PNM Resources (PNM - Free Report) reported third-quarter 2021 earnings of $1.37 per share, down 2.1% from the prior-year quarter’s figure of $1.40.
GAAP earnings for the quarter were $1.32 per share, down 13.2% from the prior-year quarter’s reading of $1.52.
Total Revenues
Total electric operating revenues for the September quarter were $554.6 million, up 17.4% from $472.5 million in the comparable period of 2020.
Highlights of the Release
Total operating expenses for the quarter under review summed $402.8 million, up 24.1% from $324.7 million in the comparable period of 2020.
Operating income for the quarter was $151.7 million, up 2.7% from $147.8 million in the third quarter of 2020.
The company’s merger with Avangrid is expected to be completed this year following the pending approval from the New Mexico Public Regulation Commission. Therefore, the utility withdrew its 2021 earnings guidance to take into account the same. It also expects approval for the retirement of the Four Corners Power Plant and implementation of the Transportation Electrification Program in fourth-quarter 2021.
Zacks Rank
PNM Resources currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer Releases
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2021 adjusted earnings of 75 cents per share, which beat the Zacks Consensus Estimate of 72 cents by 4.2%.
Avangrid, Inc. (AGR - Free Report) reported third-quarter 2021 earnings of 34 cents per share, beating the Zacks Consensus Estimate of 30 cents by 13.3%.
DTE Energy Company (DTE - Free Report) reported a third-quarter 2021 operating EPS of $1.72, which missed the Zacks Consensus Estimate of $1.83 by 6%.
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PNM Resources (PNM - Free Report) reported third-quarter 2021 earnings of $1.37 per share, down 2.1% from the prior-year quarter’s figure of $1.40.
GAAP earnings for the quarter were $1.32 per share, down 13.2% from the prior-year quarter’s reading of $1.52.
Total Revenues
Total electric operating revenues for the September quarter were $554.6 million, up 17.4% from $472.5 million in the comparable period of 2020.
Highlights of the Release
Total operating expenses for the quarter under review summed $402.8 million, up 24.1% from $324.7 million in the comparable period of 2020.
Operating income for the quarter was $151.7 million, up 2.7% from $147.8 million in the third quarter of 2020.
The company’s merger with Avangrid is expected to be completed this year following the pending approval from the New Mexico Public Regulation Commission. Therefore, the utility withdrew its 2021 earnings guidance to take into account the same. It also expects approval for the retirement of the Four Corners Power Plant and implementation of the Transportation Electrification Program in fourth-quarter 2021.
Zacks Rank
PNM Resources currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer Releases
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2021 adjusted earnings of 75 cents per share, which beat the Zacks Consensus Estimate of 72 cents by 4.2%.
Avangrid, Inc. (AGR - Free Report) reported third-quarter 2021 earnings of 34 cents per share, beating the Zacks Consensus Estimate of 30 cents by 13.3%.
DTE Energy Company (DTE - Free Report) reported a third-quarter 2021 operating EPS of $1.72, which missed the Zacks Consensus Estimate of $1.83 by 6%.
Zacks Naming Top 10 Stocks for 2024
Want to be tipped off early to our 10 top picks for the entirety of 2024?
History suggests their performance could be sensational.
From 2012 (when our Director of Research, Sheraz Mian assumed responsibility for the portfolio) through November, 2023, the Zacks Top 10 Stocks gained +974.1%, nearly TRIPLING the S&P 500’s +340.1%. Now Sheraz is combing through 4,400 companies to handpick the best 10 tickers to buy and hold in 2024. Don’t miss your chance to get in on these stocks when they’re released on January 2.
Be First to New Top 10 Stocks >>
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