2023 Ongoing Earnings Guidance Affirmed
- 2023 second quarter GAAP earnings of $0.53 per diluted share
- 2023 second quarter ongoing earnings of $0.55 per diluted share
- Affirmed ongoing earnings guidance range of $2.65 - $2.75 for
2023
ALBUQUERQUE, N.M., Aug. 4, 2023
/PRNewswire/ --
PNM Resources
(In millions, except EPS)
|
|
|
|
|
|
|
Q2
2023
|
Q2
2022
|
YTD
2023
|
YTD
2022
|
GAAP net earnings
attributable
to PNM
Resources
|
$45.3
|
$15.4
|
$100.3
|
$31.4
|
GAAP diluted
EPS
|
$0.53
|
$0.18
|
$1.16
|
$0.36
|
Ongoing net
earnings
|
$47.4
|
$49.4
|
$95.1
|
$92.7
|
Ongoing diluted
EPS
|
$0.55
|
$0.57
|
$1.10
|
$1.08
|
PNM Resources (NYSE: PNM) today released its 2023 second quarter
results. In addition, management affirmed its 2023 consolidated
ongoing earnings guidance of $2.65 to
$2.75 per diluted share.
"This first half of the year has laid the groundwork for future
growth, particularly in Texas
where a constructive legislative session called for investments in
grid reliability and resilience," said Pat
Vincent-Collawn, PNM Resources Chairman and CEO. "New system
peaks at both TNMP and PNM continue to demonstrate the need to
invest in our infrastructure to ensure safe, reliable service to
our customers at affordable rates."
UPDATE ON MERGER
On June 20, 2023, PNM Resources
and Avangrid announced an amendment and extension of their merger
agreement through December 31, 2023,
with an option for three months further extension upon mutual
agreement by the companies. The companies' appeal of the New Mexico
Public Regulation Commission's (NMPRC) December 2021 merger stipulation denial remains
pending with the New Mexico Supreme Court (Court) with oral
arguments scheduled for September 15,
2023. There is no statutory deadline for the Court to
respond to the appeal.
SEGMENT REPORTING OF 2023 SECOND QUARTER EARNINGS
- PNM – a vertically integrated electric utility in
New Mexico with distribution,
transmission and generation assets.
- TNMP – an electric transmission and distribution
utility in Texas.
- Corporate and Other – reflects the PNM Resources
holding company and other subsidiaries.
EPS Results by
Segment
|
|
|
GAAP Diluted
EPS
|
|
Ongoing Diluted
EPS
|
|
Q2
2023
|
Q2
2022
|
|
Q2
2023
|
Q2
2022
|
PNM
|
$0.36
|
($0.07)
|
|
$0.38
|
$0.32
|
TNMP
|
$0.29
|
$0.30
|
|
$0.29
|
$0.31
|
Corporate and
Other
|
($0.12)
|
($0.05)
|
|
($0.12)
|
($0.06)
|
Consolidated PNM
Resources
|
$0.53
|
$0.18
|
|
$0.55
|
$0.57
|
Net changes to GAAP and ongoing earnings in the second
quarter of 2023 compared to the second quarter of 2022 include:
- PNM: Increased transmission margins due to higher system
demand, lower costs associated with generation portfolio changes
and reduced gas plant outages, and improved market performance of
decommissioning and reclamation trusts were partially offset by
lower customer usage due in part to milder temperatures,
depreciation, property tax and interest expense associated with new
capital investments and higher planned O&M expenses.
- TNMP: Rate recovery through Transmission Cost of Service (TCOS)
and Distribution Cost Recovery Factor (DCRF) increases and
weather-normalized load growth was more than offset by
depreciation, property tax and interest expense associated with new
capital investments, milder temperatures and higher planned O&M
expenses.
- Corporate and Other: Higher interest rates on variable rate
debt, net of hedges, increased losses.
In addition, GAAP earnings increased in the second quarter of
2023 from net unrealized gains on investment securities for
decommissioning and reclamation trusts compared to net unrealized
losses in the second quarter of 2022.
Additional materials with information on quarterly results are
available at
http://www.pnmresources.com/investors/results.cfm.
SECOND QUARTER CONFERENCE CALL: 11
A.M. EASTERN FRIDAY, AUGUST
4
PNM Resources will discuss these items during a live conference
call and webcast on Friday, August
4th at 11 a.m.
Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources Chairman and
Chief Executive Officer, Don Tarry,
PNM Resources President and Chief Operating Officer, and
Lisa Eden, PNM Resources Senior Vice
President, Chief Financial Officer and Treasurer.
The conference call will be simultaneously broadcast and
archived on our website at
http://www.pnmresources.com/investors/events-and-presentations.
Listeners are encouraged to visit the website at least 30 minutes
before the event to register, download and install any necessary
audio software.
Investors and analysts can participate in the live conference
call by pre-registering using the following link to receive a
special dial-in number and PIN:
https://dpregister.com/sreg/10180845/f9e7ceca57. Telephone
participants who are unable to pre-register may participate in the
live conference call by dialing (877) 276-8648 or (412) 317-5474
fifteen minutes prior to the event and referencing "the PNM
Resources second quarter earnings call".
Supporting material for PNM Resources' earnings announcements
can be viewed and downloaded at
http://www.pnmresources.com/investors/results.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy
holding company based in Albuquerque,
N.M., with 2022 consolidated operating revenues of
$2.2 billion. Through its regulated
utilities, PNM and TNMP, PNM Resources provides electricity to more
than 800,000 homes and businesses in New
Mexico and Texas. PNM
serves its customers with a diverse mix of generation and purchased
power resources totaling 2.7 gigawatts of capacity, with a goal to
achieve 100% emissions-free generation by 2040. For more
information, visit the company's website at
www.PNMResources.com.
CONTACTS:
|
|
|
|
Analysts
|
Media
|
|
|
Lisa Goodman
|
Ray Sandoval
|
|
|
(505)
241-2160
|
(505)
241-2782
|
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
Statements made in this news
release for PNM Resources, Inc.
("PNMR"), Public Service Company of New Mexico ("PNM"), or Texas-New
Mexico Power Company ("TNMP") (collectively, the
"Company") that relate to future events or expectations,
projections, estimates, intentions, goals, targets, and strategies,
including the unaudited financial results and earnings guidance,
are made pursuant to the Private Securities Litigation Reform Act
of 1995. Readers are cautioned that all forward-looking statements
are based upon current expectations and estimates and apply only as
of the date of this report. PNMR, PNM,
and TNMP assume no obligation to update this
information. Because actual results may differ materially from
those expressed or implied by these forward-looking
statements, PNMR, PNM, and TNMP
caution readers not to place undue reliance on these
statements. PNMR's, PNM's, and
TNMP's business, financial condition, cash flow, and
operating results are influenced by many factors, which are often
beyond their control, that can cause actual results to differ from
those expressed or implied by the forward-looking statements.
Additionally, there are risks and uncertainties in connection with
the proposed acquisition of us by AVANGRID which may
adversely affect our business, future opportunities, employees and
common stock, including without limitation, (i) the
expected timing and likelihood of completion of the pending Merger,
including the timing, receipt and terms and conditions of any
remaining required governmental and regulatory approvals of the
pending Merger that could reduce anticipated benefits or cause the
parties to abandon the transaction, (ii) the occurrence of any
event, change or other circumstances that could give rise to the
termination of the Merger Agreement, (iii) the risk that the
parties may not be able to satisfy the conditions to the proposed
Merger in a timely manner or at all, and (iv) the risk
that the proposed transaction could have an adverse effect on the
ability of PNMR to retain and hire key personnel and
maintain relationships with its customers and suppliers, and on its
operating results and businesses generally. For a discussion of
risk factors and other important factors affecting forward-looking
statements, please see the Company's Form 10-K, Form 10-Q filings
and the information included in the Company's Forms 8-K with the
Securities and Exchange Commission, which factors are specifically
incorporated by reference herein.
Non-GAAP Financial Measures
GAAP refers to generally
accepted accounting principles in the U.S. Ongoing earnings is a
non-GAAP financial measure that excludes the impact of net
unrealized mark-to-market gains and losses on economic hedges, the
net change in unrealized gains and losses on investment securities,
pension expense related to previously disposed of gas distribution
business, and certain non-recurring, infrequent, and other items
that are not indicative of fundamental changes in the earnings
capacity of the Company's operations. The Company uses ongoing
earnings and ongoing earnings per diluted share to evaluate the
operations of the Company and to establish goals, including those
used for certain aspects of incentive compensation, for management
and employees. While the Company believes these financial measures
are appropriate and useful for investors, they are not measures
presented in accordance with GAAP. The Company does not intend for
these measures, or any piece of these measures, to represent any
financial measure as defined by GAAP. Furthermore, the Company's
calculations of these measures as presented may or may not be
comparable to similarly titled measures used by other companies.
The Company uses ongoing earnings guidance to provide investors
with management's expectations of ongoing financial performance
over the period presented. While the Company believes ongoing
earnings guidance is an appropriate measure, it is not a measure
presented in accordance with GAAP. The Company does not intend for
ongoing earnings guidance to represent an expectation of net
earnings as defined by GAAP. Since the future differences between
GAAP and ongoing earnings are frequently outside the control of the
Company, management is generally not able to estimate the impact of
the reconciling items between forecasted GAAP net earnings and
ongoing earnings guidance, nor their probable impact on GAAP net
earnings without unreasonable effort, therefore, management is
generally not able to provide a corresponding GAAP equivalent for
ongoing earnings guidance. Reconciliations between GAAP and ongoing
earnings are contained in schedules 1-4.
PNM Resources, Inc.
and Subsidiaries
Schedule
1
Reconciliation of
GAAP to Ongoing Earnings
(Unaudited)
|
|
|
|
PNM
|
|
TNMP
|
|
Corporate
and Other
|
|
PNMR
Consolidated
|
|
|
(in
thousands)
|
Three Months Ended
June 30, 2023
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$ 31,184
|
|
$ 24,632
|
|
$
(10,512)
|
|
$
45,304
|
Adjusting items before
income tax effects:
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment
securities2a
|
|
(2,504)
|
|
—
|
|
—
|
|
(2,504)
|
Regulatory
disallowances and restructuring costs2b
|
|
3,731
|
|
—
|
|
—
|
|
3,731
|
Pension expense
related to previously disposed of gas distribution
business2c
|
|
679
|
|
—
|
|
—
|
|
679
|
Merger related
costs2d
|
|
15
|
|
2
|
|
233
|
|
250
|
Total adjustments
before income tax effects
|
|
1,921
|
|
2
|
|
233
|
|
2,156
|
Income tax impact of
above adjustments1
|
|
(488)
|
|
—
|
|
(59)
|
|
(547)
|
Income tax impact of
non-deductible merger related costs3
|
|
4
|
|
—
|
|
31
|
|
35
|
Timing of statutory
and effective tax rates on non-recurring
items4
|
|
275
|
|
221
|
|
(2)
|
|
494
|
Total income tax
impacts5
|
|
(209)
|
|
221
|
|
(30)
|
|
(18)
|
Adjusting items, net
of income taxes
|
|
1,712
|
|
223
|
|
203
|
|
2,138
|
Ongoing Earnings
(Loss)
|
|
$ 32,896
|
|
$ 24,855
|
|
$
(10,309)
|
|
$
47,442
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2023
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$ 85,760
|
|
$ 34,665
|
|
$
(20,107)
|
|
$
100,318
|
Adjusting items before
income tax effects:
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment
securities2a
|
|
(11,989)
|
|
—
|
|
—
|
|
(11,989)
|
Regulatory
disallowances and restructuring costs2b
|
|
3,731
|
|
—
|
|
—
|
|
3,731
|
Pension expense
related to previously disposed of gas distribution
business2c
|
|
1,358
|
|
—
|
|
—
|
|
1,358
|
Merger related
costs2d
|
|
27
|
|
2
|
|
519
|
|
548
|
Total adjustments
before income tax effects
|
|
(6,873)
|
|
2
|
|
519
|
|
(6,352)
|
Income tax impact of
above adjustments1
|
|
1,746
|
|
—
|
|
(132)
|
|
1,614
|
Income tax impact of
non-deductible merger related costs3
|
|
5
|
|
—
|
|
85
|
|
90
|
Timing of statutory
and effective tax rates on non-recurring
items4
|
|
(452)
|
|
157
|
|
(285)
|
|
(580)
|
Total income tax
impacts5
|
|
1,299
|
|
157
|
|
(332)
|
|
1,124
|
Adjusting items, net
of income taxes
|
|
(5,574)
|
|
159
|
|
187
|
|
(5,228)
|
Ongoing Earnings
(Loss)
|
|
$ 80,186
|
|
$ 34,824
|
|
$
(19,920)
|
|
$
95,090
|
|
1 Tax
effects calculated using a tax rate of 21.0% for TNMP and 25.4% for
other segments
|
2 The
pre-tax impacts (in thousands) of adjusting items are reflected on
the GAAP Condensed Consolidated Statements of Earnings as
follows:
|
a Changes
in "Gains (losses) on investment securities" reflecting non-cash
performance relative to market, not indicative of funding
requirements
|
b Increase
in "Regulatory disallowances and restructuring costs"
|
c Increases
in "Other (deductions)"
|
d Increases
in "Administrative and general"
|
|
|
|
|
|
|
|
|
3 Increases
in "Income Taxes"
|
4 Income tax
timing impacts resulting from differences between the statutory
rates of 25.4% for PNM, 21.0% for TNMP and the average expected
statutory tax rate of 23.8% for PNMR, and the GAAP anticipated
effective tax rates of 18.7% for PNM, 14.7% for TNMP, and 15.7% for
PNMR, which will reverse by year end
|
5 Income tax
impacts reflected in "Income Taxes"
|
|
|
|
|
|
|
|
|
PNM Resources, Inc.
and Subsidiaries
Schedule
2
Reconciliation of
GAAP to Ongoing Earnings
(Unaudited)
|
|
|
|
PNM
|
|
TNMP
|
|
Corporate
and Other
|
|
PNMR
Consolidated
|
|
|
(in
thousands)
|
Three Months Ended
June 30, 2022
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$ (6,217)
|
|
$ 26,051
|
|
$ (4,473)
|
|
$
15,361
|
Adjusting items before
income tax effects:
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment
securities2a
|
|
38,979
|
|
—
|
|
—
|
|
38,979
|
Regulatory
disallowances and restructuring costs2b
|
|
1,399
|
|
—
|
|
—
|
|
1,399
|
Pension expense
related to previously disposed of gas distribution
business2c
|
|
614
|
|
—
|
|
—
|
|
614
|
Merger related
costs2d
|
|
23
|
|
4
|
|
288
|
|
315
|
Total adjustments
before income tax effects
|
|
41,015
|
|
4
|
|
288
|
|
41,307
|
Income tax impact of
above adjustments1
|
|
(10,418)
|
|
(1)
|
|
(73)
|
|
(10,492)
|
Income tax impact of
non-deductible merger related costs3
|
|
(80)
|
|
61
|
|
(4)
|
|
(23)
|
Timing of statutory
and effective tax rates on non-recurring
items4
|
|
3,326
|
|
379
|
|
(440)
|
|
3,265
|
Total income tax
impacts5
|
|
(7,172)
|
|
439
|
|
(517)
|
|
(7,250)
|
Adjusting items, net
of income taxes
|
|
33,843
|
|
443
|
|
(229)
|
|
34,057
|
Ongoing Earnings
(Loss)
|
|
$ 27,626
|
|
$ 26,494
|
|
$ (4,702)
|
|
$
49,418
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2022
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$ (1,906)
|
|
$ 41,111
|
|
$ (7,853)
|
|
$
31,352
|
Adjusting items before
income tax effects:
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment
securities2a
|
|
69,891
|
|
—
|
|
—
|
|
69,891
|
Regulatory
disallowances and restructuring costs2b
|
|
1,399
|
|
—
|
|
—
|
|
1,399
|
Pension expense
related to previously disposed of gas distribution
business2c
|
|
1,228
|
|
—
|
|
—
|
|
1,228
|
Merger related
costs2d
|
|
50
|
|
4
|
|
1,232
|
|
1,286
|
Total adjustments
before income tax effects
|
|
72,568
|
|
4
|
|
1,232
|
|
73,804
|
Income tax impact of
above adjustments1
|
|
(18,432)
|
|
(1)
|
|
(313)
|
|
(18,746)
|
Income tax impact of
non-deductible merger related costs3
|
|
(11)
|
|
282
|
|
34
|
|
305
|
Timing of statutory
and effective tax rates on non-recurring
items4
|
|
5,974
|
|
194
|
|
(160)
|
|
6,008
|
Total income tax
impacts5
|
|
(12,469)
|
|
475
|
|
(439)
|
|
(12,433)
|
Adjusting items, net
of income taxes
|
|
60,099
|
|
479
|
|
793
|
|
61,371
|
Ongoing Earnings
(Loss)
|
|
$ 58,193
|
|
$ 41,590
|
|
$ (7,060)
|
|
$
92,723
|
|
|
|
|
|
|
|
|
|
1Tax effects
calculated using a tax rate of 21.0% for TNMP and 25.4% for other
segments
|
2 The
pre-tax impacts (in thousands) of adjusting items are reflected on
the GAAP Condensed Consolidated Statement of Earnings as
follows:
|
a
Changes in "Gains (losses) on investment securities"
reflecting non-cash performance relative to market, not indicative
of funding requirements
|
b Increases
in "Regulatory disallowances and restructuring costs"
|
c Increases
in "Other (deductions)"
|
|
|
|
|
|
|
|
|
d
Increases in "Administrative and general"
|
|
|
|
|
|
|
|
|
3 Increases
(decreases) in "Income Tax Expense"
|
4 Income tax
timing impacts resulting from differences between the statutory tax
rates of 25.4% for PNM, 21.0% for TNMP and the average expected
statutory tax rate of 23.2% for PNMR, and the GAAP anticipated
effective tax rates of 11.9% for PNM, 13.3% for TNMP, and 10.8% for
PNMR, which will reverse by year end
|
5 Income tax
impacts reflected in "Income Taxes"
|
|
|
|
|
|
|
|
|
PNM Resources, Inc.
and Subsidiaries
Schedule
3
Reconciliation of
GAAP to Ongoing Earnings Per Diluted Share
(Unaudited)
|
|
|
|
PNM
|
|
TNMP
|
|
Corporate
and Other
|
|
PNMR
Consolidated
|
|
|
(per diluted
share)
|
Three Months Ended
June 30, 2023
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$
0.36
|
|
$
0.29
|
|
$
(0.12)
|
|
$
0.53
|
Adjusting items, net of
income tax effects:
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment securities
|
|
(0.02)
|
|
—
|
|
—
|
|
(0.02)
|
Regulatory
disallowances and restructuring costs
|
|
0.03
|
|
—
|
|
—
|
|
0.03
|
Pension expense
related to previously disposed of gas distribution
business
|
|
0.01
|
|
—
|
|
—
|
|
0.01
|
Total
Adjustments
|
|
0.02
|
|
—
|
|
—
|
|
0.02
|
Ongoing Earnings
(Loss)
|
|
$
0.38
|
|
$
0.29
|
|
$
(0.12)
|
|
$
0.55
|
Average Diluted Shares
Outstanding: 86,129,124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2023
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$
1.00
|
|
$
0.40
|
|
$
(0.24)
|
|
$
1.16
|
Adjusting items, net of
income tax effects:
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment securities
|
|
(0.10)
|
|
—
|
|
—
|
|
(0.10)
|
Regulatory
disallowances and restructuring costs
|
|
0.03
|
|
—
|
|
—
|
|
0.03
|
Pension expense
related to previously disposed of gas distribution
business
|
|
0.01
|
|
—
|
|
—
|
|
0.01
|
Merger related
costs
|
|
—
|
|
—
|
|
0.01
|
|
0.01
|
Timing of statutory
and effective tax rates on non-recurring items
|
|
(0.01)
|
|
—
|
|
—
|
|
(0.01)
|
Total
Adjustments
|
|
(0.07)
|
|
—
|
|
0.01
|
|
(0.06)
|
Ongoing Earnings
(Loss)
|
|
$
0.93
|
|
$
0.40
|
|
$
(0.23)
|
|
$
1.10
|
Average Diluted Shares
Outstanding: 86,133,091
|
|
|
|
|
|
PNM Resources, Inc.
and Subsidiaries
Schedule
4
Reconciliation of
GAAP to Ongoing Earnings Per Diluted Share
(Unaudited)
|
|
|
|
PNM
|
|
TNMP
|
|
Corporate
and Other
|
|
PNMR
Consolidated
|
|
|
(per diluted
share)
|
Three Months Ended
June 30, 2022
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$
(0.07)
|
|
$
0.30
|
|
$
(0.05)
|
|
$
0.18
|
Adjusting items, net of
income tax effects:
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment securities
|
|
0.34
|
|
—
|
|
—
|
|
0.34
|
Regulatory
disallowances and restructuring costs
|
|
0.01
|
|
—
|
|
—
|
|
0.01
|
Timing of statutory
and effective tax rates on non-recurring items
|
|
0.04
|
|
0.01
|
|
(0.01)
|
|
0.04
|
Total
Adjustments
|
|
0.39
|
|
0.01
|
|
(0.01)
|
|
0.39
|
Ongoing Earnings
(Loss)
|
|
$
0.32
|
|
$
0.31
|
|
$
(0.06)
|
|
$
0.57
|
Average Diluted Shares
Outstanding: 86,226,318
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2022
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR
|
|
$
(0.02)
|
|
$
0.47
|
|
$
(0.09)
|
|
$
0.36
|
Adjusting items, net of
income tax effects:
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment securities
|
|
0.61
|
|
—
|
|
—
|
|
0.61
|
Regulatory
disallowances and restructuring costs
|
|
0.01
|
|
—
|
|
—
|
|
0.01
|
Pension expense
related to previously disposed of gas distribution
business
|
|
0.01
|
|
—
|
|
—
|
|
0.01
|
Merger related
costs
|
|
—
|
|
0.01
|
|
0.01
|
|
0.02
|
Timing of statutory
and effective tax rates on non-recurring items
|
|
0.07
|
|
—
|
|
—
|
|
0.07
|
Total
Adjustments
|
|
0.70
|
|
0.01
|
|
0.01
|
|
0.72
|
Ongoing Earnings
(Loss)
|
|
$
0.68
|
|
$
0.48
|
|
$
(0.08)
|
|
$
1.08
|
Average Diluted Shares
Outstanding: 86,198,407
|
|
|
|
|
|
PNM Resources, Inc.
and Subsidiaries
Schedule
5
Condensed
Consolidated Statements of Earnings
(Unaudited)
|
|
|
Three Months
Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(In thousands, except
per share amounts)
|
|
|
|
|
|
|
|
|
Electric Operating
Revenues
|
$
477,156
|
|
$
499,730
|
|
$
1,021,233
|
|
$
943,848
|
Operating
Expenses:
|
|
|
|
|
|
|
|
Cost of
energy
|
172,452
|
|
195,596
|
|
414,138
|
|
364,010
|
Administrative and
general
|
54,039
|
|
51,342
|
|
109,149
|
|
107,203
|
Energy production
costs
|
25,599
|
|
42,499
|
|
47,957
|
|
76,065
|
Regulatory
disallowances and restructuring costs
|
3,731
|
|
1,399
|
|
3,731
|
|
1,399
|
Depreciation and
amortization
|
79,139
|
|
76,769
|
|
157,213
|
|
152,533
|
Transmission and
distribution costs
|
25,465
|
|
21,156
|
|
47,661
|
|
39,622
|
Taxes other than
income taxes
|
24,401
|
|
24,577
|
|
49,963
|
|
48,556
|
Total operating
expenses
|
384,826
|
|
413,338
|
|
829,812
|
|
789,388
|
Operating
income
|
92,330
|
|
86,392
|
|
191,421
|
|
154,460
|
Other Income and
Deductions:
|
|
|
|
|
|
|
|
Interest
income
|
5,359
|
|
3,327
|
|
10,202
|
|
7,619
|
Gains (losses) on
investment securities
|
3,777
|
|
(41,795)
|
|
10,219
|
|
(68,368)
|
Other
income
|
5,600
|
|
5,151
|
|
8,693
|
|
9,481
|
Other
(deductions)
|
(3,515)
|
|
(3,641)
|
|
(6,008)
|
|
(5,882)
|
Net other
income and deductions
|
11,221
|
|
(36,958)
|
|
23,106
|
|
(57,150)
|
Interest
Charges
|
45,899
|
|
29,217
|
|
86,822
|
|
55,437
|
Earnings before
Income Taxes
|
57,652
|
|
20,217
|
|
127,705
|
|
41,873
|
Income
Taxes
|
8,229
|
|
1,094
|
|
18,009
|
|
3,532
|
Net
Earnings
|
49,423
|
|
19,123
|
|
109,696
|
|
38,341
|
(Earnings)
Attributable to Valencia Non-controlling Interest
|
(3,987)
|
|
(3,630)
|
|
(9,114)
|
|
(6,725)
|
Preferred Stock
Dividend Requirements of Subsidiary
|
(132)
|
|
(132)
|
|
(264)
|
|
(264)
|
Net Earnings
Attributable to PNMR
|
$ 45,304
|
|
$ 15,361
|
|
$
100,318
|
|
$
31,352
|
Net Earnings
Attributable to PNMR per Common Share:
|
|
|
|
|
|
|
|
Basic
|
$
0.53
|
|
$
0.18
|
|
$
1.17
|
|
$
0.36
|
Diluted
|
$
0.53
|
|
$
0.18
|
|
$
1.16
|
|
$
0.36
|
Dividends Declared
per Common Share
|
$ 0.3675
|
|
$ 0.3475
|
|
$ 0.7350
|
|
$
0.6950
|
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SOURCE PNM Resources, Inc.