 2016 open meeting and ordered PNM to respond to this proposal by today.
PNM's response filed today is available at http://www.pnmresources.com/investors/rates-and-filings.aspx.
General Rate Case Background:
PNM filed its request on Aug. 27, 2015 for an increase in electric rates of $123.5 million (including $2 million of fuel costs), reflecting a $655 million increase in rate base since its previous general rate case filing in 2010. Hearings on the request were held during the month of April. Following the hearings, a bench request was issued regarding the 64 MW purchases of previously leased Palo Verde Nuclear Generating Station Unit 2 capacity included in the rate filing and additional hearings were held in June. On Aug. 4, 2016, the Hearing Examiner issued a recommended decision in the case, proposing an increase in non-fuel revenues of $41.3 million versus the modified non-fuel request of $121.5 million. On Aug. 24, 2016, the NMPRC extended the suspension period through Sept. 30, 2016, representing the 13-month maximum suspension period allowed by state law.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and Texas-New Mexico Power Company (TNMP), PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
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SOURCE PNM Resources
ALBUQUERQUE, N.M., Aug. 24, 2016 /PRNewswire/ -- The New Mexico Public Regulation Commission (NMPRC) today ordered a 30-day extension to the procedural schedule for the general rate case filing submitted by PNM Resources' (NYSE: PNM) New Mexico utility, Public Service Co. of New Mexico (PNM). This order represents the third extension to the schedule and extends the suspension period through Sept. 30, 2016, the 13-month maximum suspension period allowed by law, delaying the implementation of new rates to Oct. 1, 2016.
Following the 30-day suspension of rates, management affirmed its 2016 consolidated ongoing earnings guidance of $1.55 to $1.65 per diluted share.
The NMPRC also proposed to reopen the case and extend the suspension period to Dec. 15, 2016 and ordered PNM to respond to this proposal by Monday, Aug. 29, 2016. PNM is evaluating the request, given the extensive existing record in this case and the potential appeal process. PNM anticipates that the NMPRC will issue an order on this matter at its Aug. 31, 2016 open meeting.
Today's orders are available at http://www.pnmresources.com/investors/rates-and-filings.aspx.
General Rate Case Background:
PNM filed its request on August 27, 2015 for an increase in electric rates of $123.5 million (including $2 million of fuel costs), reflecting a $655 million increase in rate base since its previous general rate case filing in 2010. Hearings on the request were held during the month of April. Following the hearings, a bench request was issued regarding the 64 MW purchases of previously leased Palo Verde Nuclear Generating Station Unit 2 capacity included in the rate filing and additional hearings were held in June. On Aug. 4, 2016, the Hearing Examiner issued a recommended decision in the case, proposing an increase in non-fuel revenues of $41.3 million versus the modified non-fuel request of $121.5 million.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and Texas-New Mexico Power Company (TNMP), PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, and certain non-recurring or infrequent items. The Company uses ongoing earnings and ongoing earnings per diluted share (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
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SOURCE PNM Resources
ALBUQUERQUE, N.M., Aug. 17, 2016 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week in Wisconsin.
Management is expected to affirm the company's 2016 consolidated ongoing earnings guidance of $1.55 to $1.65 per diluted share during the meetings.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, and certain non-recurring or infrequent items. The Company uses ongoing earnings and ongoing earnings per diluted share (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
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SOURCE PNM Resources
ALBUQUERQUE, N.M., Aug. 8, 2016 /PRNewswire/ --
PNM Resources (In millions, except EPS) | |||||
Q2 2016 |
Q2 2015 |
YTD 2016 |
YTD 2015 | ||
GAAP net earnings |
$27.1 |
$31.7 |
$37.6 |
$46.0 | |
GAAP diluted EPS |
$0.34 |
$0.40 |
$0.47 |
$0.57 | |
Ongoing net earnings |
$32.1 |
$35.4 |
$42.9 |
$51.8 | |
Ongoing diluted EPS |
$0.40 |
$0.44 |
$0.53 |
$0.65 |
PNM Resources (NYSE: PNM) today released the company's 2016 second quarter earnings results. In addition, management affirmed its narrowed 2016 consolidated ongoing earnings guidance of $1.55 to $1.65 per diluted share.
"The financial results of the second quarter and first half of the year are on track," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "We will file strong exceptions to demonstrate that the Hearing Examiner's recommendations in our New Mexico rate case are unreasonable and run counter to the evidence presented in the case and established precedent."
SEGMENT REPORTING OF 2016 SECOND QUARTER EARNINGS
PNM – a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.
PNM (In millions, except EPS) | |||||
Q2 2016 |
Q2 2015 |
YTD 2016 |
YTD 2015 | ||
GAAP net earnings |
$15.9 |
$21.4 |
$20.1 |
$31.4 | |
GAAP diluted EPS |
$0.20 |
$0.27 |
$0.25 |
$0.39 | |
Ongoing net earnings |
$20.9 |
$25.1 |
$25.0 |
$36.2 | |
Ongoing diluted EPS |
$0.26 |
$0.31 |
$0.31 |
$0.46 |
TNMP – an electric transmission and distribution utility in Texas.
TNMP (In millions, except EPS) | |||||
Q2 2016 |
Q2 2015 |
YTD 2016 |
YTD 2015 | ||
GAAP net earnings |
$10.5 |
$11.9 |
$18.0 |
$19.6 | |
GAAP diluted EPS |
$0.13 |
$0.15 |
$0.22 |
$0.24 | |
Ongoing net earnings |
$10.5 |
$11.9 |
$18.0 |
$19.6 | |
Ongoing diluted EPS |
$0.13 |
$0.15 |
$0.22 |
$0.24 |
Corporate and Other – a segment that reflects the PNM Resources holding company and other subsidiaries.
Corporate and Other (In millions, except EPS) | ||||
Q2 2016 |
Q2 2015 |
YTD 2016 |
YTD 2015 | |
GAAP net earnings (loss) |
$0.7 |
($1.6) |
($0.4) |
($4.9) |
GAAP diluted EPS |
$0.01 |
($0.02) |
$0.00 |
($0.06) |
Ongoing net earnings (loss) |
$0.7 |
($1.6) |
($0.1) |
($3.9) |
Ongoing diluted EPS |
$0.01 |
($0.02) |
$0.00 |
($0.05) |
Financial materials are available at http://www.pnmresources.com/investors/results.cfm.
SECOND QUARTER CONFERENCE CALL: 11 AM EASTERN TUESDAY, AUG. 9
PNM Resources will discuss second quarter earnings results during a live conference call and webcast on Tuesday, Aug. 9th at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources chairman, president and CEO, and Chuck Eldred, PNM Resources executive vice president and CFO.
A live webcast of the call will be archived at http://www.pnmresources.com/investors/events.cfm. 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: http://dpregister.com/10088571. 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 conference 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 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | |
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, and certain non-recurring or infrequent items. The Company uses ongoing earnings and ongoing earnings per diluted share (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
PNM Resources, Inc. and Subsidiaries | ||||||||||||||||
Schedule 1 | ||||||||||||||||
Reconciliation of GAAP to Ongoing Earnings | ||||||||||||||||
(Preliminary and Unaudited) | ||||||||||||||||
PNM |
TNMP |
Corporate |
Consolidated | |||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended June 30, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
15,917 |
$ |
10,508 |
$ |
651 |
$ |
27,076 |
||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges1 |
4,023 |
— |
— |
4,023 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities2 |
406 |
— |
— |
406 |
||||||||||||
Pension expense related to previously disposed of gas distribution business3 |
564 |
— |
564 |
|||||||||||||
Total Adjustments |
4,993 |
— |
— |
4,993 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
20,910 |
$ |
10,508 |
$ |
651 |
$ |
32,069 |
||||||||
Six Months Ended June 30, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
20,057 |
$ |
17,965 |
$ |
(400) |
$ |
37,622 |
||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges1 |
3,148 |
— |
— |
3,148 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities2 |
(580) |
— |
— |
(580) |
||||||||||||
New Mexico corporate income tax rate change5 |
804 |
— |
(92) |
712 |
||||||||||||
Regulatory disallowances and restructuring costs4 |
472 |
— |
357 |
829 |
||||||||||||
Pension expense related to previously disposed of gas distribution business3 |
1,129 |
— |
— |
1,129 |
||||||||||||
Total Adjustments |
4,973 |
— |
265 |
5,238 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
25,030 |
$ |
17,965 |
$ |
(135) |
$ |
42,860 |
2016 income tax effects calculated using tax rates of 35.00% for TNMP and 39.02% for other segments. | ||||||||||||||||
The impacts of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows: | ||||||||||||||||
1Pre-tax5 impacts reflected as $6,079 thousand reduction in "Electric Operating Revenues" and $519 thousand increase in "Cost of energy" in the three months ended June 30, 2016 and $4,715 thousand reduction in "Electric Operating Revenues" and $448 thousand increase in "Cost of energy" in the six months ended June 30, 2016 | ||||||||||||||||
2Pre-tax5 impacts reflected as $666 thousand reduction in "Gains on available-for-sale securities" in the three months ended June 30, 2016 and $951 thousand increase in "Gains on available-for-sale securities" in the six months ended June 30, 2016 | ||||||||||||||||
3Pre-tax5 impacts reflected as increases in "Administrative and general" of $925 thousand in the three months ended June 30, 2016 and $1,851 thousand in the six months ended June 30, 2016 | ||||||||||||||||
4Pre-tax5 impacts reflected as increases of $774 thousand (PNM) in "Regulatory disallowances and restructuring costs" and $586 thousand (Corporate and Other) in "Other (deductions)" in the six months ended June 30, 2016 | ||||||||||||||||
5Tax impacts reflected as reductions in "Income Taxes" of $3,196 thousand in the three months ended June 30, 2016 and $2,185 thousand ($1,864 thousand PNM and $321 thousand Corporate and Other) in the six months ended June 30, 2016 |
PNM Resources, Inc. and Subsidiaries | ||||||||||||||||
Schedule 2 | ||||||||||||||||
Reconciliation of GAAP to Ongoing Earnings | ||||||||||||||||
(Preliminary and Unaudited) | ||||||||||||||||
PNM |
TNMP |
Corporate |
Consolidated | |||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended June 30, 2015 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
21,381 |
$ |
11,865 |
$ |
(1,573) |
$ |
31,673 |
||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges1 |
2,680 |
— |
— |
2,680 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities2 |
727 |
— |
— |
727 |
||||||||||||
Regulatory disallowances3 |
930 |
930 |
||||||||||||||
(Gain) loss related to previously disposed of activities4 |
(660) |
3 |
(657) |
|||||||||||||
Total Adjustments |
3,677 |
— |
3 |
3,680 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
25,058 |
$ |
11,865 |
$ |
(1,570) |
$ |
35,353 |
||||||||
Six Months Ended June 30, 2015 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
31,371 |
$ |
19,559 |
$ |
(4,917) |
$ |
46,013 |
||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges1 |
3,726 |
— |
— |
3,726 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities2 |
466 |
— |
— |
466 |
||||||||||||
New Mexico corporate income tax rate change5 |
(470) |
— |
(203) |
(673) |
||||||||||||
Regulatory disallowances3 |
1,061 |
— |
— |
1,061 |
||||||||||||
State tax credit and NOL impairment5 |
658 |
— |
342 |
1,000 |
||||||||||||
(Gain) loss related to previously disposed of activities4 |
(660) |
905 |
245 |
|||||||||||||
Total Adjustments |
4,781 |
— |
1,044 |
5,825 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
36,152 |
$ |
19,559 |
$ |
(3,873) |
$ |
51,838 |
2015 income tax effects calculated using tax rates of 35.00% for TNMP and 39.19% for other segments. | ||||||||||||||||
The impacts of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows: | ||||||||||||||||
1Pre-tax5 impacts reflected as $4,370 thousand reduction in "Electric Operating Revenues" and $38 thousand increase in "Cost of energy" in the three months ended June 30, 2015 and $6,018 thousand reduction in "Electric Operating Revenues" and $109 thousand increase in "Cost of energy" in the six months ended June 30, 2016 | ||||||||||||||||
2Pre-tax5 impacts reflected as decreases in "Gains on available-for-sale securities" of $1,196 thousand in the three months ended June 30, 2015 and $766 thousand in the six months ended June 30, 205 | ||||||||||||||||
3Pre-tax5 impacts reflected as increases in "Regulatory disallowances and restructuring costs" of $1,529 thousand in the three months ended June 30, 2015 and $1,744 thousand in six months ended June 30, 2015 | ||||||||||||||||
4Pre-tax5 impacts reflected as increases of $1,086 thousand (PNM) in "Other income" and $5 thousand (Corporate and Other) in "Interest charges" in the three months ended June 30, 2015 and $1,086 thousand (PNM) in "Other income", $291 thousand (Corporate and Other) in "Taxes other than incomes taxes", $74 thousand (Corporate and Other) in "Interest charges", and $1,122 thousand (Corporate and Other) in "Other deductions" in the six months ended June 30, 2015 | ||||||||||||||||
5Tax impacts reflected as reductions in "Income Taxes" of $2,372 thousand ($2,370 thousand PNM and $2 thousand Corporate and Other) in the three months ended June 30, 2016 and $3,213 thousand ($2,770 thousand PNM and $443 thousand Corporate and Other) in the six months ended June 30, 2015 |
PNM Resources, Inc. and Subsidiaries | ||||||||||||||||
Schedule 3 | ||||||||||||||||
Reconciliation of GAAP to Ongoing Earnings Per Diluted Share | ||||||||||||||||
(Preliminary and Unaudited) | ||||||||||||||||
PNM |
TNMP |
Corporate |
Consolidated | |||||||||||||
(per diluted share) | ||||||||||||||||
Three Months Ended June 30, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
0.20 |
$ |
0.13 |
$ |
0.01 |
$ |
0.34 |
||||||||
Adjusting items |
||||||||||||||||
Mark-to-market impact of economic hedges |
0.05 |
— |
— |
0.05 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
— |
— |
— |
— |
||||||||||||
Pension expense related to previously disposed of gas distribution business |
0.01 |
— |
— |
0.01 |
||||||||||||
Total Adjustments |
0.06 |
— |
— |
0.06 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
0.26 |
$ |
0.13 |
$ |
0.01 |
$ |
0.40 |
||||||||
Average Diluted Shares Outstanding: 80,107,844 |
||||||||||||||||
Six Months Ended June 30, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
0.25 |
$ |
0.22 |
$ |
— |
$ |
0.47 |
||||||||
Adjusting items |
||||||||||||||||
Mark-to-market impact of economic hedges |
0.04 |
— |
— |
0.04 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
(0.01) |
— |
— |
(0.01) |
||||||||||||
New Mexico corporate income tax rate change |
0.01 |
— |
— |
0.01 |
||||||||||||
Regulatory disallowances and restructuring costs |
0.01 |
— |
— |
0.01 |
||||||||||||
Pension expense related to previously disposed of gas distribution business |
0.01 |
— |
— |
0.01 |
||||||||||||
Total Adjustments |
0.06 |
— |
— |
0.06 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
0.31 |
$ |
0.22 |
$ |
— |
$ |
0.53 |
||||||||
Average Diluted Shares Outstanding: 80,135,790 |
||||||||||||||||
PNM Resources, Inc. and Subsidiaries | ||||||||||||||||
Schedule 4 | ||||||||||||||||
Reconciliation of GAAP to Ongoing Earnings Per Diluted Share | ||||||||||||||||
(Preliminary and Unaudited) | ||||||||||||||||
PNM |
TNMP |
Corporate |
Consolidated | |||||||||||||
(per diluted share) | ||||||||||||||||
Three Months Ended June 30, 2015 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
0.27 |
$ |
0.15 |
$ |
(0.02) |
$ |
0.40 |
||||||||
Adjusting items |
||||||||||||||||
Mark-to-market impact of economic hedges |
0.03 |
— |
— |
0.03 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
0.01 |
— |
— |
0.01 |
||||||||||||
Regulatory disallowances |
0.01 |
— |
— |
0.01 |
||||||||||||
(Gain) loss related to previously disposed of activities |
(0.01) |
— |
— |
(0.01) |
||||||||||||
Total Adjustments |
0.04 |
— |
— |
0.04 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
0.31 |
$ |
0.15 |
$ |
(0.02) |
$ |
0.44 |
||||||||
Average Diluted Shares Outstanding: 80,133,154 |
||||||||||||||||
Six Months Ended June 30, 2015 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
0.39 |
$ |
0.24 |
$ |
(0.06) |
$ |
0.57 |
||||||||
Adjusting items |
||||||||||||||||
Mark-to-market impact of economic hedges |
0.05 |
— |
— |
0.05 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
0.01 |
— |
— |
0.01 |
||||||||||||
New Mexico corporate income tax rate change |
— |
— |
— |
— |
||||||||||||
Regulatory disallowances |
0.01 |
— |
— |
0.01 |
||||||||||||
State tax credit and NOL impairment |
0.01 |
— |
— |
0.01 |
||||||||||||
(Gain) loss related to previously disposed of activities |
(0.01) |
— |
0.01 |
— |
||||||||||||
Total Adjustments |
0.07 |
— |
0.01 |
0.08 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
0.46 |
$ |
0.24 |
$ |
(0.05) |
$ |
0.65 |
||||||||
Average Diluted Shares Outstanding: 80,143,056 |
||||||||||||||||
PNM Resources, Inc. and Subsidiaries | |||||||||||||||
Schedule 5 | |||||||||||||||
Condensed Consolidated Statement of Earnings | |||||||||||||||
(Preliminary and Unaudited) | |||||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, | ||||||||||||||
2016 |
2015 |
2016 |
2015 | ||||||||||||
(In thousands, except per share amounts) | |||||||||||||||
Electric Operating Revenues |
$ |
315,391 |
$ |
352,887 |
$ |
626,352 |
$ |
685,755 |
|||||||
Operating Expenses: |
|||||||||||||||
Cost of energy |
81,363 |
114,038 |
173,732 |
229,683 |
|||||||||||
Administrative and general |
45,160 |
39,928 |
92,270 |
83,787 |
|||||||||||
Energy production costs |
37,881 |
44,790 |
80,567 |
87,459 |
|||||||||||
Regulatory disallowances and restructuring costs |
— |
1,529 |
774 |
1,744 |
|||||||||||
Depreciation and amortization |
50,955 |
46,049 |
100,784 |
91,510 |
|||||||||||
Transmission and distribution costs |
17,315 |
16,868 |
33,909 |
33,354 |
|||||||||||
Taxes other than income taxes |
17,895 |
17,271 |
37,987 |
36,234 |
|||||||||||
Total operating expenses |
250,569 |
280,473 |
520,023 |
563,771 |
|||||||||||
Operating income |
64,822 |
72,414 |
106,329 |
121,984 |
|||||||||||
Other Income and Deductions: |
|||||||||||||||
Interest income |
10,194 |
1,941 |
13,815 |
3,691 |
|||||||||||
Gains on available-for-sale securities |
4,631 |
5,556 |
10,849 |
9,580 |
|||||||||||
Other income |
4,265 |
5,717 |
8,530 |
10,679 |
|||||||||||
Other (deductions) |
(4,105) |
(3,707) |
(7,104) |
(7,370) |
|||||||||||
Net other income and deductions |
14,985 |
9,507 |
26,090 |
16,580 |
|||||||||||
Interest Charges |
33,221 |
28,913 |
64,712 |
59,186 |
|||||||||||
Earnings before Income Taxes |
46,586 |
53,008 |
67,707 |
79,378 |
|||||||||||
Income Taxes |
15,634 |
17,353 |
22,790 |
25,870 |
|||||||||||
Net Earnings |
30,952 |
35,655 |
44,917 |
53,508 |
|||||||||||
(Earnings) Attributable to Valencia Non-controlling Interest |
(3,744) |
(3,850) |
(7,031) |
(7,231) |
|||||||||||
Preferred Stock Dividend Requirements of Subsidiary |
(132) |
(132) |
(264) |
(264) |
|||||||||||
Net Earnings Attributable to PNMR |
$ |
27,076 |
$ |
31,673 |
$ |
37,622 |
$ |
46,013 |
|||||||
Net Earnings Attributable to PNMR per Common Share: |
|||||||||||||||
Basic |
$ |
0.34 |
$ |
0.40 |
$ |
0.47 |
$ |
0.58 |
|||||||
Diluted |
$ |
0.34 |
$ |
0.40 |
$ |
0.47 |
$ |
0.57 |
|||||||
Dividends Declared per Common Share |
$ |
0.22 |
$ |
0.20 |
$ |
0.44 |
$ |
0.40 |
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SOURCE PNM Resources
ALBUQUERQUE, N.M., Aug. 4, 2016 /PRNewswire/ -- The Hearing Examiner issued a recommended decision on Aug. 4, 2016 in the general rate case filing of Public Service Co. of New Mexico (PNM), a wholly owned subsidiary of PNM Resources (NYSE: PNM). PNM made the filing with the New Mexico Public Regulation Commission (Commission) on Aug. 27, 2015 for a $123.5 million (which includes $2 million of fuel) increase to its revenue requirement.
The Hearing Examiner's recommendation reflects a $41.3 million increase to PNM's revenue requirement (which excludes approximately $60 million of fuel adjustments primarily related to the new Westmoreland coal contract savings and the reclassification of certain costs to the renewable rider).
"We are deeply disappointed with the Hearing Examiner's recommendation as it does not represent a fair balance between the interests of customers and shareholders," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "The rate case represents a request to recover the $655 million PNM has invested in its system since 2011 to provide safe, reliable, affordable and environmentally responsible electricity to customers. We plan to file strong exceptions with the Commission that emphasize the importance of recovering our investments."
The Hearing Examiner's recommendation includes the following key factors:
Hearing Examiner Recommendation: |
PNM's Request: |
9.575% return on equity |
10.5% return on equity |
Exclusion of the 64 MWs of previously leased Palo Verde Nuclear Generation Station Unit 2 capacity in rate base (PNM is allowed to request recovery in its next rate case) |
Inclusion of the 64 MWs of previously leased Palo Verde Nuclear Generation Station Unit 2 capacity in rate base at $152.8 million |
Exclusion of the lease and associated property tax expense associated with the five remaining Palo Verde leases (PNM is allowed to request recovery in its next rate case) |
Recovery of the lease and associated property tax expense associated with the five remaining Palo Verde leases of $19.5 million per year |
Exclusion of the San Juan Generating Station balanced draft technology in rate base |
Inclusion of the San Juan Generating Station balanced draft technology in rate base at $38.9 million |
The Commission had previously suspended rates through Aug. 31, 2016 and is expected to consider the recommendation before the end of the suspension period. The Commission has the authority to suspend the proposed change in rates one additional month, but not beyond Oct. 1, 2016.
"We have already taken action to temporarily offset the effects of the delay in rate implementation," said Vincent-Collawn. "As a result, we expect to remain within our original 2016 guidance."
Accordingly, management narrowed the PNM Resources 2016 consolidated ongoing earnings guidance to $1.55 to $1.65 per diluted share from the previously stated guidance of $1.55 to $1.76 per diluted share.
PNM is now awaiting a final order from the Commission. Depending on the contents of the order, it may be necessary to adjust future expenses to align with the revenue levels permitted by the Commission in order to maintain PNM's investment grade credit ratings.
The recommended decision and other certain documents related to PNM's rate filing can be found at http://www.pnmresources.com/investors/rates-and-filings.aspx.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP), PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings 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 impairments on available-for-sale securities, and certain non-recurring or infrequent items. The Company uses ongoing earnings and ongoing earnings per diluted share (or ongoing diluted earnings per 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; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance.
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SOURCE PNM Resources, Inc.
ALBUQUERQUE, N.M., July 26, 2016 /PRNewswire/ -- At its regular meeting held today,the Board of Directors of PNM Resources (NYSE: PNM) declared the regular quarterly dividend of $0.22 per share on the company's common stock. The dividend is payable Aug. 22, 2016, to shareholders of record at the close of business Aug. 8, 2016.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP), PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
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SOURCE PNM Resources
ALBUQUERQUE, N.M., July 26, 2016 /PRNewswire/ -- PNM Resources (NYSE: PNM) will announce 2016 second quarter financial results after market closing on Monday, August 8, 2016. The earnings news release is expected to be issued at 5:30 p.m. Eastern and also will be posted on the company's website at www.PNMResources.com.
Management will host a live conference call and webcast on the morning of Tuesday, August 9, 2016 at 11 a.m. Eastern to discuss financial results and provide other company updates.
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: http://dpregister.com/10088571. 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 conference call." Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software. A live webcast of the call will be available at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
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SOURCE PNM Resources
ALBUQUERQUE, N.M., June 9, 2016 /PRNewswire/ -- The Board of Directors of PNM, a subsidiary of PNM Resources (NYSE: PNM), has declared the regular quarterly dividend of $1.145 per share on the 4.58 percent series of cumulative preferred stock. The preferred stock dividend is payable July 15, 2016, to shareholders of record at the close of business July 1, 2016.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP), PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
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SOURCE PNM Resources
ALBUQUERQUE, N.M., June 6, 2016 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week in New York City.
Management is expected to affirm the company's 2016 consolidated ongoing earnings guidance of $1.55 to $1.76 per diluted share during the meetings. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | ||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
Non-GAAP Financial Measures
The Company uses ongoing earnings, ongoing earnings per diluted share (or ongoing diluted earnings per share), earnings before interest, taxes, depreciation and amortization (EBITDA) and funds from operations (FFO) to debt to evaluate the operations of the Company and to establish goals 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 generally accepted accounting principles in the U.S. (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, EBITDA and FFO to debt guidance to provide investors with management's expectations of ongoing financial performance over the period presented. While the Company believes ongoing earnings, EBITDA and FFO to debt guidance are appropriate measures, these are not measures presented in accordance with GAAP. The Company does not intend for ongoing earnings, EBITDA and FFO to debt guidance to represent expectations of net earnings or operating cash flow as defined by GAAP. Management is generally not able to estimate the impact of the reconciling items between ongoing earnings, EBITDA and FFO to debt guidance and forecasted GAAP earnings or operating cash flows, nor their probable impact on GAAP earnings or operating cash flow; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings, EBITDA and FFO to debt guidance.
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SOURCE PNM Resources
ALBUQUERQUE, N.M., May 18, 2016 /PRNewswire/ -- The New Mexico Public Regulation Commission (NMPRC) today ordered a 30-day extension to the procedural schedule for the general rate case filing submitted by PNM Resources' (NYSE: PNM) New Mexico utility, Public Service Co. of New Mexico (PNM). This order represents the second extension to the schedule and extends the suspension period through August 31, 2016, delaying the earliest implementation of new rates to September 1, 2016.
"While today's extension is within the suspension period allowed by state law, it is disappointing that the implementation date will now be a full year after our filing," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "It is unfortunate that after three weeks of evidentiary hearings, additional bench requests to provide information on past regulatory actions on Palo Verde that do not ultimately change the amount of our request have resulted in a further delay. We do not believe the delay is necessary and our filings more than adequately address the questions regarding Palo Verde."
PNM filed its request on August 27, 2015 for an increase in electric rates of $123.5 million, reflecting a $655 million increase in rate base since its previous general rate case filing in 2010. Hearings on the request were held during the month of April. The bench requests relate to the 64 MW purchases of previously leased Palo Verde Nuclear Generating Station Unit 2 capacity included in the rate filing. The associated leases were set to expire in January 2016 and were purchased at fair market value to secure the capacity currently serving retail customers. These purchases were consistent with both prior NMPRC approvals and all of PNM's previously filed Integrated Resource Plans. An additional hearing has been scheduled on June 27, 2016, which allows the information supplied to be included in the record of the hearing.
On December 18, 2015 the company issued its 2016 earnings guidance. At that time, the company provided earnings sensitivities that describe the effects of timing delays on the rate case. Those sensitivities continue to apply and can be found at http://www.pnmresources.com/~/media/Files/P/PNM-Resources/events-and-presentations/2015/2016-earnings-guidance-presentation-and-appendix.pdf. Revised earnings guidance is expected to be issued during the third quarter and incorporate any preliminary or final decision in PNM's general rate case.
Certain documents related to PNM's rate filing can be found at http://www.pnmresources.com/investors/rates-and-filings.aspx.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and Texas-New Mexico Power Company (TNMP), PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | |
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc. ("PNMR") or Public Service Company of New Mexico's ("PNM") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. PNMR and PNM assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR and PNM caution readers not to place undue reliance on these statements. PNMR's and PNM'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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
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SOURCE PNM Resources
ALBUQUERQUE, N.M., April 29, 2016 /PRNewswire/ --
PNM Resources (In millions, except EPS) | ||
Q1 2016 |
Q1 2015 | |
GAAP net earnings |
$10.5 |
$14.3 |
GAAP diluted EPS |
$0.13 |
$0.18 |
Ongoing net earnings |
$10.8 |
$16.5 |
Ongoing diluted EPS |
$0.13 |
$0.21 |
PNM Resources (NYSE: PNM) today released the company's 2016 first quarter earnings results. In addition, management affirmed its 2016 consolidated ongoing earnings guidance of $1.55 to $1.76 per diluted share.
"The company's performance remains consistent with our expectations. Our general rate case continues to move ahead as we seek approval for recovery of our investments in New Mexico," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "As always, we remain focused on providing reliable, affordable and environmentally responsible power, and superior customer service."
SEGMENT REPORTING OF 2016 FIRST QUARTER EARNINGS
PNM – a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.
PNM (In millions, except EPS) | ||
Q1 2016 |
Q1 2015 | |
GAAP net earnings |
$4.1 |
$10.0 |
GAAP diluted EPS |
$0.05 |
$0.12 |
Ongoing net earnings |
$4.1 |
$11.1 |
Ongoing diluted EPS |
$0.05 |
$0.14 |
TNMP – an electric transmission and distribution utility in Texas.
TNMP (In millions, except EPS) | ||
Q1 2016 |
Q1 2015 | |
GAAP net earnings |
$7.5 |
$7.7 |
GAAP diluted EPS |
$0.09 |
$0.10 |
Ongoing net earnings |
$7.5 |
$7.7 |
Ongoing diluted EPS |
$0.09 |
$0.10 |
Corporate and Other – a segment that reflects costs at the PNM Resources holding company, mainly comprised of interest expense related to debt.
Corporate and Other (In millions, except EPS) | ||
Q1 2016 |
Q1 2015 | |
GAAP net earnings (loss) |
$(1.1) |
$(3.3) |
GAAP diluted EPS |
$(0.01) |
$(0.04) |
Ongoing net earnings (loss) |
$(0.8) |
$(2.3) |
Ongoing diluted EPS |
$(0.01) |
$(0.03) |
Financial materials are available at http://www.pnmresources.com/investors/results.cfm.
FIRST QUARTER CONFERENCE CALL: 11 AM EASTERN TODAY
PNM Resources will discuss first quarter earnings results during a live conference call and webcast today at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources chairman, president and CEO, and Chuck Eldred, PNM Resources executive vice president and CFO.
A live webcast of the call will be archived at http://www.pnmresources.com/investors/events.cfm.
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: http://dpregister.com/10083356. 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 first quarter conference 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 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources, Inc.'s ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
Non-GAAP Financial Measures
The Company uses ongoing earnings and ongoing earnings per diluted share (or ongoing diluted earnings per share) to evaluate the operations of the Company and to establish goals 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 generally accepted accounting principles in the U.S. ("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. Management is generally not able to estimate the impact of the reconciling items between ongoing earnings guidance and forecasted GAAP net earnings, nor their probable impact on GAAP net earnings; therefore, management is generally not able to provide a corresponding GAAP equivalent for earnings guidance.
PNM Resources, Inc. and Subsidiaries | ||||||||||||||||
Schedule 1 | ||||||||||||||||
Reconciliation of GAAP to Ongoing Earnings | ||||||||||||||||
(Preliminary and Unaudited) | ||||||||||||||||
PNM |
TNMP |
Corporate and Other |
Consolidated | |||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended March 31, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
4,142 |
$ |
7,456 |
$ |
(1,052) |
$ |
10,546 |
||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges1 |
(875) |
— |
— |
(875) |
||||||||||||
Net change in unrealized impairments of available-for-sale securities2 |
(986) |
— |
— |
(986) |
||||||||||||
New Mexico corporate income tax rate change8 |
804 |
— |
(92) |
712 |
||||||||||||
Regulatory disallowances and restructuring costs3 |
472 |
— |
357 |
829 |
||||||||||||
Pension expense related to previously disposed of gas distribution business4 |
564 |
— |
564 |
|||||||||||||
Total Adjustments |
(21) |
— |
265 |
244 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
4,121 |
$ |
7,456 |
$ |
(787) |
$ |
10,790 |
||||||||
Three Months Ended March 31, 2015 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
9,990 |
$ |
7,694 |
$ |
(3,344) |
$ |
14,340 |
||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges5 |
1,045 |
— |
— |
1,045 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities2 |
(261) |
— |
— |
(261) |
||||||||||||
New Mexico corporate income tax rate change8 |
(470) |
— |
(203) |
(673) |
||||||||||||
Regulatory disallowances6 |
131 |
— |
— |
131 |
||||||||||||
State tax credit and NOL impairment8 |
658 |
— |
342 |
1,000 |
||||||||||||
Loss related to previously disposed of activities7 |
— |
— |
902 |
902 |
||||||||||||
Total Adjustments |
1,103 |
— |
1,041 |
2,144 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
11,093 |
$ |
7,694 |
$ |
(2,303) |
$ |
16,484 |
||||||||
2016 income tax effects calculated using tax rates of 35.00% for TNMP and 39.02% for other segments. | ||||||||||||||||
2015 income tax effects calculated using tax rates of 35.00% for TNMP and 39.19% for other segments. | ||||||||||||||||
The impacts of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows: | ||||||||||||||||
1Pre-tax8 impacts reflected as $1,364 thousand increase in "Electric Operating Revenues" and $71 thousand reduction in "Cost of energy" | ||||||||||||||||
2Pre-tax8 impact reflected in "Gains on available-for-sale securities" | ||||||||||||||||
3Pre-tax8 impact reflected as $774 thousand increase in "Regulatory disallowances and restructuring costs" and $586 thousand increase in "Other (deductions)" | ||||||||||||||||
4Pre-tax8 impact reflected in "Administrative and general" | ||||||||||||||||
5Pre-tax8 impacts reflected as $1,648 thousand reduction in "Electric Operating Revenues" and $71 thousand increase in "Cost of energy" | ||||||||||||||||
6Pre-tax8 impact reflected in "Regulatory disallowances and restructuring costs" | ||||||||||||||||
7Pre-tax8 impacts reflected as $291 thousand increase in "Taxes other than income taxes", $69 thousand increase in "Interest charges", and $1,122 thousand increase in "Other (deductions)" | ||||||||||||||||
8Tax impacts reflected in "Income Taxes"
|
PNM Resources, Inc. and Subsidiaries | ||||||||||||||||
Schedule 2 | ||||||||||||||||
Reconciliation of GAAP to Ongoing Earnings Per Diluted Share | ||||||||||||||||
(Preliminary and Unaudited) | ||||||||||||||||
PNM |
TNMP |
Corporate and Other |
Consolidated | |||||||||||||
(per diluted share) | ||||||||||||||||
Three Months Ended March 31, 2016 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
0.05 |
$ |
0.09 |
$ |
(0.01) |
$ |
0.13 |
||||||||
Adjusting items |
||||||||||||||||
Mark-to-market impact of economic hedges |
(0.01) |
— |
— |
(0.01) |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
(0.01) |
— |
— |
(0.01) |
||||||||||||
New Mexico corporate income tax rate change |
0.01 |
— |
— |
0.01 |
||||||||||||
Regulatory disallowances and restructuring costs |
0.01 |
— |
— |
0.01 |
||||||||||||
Pension expense related to previously disposed of gas distribution business |
— |
— |
— |
— |
||||||||||||
Total Adjustments |
— |
— |
— |
— |
||||||||||||
Ongoing Earnings (Loss) |
$ |
0.05 |
$ |
0.09 |
$ |
(0.01) |
$ |
0.13 |
||||||||
Average Diluted Shares Outstanding: 80,163,736 |
||||||||||||||||
Three Months Ended March 31, 2015 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ |
0.12 |
$ |
0.10 |
$ |
(0.04) |
$ |
0.18 |
||||||||
Adjusting items |
||||||||||||||||
Mark-to-market impact of economic hedges |
0.01 |
— |
— |
0.01 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
— |
— |
— |
— |
||||||||||||
New Mexico corporate income tax rate change |
— |
— |
— |
— |
||||||||||||
Regulatory disallowances |
— |
— |
— |
— |
||||||||||||
State tax credit and NOL impairment |
0.01 |
— |
— |
0.01 |
||||||||||||
Loss related to previously disposed of activities |
— |
— |
0.01 |
0.01 |
||||||||||||
Total Adjustments |
0.02 |
— |
0.01 |
0.03 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
0.14 |
$ |
0.10 |
$ |
(0.03) |
$ |
0.21 |
||||||||
Average Diluted Shares Outstanding: 80,152,957 |
||||||||||||||||
PNM Resources, Inc. and Subsidiaries | |||||||
Schedule 3 | |||||||
Condensed Consolidated Statement of Earnings | |||||||
(Preliminary and Unaudited) | |||||||
Three Months Ended March 31, | |||||||
2016 |
2015 | ||||||
(In thousands, except per share amounts) | |||||||
Electric Operating Revenues |
$ |
310,961 |
$ |
332,868 |
|||
Operating Expenses: |
|||||||
Cost of energy |
92,369 |
115,645 |
|||||
Administrative and general |
47,109 |
43,859 |
|||||
Energy production costs |
42,686 |
42,669 |
|||||
Regulatory disallowances and restructuring costs |
774 |
215 |
|||||
Depreciation and amortization |
49,829 |
45,461 |
|||||
Transmission and distribution costs |
16,594 |
16,487 |
|||||
Taxes other than income taxes |
20,092 |
18,963 |
|||||
Total operating expenses |
269,453 |
283,299 |
|||||
Operating income |
41,508 |
49,569 |
|||||
Other Income and Deductions: |
|||||||
Interest income |
3,622 |
1,750 |
|||||
Gains on available-for-sale securities |
6,218 |
4,024 |
|||||
Other income |
4,264 |
4,961 |
|||||
Other (deductions) |
(2,999) |
(3,662) |
|||||
Net other income and deductions |
11,105 |
7,073 |
|||||
Interest Charges |
31,491 |
30,273 |
|||||
Earnings before Income Taxes |
21,122 |
26,369 |
|||||
Income Taxes |
7,157 |
8,517 |
|||||
Net Earnings |
13,965 |
17,852 |
|||||
(Earnings) Attributable to Valencia Non-controlling Interest |
(3,287) |
(3,380) |
|||||
Preferred Stock Dividend Requirements of Subsidiary |
(132) |
(132) |
|||||
Net Earnings Attributable to PNMR |
$ |
10,546 |
$ |
14,340 |
|||
Net Earnings Attributable to PNMR per Common Share: |
|||||||
Basic |
$ |
0.13 |
$ |
0.18 |
|||
Diluted |
$ |
0.13 |
$ |
0.18 |
|||
Dividends Declared per Common Share |
$ |
0.22 |
$ |
0.20 |
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SOURCE PNM Resources
ALBUQUERQUE, N.M., April 15, 2016 /PRNewswire/ -- PNM Resources (NYSE: PNM) will announce 2016 first quarter financial results prior to the market opening on Friday, April 29, 2016. The earnings news release will be issued at 6:30 a.m. Eastern and also will be posted on the company's website at www.PNMResources.com.
Management will host a live conference call and webcast that morning at 11 a.m. Eastern to discuss financial results and provide other company updates.
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: http://dpregister.com/10083356. 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 first quarter conference call." Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software. A live webcast of the call will be available at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | ||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
Logo - http://photos.prnewswire.com/prnh/20151104/284109LOGO
SOURCE PNM Resources
ALBUQUERQUE, N.M., March 18, 2016 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors next week in Milan, London and Zurich.
Management is expected to affirm the company's 2016 consolidated ongoing earnings guidance of $1.55 to $1.76 per diluted share during the meetings. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | ||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources' ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
Non-GAAP Financial Measures
The Company uses ongoing earnings, ongoing earnings per diluted share (or ongoing diluted earnings per share), earnings before interest, taxes, depreciation and amortization (EBITDA) and funds from operations (FFO) to debt to evaluate the operations of the Company and to establish goals 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 generally accepted accounting principles in the U.S. (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, EBITDA and FFO to debt guidance to provide investors with management's expectations of ongoing financial performance over the period presented. While the Company believes ongoing earnings, EBITDA and FFO to debt guidance are appropriate measures, these are not measures presented in accordance with GAAP. The Company does not intend for ongoing earnings, EBITDA and FFO to debt guidance to represent expectations of net earnings or operating cash flow as defined by GAAP. Management is generally not able to estimate the impact of the reconciling items between ongoing earnings, EBITDA and FFO to debt guidance and forecasted GAAP earnings or operating cash flows, nor their probable impact on GAAP earnings or operating cash flow; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings, EBITDA and FFO to debt guidance.
Logo - http://photos.prnewswire.com/prnh/20151104/284109LOGO
SOURCE PNM Resources
ALBUQUERQUE, N.M., March 8, 2016 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week in New York, Boston and Baltimore.
Management is expected to affirm the company's 2016 consolidated ongoing earnings guidance of $1.55 to $1.76 per diluted share during the meetings. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources' ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
Non-GAAP Financial Measures
The Company uses ongoing earnings, ongoing earnings per diluted share (or ongoing diluted earnings per share), earnings before interest, taxes, depreciation and amortization (EBITDA) and funds from operations (FFO) to debt to evaluate the operations of the Company and to establish goals 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 generally accepted accounting principles in the U.S. (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, EBITDA and FFO to debt guidance to provide investors with management's expectations of ongoing financial performance over the period presented. While the Company believes ongoing earnings, EBITDA and FFO to debt guidance are appropriate measures, these are not measures presented in accordance with GAAP. The Company does not intend for ongoing earnings, EBITDA and FFO to debt guidance to represent expectations of net earnings or operating cash flow as defined by GAAP. Management is generally not able to estimate the impact of the reconciling items between ongoing earnings, EBITDA and FFO to debt guidance and forecasted GAAP earnings or operating cash flows, nor their probable impact on GAAP earnings or operating cash flow; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings, EBITDA and FFO to debt guidance.
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SOURCE PNM Resources
ALBUQUERQUE, N.M., March 4, 2016 /PRNewswire/ -- The Board of Directors of PNM, a subsidiary of PNM Resources (NYSE: PNM), has declared the regular quarterly dividend of $1.145 per share on the 4.58 percent series of cumulative preferred stock. The preferred stock dividend is payable Apr. 15, 2016, to shareholders of record at the close of business Apr. 1, 2016.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP), PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS:
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
Logo - http://photos.prnewswire.com/prnh/20151104/284109LOGO
SOURCE PNM Resources
ALBUQUERQUE, N.M., Feb. 29, 2016 /PRNewswire/ -- PNM Resources (NYSE: PNM) management will meet with analysts and investors this week in San Mateo, Chicago and Cleveland.
Management is expected to affirm the company's 2016 consolidated ongoing earnings guidance of $1.55 to $1.76 per diluted share during the meetings. Presentation materials are available on the company's website at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources' ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
Non-GAAP Financial Measures
The Company uses ongoing earnings, ongoing earnings per diluted share (or ongoing diluted earnings per share), earnings before interest, taxes, depreciation and amortization (EBITDA) and funds from operations (FFO) to debt to evaluate the operations of the Company and to establish goals 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 generally accepted accounting principles in the U.S. (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, EBITDA and FFO to debt guidance to provide investors with management's expectations of ongoing financial performance over the period presented. While the Company believes ongoing earnings, EBITDA and FFO to debt guidance are appropriate measures, these are not measures presented in accordance with GAAP. The Company does not intend for ongoing earnings, EBITDA and FFO to debt guidance to represent expectations of net earnings or operating cash flow as defined by GAAP. Management is generally not able to estimate the impact of the reconciling items between ongoing earnings, EBITDA and FFO to debt guidance and forecasted GAAP earnings or operating cash flows, nor their probable impact on GAAP earnings or operating cash flow; therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings, EBITDA and FFO to debt guidance.
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SOURCE PNM Resources
ALBUQUERQUE, N.M., Feb. 26, 2016 /PRNewswire/ --
PNM Resources (In millions, except EPS) | |||||
Q4 2015 |
Q4 2014 |
YE 2015 |
YE 2014 | ||
GAAP net earnings (loss) |
($91.4) |
$19.0 |
$15.6 |
$116.3 | |
GAAP diluted EPS |
($1.15) |
$0.24 |
$0.20 |
$1.45 | |
Ongoing net earnings |
$18.7 |
$19.5 |
$131.5 |
$119.6 | |
Ongoing diluted EPS |
$0.23 |
$0.24 |
$1.64 |
$1.49 |
PNM Resources (NYSE: PNM) today released the company's 2015 fourth quarter and year-end earnings results. In addition, management affirmed its 2016 consolidated ongoing earnings guidance of $1.55 to $1.76 per diluted share.
"In 2015, PNM Resources delivered a solid financial performance and achieved success in critical areas while navigating significant challenges," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "The progress we are making supports our ongoing commitment to better serve our customers and our continued focus on securing constructive outcomes on key regulatory matters, as in the BART case. Through innovation, perseverance and hard work we are responding to the rapidly evolving marketplace while maintaining strong reliability and building value for customers and shareholders."
SEGMENT REPORTING OF 2015 FOURTH QUARTER AND YEAR-END EARNINGS
PNM – a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.
PNM (In millions, except EPS) | |||||
Q4 2015 |
Q4 2014 |
YE 2015 |
YE 2014 | ||
GAAP net earnings (loss) |
($96.4) |
$13.8 |
($15.8) |
$86.8 | |
GAAP diluted EPS |
($1.21) |
$0.17 |
($0.20) |
$1.08 | |
Ongoing net earnings |
$10.5 |
$12.4 |
$94.7 |
$88.0 | |
Ongoing diluted EPS |
$0.13 |
$0.16 |
$1.18 |
$1.10 |
TNMP – an electric transmission and distribution utility in Texas.
TNMP (In millions, except EPS) | |||||
Q4 2015 |
Q4 2014 |
YE 2015 |
YE 2014 | ||
GAAP net earnings |
$8.7 |
$9.1 |
$42.0 |
$37.8 | |
GAAP diluted EPS |
$0.11 |
$0.11 |
$0.52 |
$0.47 | |
Ongoing net earnings |
$8.7 |
$9.1 |
$41.9 |
$37.8 | |
Ongoing diluted EPS |
$0.11 |
$0.11 |
$0.52 |
$0.47 |
Corporate and Other – a segment that reflects costs at the PNM Resources holding company, mainly comprised of interest expense related to debt.
Corporate and Other (In millions, except EPS) | |||||
Q4 2015 |
Q4 2014 |
YE 2015 |
YE 2014 | ||
GAAP net earnings (loss) |
($3.8) |
($3.9) |
($10.6) |
($8.4) | |
GAAP diluted EPS |
($0.05) |
($0.05) |
($0.12) |
($0.10) | |
Ongoing net earnings (loss) |
($0.5) |
($2.1) |
($5.1) |
($6.2) | |
Ongoing diluted EPS |
($0.01) |
($0.03) |
($0.06) |
($0.08) |
Financial materials are available at http://www.pnmresources.com/investors/results.cfm.
FOURTH QUARTER CONFERENCE CALL: 11 AM EASTERN TODAY
PNM Resources will discuss fourth quarter and year-end earnings results during a live conference call and webcast today at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources chairman, president and CEO, and Chuck Eldred, PNM Resources executive vice president and CFO.
A live webcast of the call will be archived at http://www.pnmresources.com/investors/events.cfm. 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: http://dpregister.com/10078145. 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 fourth quarter conference 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 2015 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 760,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
||
Analysts |
Media | |
Jimmie Blotter |
Pahl Shipley | |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources' ("PNMR"), Public Service Company of New Mexico's ("PNM"), or Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. 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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
Non-GAAP Financial Measures
The Company uses ongoing earnings and ongoing earnings per diluted share (or ongoing diluted earnings per share) to evaluate the operations of the Company and to establish goals 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 generally accepted accounting principles in the U.S. ("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. Management is generally not able to estimate the impact of the reconciling items between ongoing earnings guidance and forecasted GAAP net earnings, nor their probable impact on GAAP net earnings; therefore, management is generally not able to provide a corresponding GAAP equivalent for earnings guidance.
PNM Resources Schedule 1 Reconciliation of GAAP to Ongoing Earnings (Preliminary and Unaudited) | |||||||||||||||||
PNM |
TNMP |
Corporate and Other |
Consolidated | ||||||||||||||
(in thousands) | |||||||||||||||||
Quarter Ended December 31, 2015 |
|||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
(96,380) |
$ |
8,715 |
$ |
(3,753) |
$ |
(91,418) |
|||||||||
Adjusting items, net of income tax effects |
|||||||||||||||||
Mark-to-market impact of economic hedges1 |
2,394 |
— |
— |
2,394 |
|||||||||||||
Net change in unrealized impairments of available-for-sale securities2 |
687 |
— |
— |
687 |
|||||||||||||
Regulatory disallowances and restructuring costs3 |
102,605 |
— |
(1,905) |
100,700 |
|||||||||||||
Federal and state tax credit, NOL, and charitable contribution impairments9 |
2,407 |
— |
5,157 |
7,564 |
|||||||||||||
Building consolidation4 |
(181) |
(52) |
— |
(233) |
|||||||||||||
Settlement of regulatory proceeding5 |
(992) |
— |
— |
(992) |
|||||||||||||
Total Adjustments |
106,920 |
(52) |
3,252 |
110,120 |
|||||||||||||
Ongoing Earnings (Loss) |
$ |
10,540 |
$ |
8,663 |
$ |
(501) |
$ |
18,702 |
|||||||||
Year Ended December 31, 2015 |
|||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
(15,762) |
$ |
41,963 |
$ |
(10,561) |
$ |
15,640 |
|||||||||
Adjusting items, net of income tax effects |
|||||||||||||||||
Mark-to-market impact of economic hedges6 |
3,155 |
— |
— |
3,155 |
|||||||||||||
Net change in unrealized impairments of available-for-sale securities2 |
2,641 |
— |
— |
2,641 |
|||||||||||||
New Mexico corporate income tax rate change9 |
(470) |
— |
(203) |
(673) |
|||||||||||||
Regulatory disallowances and restructuring costs7 |
103,666 |
— |
(1,905) |
101,761 |
|||||||||||||
Federal and state tax credit, NOL, and charitable contribution impairments9 |
3,297 |
— |
6,643 |
9,940 |
|||||||||||||
Building consolidation4 |
(181) |
(52) |
— |
(233) |
|||||||||||||
Settlement of regulatory proceeding5 |
(992) |
— |
— |
(992) |
|||||||||||||
(Gain) loss related to previously disposed of activities8 |
(660) |
— |
905 |
245 |
|||||||||||||
Total Adjustments |
110,456 |
(52) |
5,440 |
115,844 |
|||||||||||||
Ongoing Earnings (Loss) |
$ |
94,694 |
$ |
41,911 |
$ |
(5,121) |
$ |
131,484 |
2015 income tax effects calculated using tax rates of 35.00% for TNMP and 39.19% for other segments. | |||||||||||||||||
The impacts of adjusting items are reflected on the GAAP Consolidated Statement of Earnings as follows: | |||||||||||||||||
1Pre-tax9 impacts reflected as reductions of $3,971 thousand in "Electric Operating Revenues" and $34 thousand in "Cost of energy" | |||||||||||||||||
2Pre-tax9 impact reflected in "Gains on available-for-sale securities" | |||||||||||||||||
3Pre-tax9 impacts reflected as $165,727 thousand increase in "Regulatory disallowances and restructuring costs" and $3,133 thousand increase in "Other income"; also reflects impacts of additional income tax expense of $1,826 thousand9 due to reversal of certain items of deferred income taxes | |||||||||||||||||
4Pre-tax9 impact reflected in "Administrative and general" | |||||||||||||||||
5Pre-tax9 impact reflected as $1,339 thousand reduction in "Cost of energy" and $292 thousand increase in "Interest income" | |||||||||||||||||
6Pre-tax9 impacts reflected as reductions of $5,270 thousand in "Electric Operating Revenues" and $83 thousand in "Cost of energy" | |||||||||||||||||
7Pre-tax9 impacts reflected as $167,471 thousand increase in "Regulatory disallowances and restructuring costs" and $3,133 thousand increase in "Other income"; also reflects impacts of additional income tax expense of $1,826 thousand9 due to reversal of certain items of deferred income taxes | |||||||||||||||||
8Pre-tax9 impacts reflected as $1,086 thousand increase in "Other income", $291 thousand increase in "Taxes other than income", $74 thousand increase in "Interest charges", and $1,122 thousand increase in "Other deductions" | |||||||||||||||||
9Tax impacts reflected in "Income Taxes" | |||||||||||||||||
PNM Resources Schedule 2 Reconciliation of GAAP to Ongoing Earnings (Preliminary and Unaudited) | ||||||||||||||||
PNM |
TNMP |
Corporate and Other |
Consolidated | |||||||||||||
(in thousands) | ||||||||||||||||
Quarter Ended December 31, 2014 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
13,822 |
$ |
9,116 |
$ |
(3,947) |
$ |
18,991 |
||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges1 |
(3,899) |
— |
— |
(3,899) |
||||||||||||
Net change in unrealized impairments of available-for-sale securities2 |
12 |
— |
— |
12 |
||||||||||||
New Mexico corporate income tax rate change3 |
(312) |
— |
— |
(312) |
||||||||||||
Regulatory disallowance4 |
643 |
— |
— |
643 |
||||||||||||
State tax credit and NOL impairment3 |
2,145 |
— |
1,877 |
4,022 |
||||||||||||
Total Adjustments |
(1,411) |
— |
1,877 |
466 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
12,411 |
$ |
9,116 |
$ |
(2,070) |
$ |
19,457 |
||||||||
Year Ended December 31, 2014 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
86,798 |
$ |
37,807 |
$ |
(8,351) |
$ |
116,254 |
||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges5 |
(3,940) |
— |
— |
(3,940) |
||||||||||||
Net change in unrealized impairments of available-for-sale securities2 |
529 |
— |
— |
529 |
||||||||||||
New Mexico corporate income tax rate change3 |
(312) |
— |
241 |
(71) |
||||||||||||
Process improvement initiatives6 |
1,115 |
34 |
— |
1,149 |
||||||||||||
San Juan Coal Company audit arbitration7 |
1,015 |
— |
— |
1,015 |
||||||||||||
Regulatory disallowance4 |
643 |
— |
— |
643 |
||||||||||||
State tax credit and NOL impairment3 |
2,145 |
— |
1,877 |
4,022 |
||||||||||||
Total Adjustments |
1,195 |
34 |
2,118 |
3,347 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
87,993 |
$ |
37,841 |
$ |
(6,233) |
$ |
119,601 |
2014 income tax effects calculated using tax rates of 35.00% for TNMP and 39.42% for other segments. | ||||||||||||||||
The impacts of adjusting items are reflected on the GAAP Consolidated Statement of Earnings as follows: | ||||||||||||||||
1Pre-tax8 impacts reflected as $6,134 thousand increase in "Electric Operating Revenues" and $302 thousand reduction in "Cost of energy" | ||||||||||||||||
2Pre-tax8 impact reflected in "Gains on available-for-sale securities" | ||||||||||||||||
3Impact reflected in "Income Taxes" | ||||||||||||||||
4Pre-tax8 impact reflected in "Regulatory disallowances" | ||||||||||||||||
5Pre-tax8 impacts reflected as $5,996 thousand increase in "Electric Operating Revenues" and $507 thousand reduction in "Cost of energy" | ||||||||||||||||
6Pre-tax8 impact reflected in "Administrative and general" | ||||||||||||||||
7Pre-tax8 impact reflected in "Cost of energy" | ||||||||||||||||
8Tax impacts reflected in "Income Taxes" |
PNM Resources Schedule 3 Reconciliation of GAAP to Ongoing Earnings Per Diluted Share (Preliminary and Unaudited) | ||||||||||||||||
PNM |
TNMP |
Corporate and Other |
Consolidated | |||||||||||||
(per diluted share) | ||||||||||||||||
Quarter Ended December 31, 2015 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
(1.21) |
$ |
0.11 |
$ |
(0.05) |
$ |
(1.15) |
||||||||
Adjusting items |
||||||||||||||||
Mark-to-market impact of economic hedges |
0.03 |
— |
— |
0.03 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
0.01 |
— |
— |
0.01 |
||||||||||||
Regulatory disallowances and restructuring costs |
1.29 |
— |
(0.03) |
1.26 |
||||||||||||
Federal and state tax credit, NOL, and charitable contribution impairments |
0.02 |
— |
0.07 |
0.09 |
||||||||||||
Building consolidation |
— |
— |
— |
— |
||||||||||||
Settlement of regulatory proceeding |
(0.01) |
— |
— |
(0.01) |
||||||||||||
Total Adjustments |
1.34 |
— |
0.04 |
1.38 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
0.13 |
$ |
0.11 |
$ |
(0.01) |
$ |
0.23 |
||||||||
Average Basic and Diluted Shares Outstanding: 79,758,944 |
||||||||||||||||
Year Ended December 31, 2015 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
(0.20) |
$ |
0.52 |
$ |
(0.12) |
$ |
0.20 |
||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges |
0.04 |
— |
— |
0.04 |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
0.03 |
— |
— |
0.03 |
||||||||||||
New Mexico corporate income tax rate change |
— |
— |
— |
— |
||||||||||||
Regulatory disallowances and restructuring costs |
1.29 |
— |
(0.03) |
1.26 |
||||||||||||
Federal and state tax credit, NOL, and charitable contribution impairments |
0.04 |
— |
0.08 |
0.12 |
||||||||||||
Building consolidation |
— |
— |
— |
— |
||||||||||||
Settlement of regulatory proceeding |
(0.01) |
— |
— |
(0.01) |
||||||||||||
(Gain) loss related to previously disposed of activities |
(0.01) |
— |
0.01 |
— |
||||||||||||
Total Adjustments |
1.38 |
— |
0.06 |
1.44 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
1.18 |
$ |
0.52 |
$ |
(0.06) |
$ |
1.64 |
||||||||
Average Diluted Shares Outstanding: 80,139,052 |
PNM Resources Schedule 4 Reconciliation of GAAP to Ongoing Earnings Per Diluted Share (Preliminary and Unaudited) | ||||||||||||||||
PNM |
TNMP |
Corporate and Other |
Consolidated | |||||||||||||
(per diluted share) | ||||||||||||||||
Quarter Ended December 31, 2014 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
0.17 |
$ |
0.11 |
$ |
(0.05) |
$ |
0.24 |
||||||||
Adjusting items |
||||||||||||||||
Mark-to-market impact of economic hedges |
(0.05) |
— |
— |
(0.05) |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
— |
— |
— |
— |
||||||||||||
New Mexico corporate income tax rate change |
— |
— |
— |
— |
||||||||||||
Regulatory disallowance |
0.01 |
— |
— |
0.01 |
||||||||||||
State tax credit and NOL impairment |
0.03 |
— |
0.02 |
0.05 |
||||||||||||
Total Adjustments |
(0.01) |
— |
0.02 |
0.01 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
0.16 |
$ |
0.11 |
$ |
(0.03) |
$ |
0.24 |
||||||||
Average Diluted Shares Outstanding: 80,280,319 |
||||||||||||||||
Year Ended December 31, 2014 |
||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: |
$ |
1.08 |
$ |
0.47 |
$ |
(0.10) |
$ |
1.45 |
||||||||
Adjusting items, net of income tax effects |
||||||||||||||||
Mark-to-market impact of economic hedges |
(0.05) |
— |
— |
(0.05) |
||||||||||||
Net change in unrealized impairments of available-for-sale securities |
0.01 |
— |
— |
0.01 |
||||||||||||
New Mexico corporate income tax rate change |
— |
— |
— |
— |
||||||||||||
Process improvement initiatives |
0.01 |
— |
— |
0.01 |
||||||||||||
San Juan Coal Company audit arbitration |
0.01 |
— |
— |
0.01 |
||||||||||||
Regulatory disallowance |
0.01 |
— |
— |
0.01 |
||||||||||||
State tax credit and NOL impairment |
0.03 |
— |
0.02 |
0.05 |
||||||||||||
Total Adjustments |
0.02 |
— |
0.02 |
0.04 |
||||||||||||
Ongoing Earnings (Loss) |
$ |
1.10 |
$ |
0.47 |
$ |
(0.08) |
$ |
1.49 |
||||||||
Average Diluted Shares Outstanding: 80,279,445 |
Tables may not appear visually accurate due to rounding. |
PNM Resources Schedule 5 Consolidated Statements of Earnings (Preliminary and Unaudited) | |||||||||||
Year Ended December 31, | |||||||||||
2015 |
2014 |
2013 | |||||||||
(In thousands, except per share amounts) | |||||||||||
Electric Operating Revenues |
$ |
1,439,082 |
$ |
1,435,853 |
$ |
1,387,923 |
|||||
Operating Expenses: |
|||||||||||
Cost of energy |
464,649 |
471,556 |
432,316 |
||||||||
Administrative and general |
179,100 |
171,111 |
179,210 |
||||||||
Energy production costs |
176,752 |
185,638 |
175,819 |
||||||||
Regulatory disallowances and restructuring costs |
167,471 |
1,062 |
12,235 |
||||||||
Depreciation and amortization |
185,919 |
172,634 |
166,881 |
||||||||
Transmission and distribution costs |
69,157 |
66,571 |
70,124 |
||||||||
Taxes other than income taxes |
71,684 |
67,584 |
64,496 |
||||||||
Total operating expenses |
1,314,732 |
1,136,156 |
1,101,081 |
||||||||
Operating income |
124,350 |
299,697 |
286,842 |
||||||||
Other Income and Deductions: |
|||||||||||
Interest income |
6,498 |
8,483 |
10,043 |
||||||||
Gains on available-for-sale securities |
16,060 |
10,527 |
10,612 |
||||||||
Other income |
26,833 |
12,048 |
10,572 |
||||||||
Other (deductions) |
(12,728) |
(10,481) |
(21,552) |
||||||||
Net other income and deductions |
36,663 |
20,577 |
9,675 |
||||||||
Interest Charges |
114,860 |
119,627 |
121,448 |
||||||||
Earnings before Income Taxes |
46,153 |
200,647 |
175,069 |
||||||||
Income Taxes |
15,075 |
69,738 |
59,513 |
||||||||
Net Earnings |
31,078 |
130,909 |
115,556 |
||||||||
(Earnings) Attributable to Valencia Non-controlling Interest |
(14,910) |
(14,127) |
(14,521) |
||||||||
Preferred Stock Dividend Requirements of Subsidiary |
(528) |
(528) |
(528) |
||||||||
Net Earnings Attributable to PNMR |
$ |
15,640 |
$ |
116,254 |
$ |
100,507 |
|||||
Net Earnings Attributable to PNMR per Common Share: |
|||||||||||
Basic |
$ |
0.20 |
$ |
1.46 |
$ |
1.26 |
|||||
Diluted |
$ |
0.20 |
$ |
1.45 |
$ |
1.25 |
|||||
Logo - http://photos.prnewswire.com/prnh/20151104/284109LOGO
SOURCE PNM Resources
ALBUQUERQUE, N.M., Feb. 25, 2016 /PRNewswire/ -- At its regular meeting held today, the Board of Directors of PNM Resources (NYSE: PNM) declared the regular quarterly dividend of $0.22 per share on the company's common stock. The dividend is payable May 13, 2016, to shareholders of record at the close of business Apr. 8, 2016.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2014 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 753,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS:
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Logo - http://photos.prnewswire.com/prnh/20151104/284109LOGO
SOURCE PNM Resources
ALBUQUERQUE, N.M., Feb. 12, 2016 /PRNewswire/ -- PNM Resources (NYSE: PNM) will announce 2015 fourth quarter and year-end financial results prior to the market opening on Friday, Feb. 26, 2016. The earnings news release will be issued at 6:30 a.m. Eastern and also will be posted on the company's website at www.PNMResources.com.
Management will host a live conference call and webcast that morning at 11 a.m. Eastern to discuss financial results and provide other company updates.
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: http://dpregister.com/10078145. 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 fourth quarter 2015 earnings call." Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software.
A live webcast of the call will be available at http://www.pnmresources.com/investors/events.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2014 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 753,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: | |
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Logo - https://photos.prnewswire.com/prnh/20151104/284109LOGO
SOURCE PNM Resources
ALBUQUERQUE, N.M., Feb. 1, 2016 /PRNewswire/ -- PNM Resources' (NYSE: PNM) New Mexico Utility, Public Service Co. of New Mexico (PNM), today announced that customer savings have been secured through the finalization of the new coal supply and participant restructuring agreements for the San Juan Generating Station (SJGS). Combined savings from the agreements are expected to reduce customer costs by more than $300 million over six years. This will reduce customer bills by approximately five percent, with retroactive savings implemented as if the new coal contract had become effective in the month of January.
"Reaching this important milestone means that PNM can now move forward with its commitment to deliver these cost savings to our customers," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "Collectively, the elements of the plan for SJGS will provide significant environmental benefits while minimizing the impact to PNM customer bills, as well as the impact to jobs and the New Mexico economy as a whole. Now that the new coal supply and participant restructuring agreements are finalized, we can begin to deliver those benefits to our customers."
The sale of the San Juan Coal Company, the owner of the San Juan Mine, from BHP Billiton to Westmoreland San Juan, LLC, a subsidiary of Westmoreland Coal Company, has been completed, and resulted in the finalization of the new coal supply and participant restructuring agreements. Westmoreland San Juan began operating the mine Feb. 1, 2016. To facilitate the closing and secure PNM customer savings, PNM Resources established a new subsidiary, NM Capital Utility Corp, which assisted Westmoreland with the financing to complete their acquisition of the San Juan Coal Company.
"The addition of the San Juan Mine to our portfolio of mine mouth, contracted business is an overwhelming success for PNM, its customers and Westmoreland," said Kevin A. Paprzycki, Westmoreland Coal Company's CEO. "We look forward to continuing to build a solid, long-lasting relationship with the SJGS owners and are pleased to welcome the employees of the San Juan Coal Company to the Westmoreland family."
Based in Englewood, CO, Westmoreland Coal Company (NASDAQ: WLB) is the oldest independent coal company in the U.S. Westmoreland's coal operations include surface and underground mining operations, a char production facility, and a 50 percent interest in an activated carbon plant. Westmoreland also owns the general partner of and a majority interest in Westmoreland Resource Partners, LP, a publicly-traded coal master limited partnership with six mining complexes. Its power operations include ownership of the two-unit ROVA coal-fired power plant.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2014 consolidated operating revenues of $1.4 billion. Through its regulated utilities, Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP), PNM Resources has approximately 2,787 megawatts of generation capacity and provides electricity to more than 753,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Jimmie Blotter |
Pahl Shipley |
(505) 241-2227 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release that relate to future events or PNM Resources' ("PNMR") or Public Service Company of New Mexico's ("PNM") (collectively, the "Company") expectations, projections, estimates, intentions, goals, targets, and strategies 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. PNMR and PNM assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR and PNM caution readers not to place undue reliance on these statements. PNMR's and PNM'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 and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
Logo - http://photos.prnewswire.com/prnh/20151104/284109LOGO
SOURCE PNM Resources
NMRD Solar Facility Phase 1 (subscriber access)
Status: (subscriber access)
Parent Entities:
NM Renewable Development, LLC
NMRD Solar Facility Phase 2 (subscriber access)
Status: (subscriber access)
Parent Entities:
NM Renewable Development, LLC
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