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.
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.
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.
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.
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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