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PNM Resources (PNM) Q1 Earnings & Revenues Miss Estimates
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PNM Resources (PNM - Free Report) reported first-quarter 2024 earnings of 41 cents per share, which missed the Zacks Consensus Estimate of 68 cents by 39.7%. The bottom line also declined 25.4% from the prior-year quarter’s level of 55 cents.
Total Revenues
The first-quarter revenues totaled $436.9 million, which missed the Zacks Consensus Estimate of $589 million by 25.8%. The top line also decreased 19.7% from $544.1 million reported in the year-ago quarter.
PNM Resources, Inc. Price, Consensus and EPS Surprise
PNM reported earnings of 38 cents per share compared with 55 cents in the year-ago quarter. This was due to higher demand charges from battery storage contracts, new depreciation rates implemented as part of new retail rates and depreciation expenses associated with new capital investments.
TNMP recorded earnings of 16 cents per share, up 45.4% from the prior-year quarter’s figure. This improvement was due to rate recovery through Transmission Cost of Service and Distribution Cost Recovery Factor.
Corporate and Other incurred a loss of 13 cents per share, wider than the year-ago quarter’s reported loss of 11 cents. This was due to higher interest rates on variable rate debt increased losses, net of hedges.
Highlights of the Release
Total operating expenses for the first quarter were $356.3 million, down 19.9% from $445 million recorded a year ago.
Total operating income was $80.6 million, down 18.7% from $99.1 million registered in the year-ago quarter.
Guidance
The company continues to project consolidated ongoing earnings in the range of $2.65-$2.75 per share for 2024. The Zacks Consensus Estimate for full-year earnings is pinned at $2.70 per share, which is on par with the midpoint of the company’s guided range.
Exelon Corporation (EXC - Free Report) is scheduled to report first-quarter results on May 2, before market open. The Zacks Consensus Estimate for earnings is pegged at 70 cents per share.
EXC’s long-term (three to five years) earnings growth rate is 5.7%. The company delivered an average earnings surprise of 2.6% in the last four quarters.
Alliant Energy (LNT - Free Report) is scheduled to report first-quarter results on May 2, after market close. The Zacks Consensus Estimate for earnings is pinned at 66 cents per share.
LNT’s long-term earnings growth rate is 6.1%. The Zacks Consensus Estimate for first-quarter sales is pinned at $1.17 billion.
NRG Energy, Inc. (NRG - Free Report) is scheduled to report first-quarter results on May 7, before market open. The Zacks Consensus Estimate for earnings is pegged at 51 cents per share.
NRG delivered an average earnings surprise of 6.4% in the last four quarters. The Zacks Consensus Estimate for 2024 earnings is pinned at $5.36 per share.
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PNM Resources (PNM) Q1 Earnings & Revenues Miss Estimates
PNM Resources (PNM - Free Report) reported first-quarter 2024 earnings of 41 cents per share, which missed the Zacks Consensus Estimate of 68 cents by 39.7%. The bottom line also declined 25.4% from the prior-year quarter’s level of 55 cents.
Total Revenues
The first-quarter revenues totaled $436.9 million, which missed the Zacks Consensus Estimate of $589 million by 25.8%. The top line also decreased 19.7% from $544.1 million reported in the year-ago quarter.
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 38 cents per share compared with 55 cents in the year-ago quarter. This was due to higher demand charges from battery storage contracts, new depreciation rates implemented as part of new retail rates and depreciation expenses associated with new capital investments.
TNMP recorded earnings of 16 cents per share, up 45.4% from the prior-year quarter’s figure. This improvement was due to rate recovery through Transmission Cost of Service and Distribution Cost Recovery Factor.
Corporate and Other incurred a loss of 13 cents per share, wider than the year-ago quarter’s reported loss of 11 cents. This was due to higher interest rates on variable rate debt increased losses, net of hedges.
Highlights of the Release
Total operating expenses for the first quarter were $356.3 million, down 19.9% from $445 million recorded a year ago.
Total operating income was $80.6 million, down 18.7% from $99.1 million registered in the year-ago quarter.
Guidance
The company continues to project consolidated ongoing earnings in the range of $2.65-$2.75 per share for 2024. The Zacks Consensus Estimate for full-year earnings is pinned at $2.70 per share, which is on par with the midpoint of the company’s guided range.
Zacks Rank
PNM Resources currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Exelon Corporation (EXC - Free Report) is scheduled to report first-quarter results on May 2, before market open. The Zacks Consensus Estimate for earnings is pegged at 70 cents per share.
EXC’s long-term (three to five years) earnings growth rate is 5.7%. The company delivered an average earnings surprise of 2.6% in the last four quarters.
Alliant Energy (LNT - Free Report) is scheduled to report first-quarter results on May 2, after market close. The Zacks Consensus Estimate for earnings is pinned at 66 cents per share.
LNT’s long-term earnings growth rate is 6.1%. The Zacks Consensus Estimate for first-quarter sales is pinned at $1.17 billion.
NRG Energy, Inc. (NRG - Free Report) is scheduled to report first-quarter results on May 7, before market open. The Zacks Consensus Estimate for earnings is pegged at 51 cents per share.
NRG delivered an average earnings surprise of 6.4% in the last four quarters. The Zacks Consensus Estimate for 2024 earnings is pinned at $5.36 per share.