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PNM Resources (PNM) Q2 Earnings Top Estimates, Sales Rise Y/Y

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PNM Resources (PNM - Free Report) reported second-quarter 2020 earnings of 55 cents per share, beating the Zacks Consensus Estimate of 50 cents by 10%. The bottom line also surged 44.7% from the year-ago quarter’s 38 cents per share.

On a GAAP basis, the company reported earnings of 72 cents per share against a loss of 95 cents in the year-ago quarter.

Total Revenues

Electric Operating revenues of $357.7 million were up 8.3% from $330.2 million in the year-ago quarter.

Highlights of the Release

Total operating expenses in the quarter under review summed $286.5 million, down 32.4% from expenses of $423.8 million in the year-ago quarter.

Operating income in the quarter under review was $71.2 million against an operating loss of $93.6 million a year ago.

Guidance

The company reaffirmed its 2020 earnings per share guidance in the range of $2.16-$2.26, the midpoint of which is $2.21, higher than the Zacks Consensus Estimate of $2.20.

The company expects its earnings growth rate in the 5-6% range through 2023. It is also focused on strengthening grid and plans to invest $3.3 billion during the 2020-2023 time period.

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.

Peer Releases

NextEra Energy (NEE - Free Report) reported second-quarter 2020 adjusted earnings of $2.61 per share, surpassing the Zacks Consensus Estimate of $2.50 by 4.4%.

FirstEnergy Corporation (FE - Free Report) delivered second-quarter 2020 operating earnings of 57 cents per share, topping the Zacks Consensus Estimate of 55 cents by 3.64%.

DTE Energy Company (DTE - Free Report) reported second-quarter 2020 operating EPSof $1.53, trumping the Zacks Consensus Estimate of $1.31 by 16.8%.

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