Yahoo Finance PNM Resources (PNM) Q1 Earnings & Revenues Beat Estimates
PNM Resources PNM reported first-quarter 2023 earnings of 55 cents per share, which surpassed the Zacks Consensus Estimate of 39 cents by 41%. The bottom line also improved 10% from the year-ago quarter’s figure of 50 cents.
Total Revenues
Net sales of $544.1 million beat the Zacks Consensus Estimate of $537 million by 1.3%. The top line also increased 22.5% from the year-ago quarter’s level of $444.1 million.
PNM Resources, Inc. Price, Consensus and EPS Surprise
PNM Resources, Inc. price-consensus-eps-surprise-chart | PNM Resources, Inc. Quote
Segmental Details
PNM reported earnings of 55 cents per share, up 57.1% from that registered in the year-ago quarter. This was due to higher market power prices and system demand, lower costs associated with generation portfolio changes and increased usage due to load growth.
TNMP recorded earnings of 11 cents per share, down 38.9% from the prior-year quarter’s figure. This was due to rate recovery through Transmission Cost of Service and Distribution Cost Recovery Factor increases. The uptick was more than offset by depreciation, property tax and interest expense associated with new capital investments, and higher planned O&M expenses.
Corporate and Other incurred a loss of 11 cents per share, wider than the year-ago quarter’s loss of 3 cents. This can be attributed to higher interest rates on variable rate debt.
Highlights of the Release
Total operating expenses came in at $445 million, up 18.3% from $376 million in the year-ago quarter.
Total operating income amounted to $99.1 million, up 45.5% from $68.1 million in the comparable period of 2022.
The merger agreement with AVANGRID has been further extended to Jul 20, 2023.
Guidance
PNM Resources affirmed its 2023 earnings per share (EPS) guidance in the range of $2.65-$2.75. The midpoint of the guided range is $2.70, higher than the Zacks Consensus Estimate of $2.66.
PNM is expected to incorporate an EPS dilution impact of up to 8 cents per share, indicating an addition of up to $200
million of equity in the second half of 2023 in a non-merger scenario.
Zacks Rank
PNM Resources currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
Edison International EIX reported first-quarter 2023 adjusted earnings of $1.09 per share, which beat the Zacks Consensus Estimate by 4.8%.
EIX’s long-term (three to five years) earnings growth rate is currently pinned at 3.9%. The consensus estimate for 2023 EPS stands at $4.74, indicating a year-over-year increase of 2.6%.
Eversource Energy ES recorded first-quarter 2023 earnings of $1.41 per share, which beat the consensus mark by 3.7%.
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NiSource Inc. NI reported first-quarter 2023 operating EPS of 77 cents, which came in line with the Zacks Consensus Estimate.
NI’s long-term earnings growth rate is currently pinned at 6.9%. The consensus mark for 2023 EPS stands at $1.57, indicating a year-over-year increase of 6.8%.
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