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PNM Resources (PNM) Q3 Earnings Top Estimates, Sales Rise Y/Y

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PNM Resources (PNM - Free Report) delivered third-quarter 2020 earnings of $1.40 per share, beating the Zacks Consensus Estimate of $1.29 by 8.53%. The bottom line also improved 6.9% from the year-ago quarter’s figure.

On a GAAP basis, the company reported earnings of $1.52 per share compared favorably with $1.28 a year ago.

Total Revenues

Operating revenues of $472.5 million were up 8.9% from $433.6 million in the year-ago quarter.

 

PNM Resources, Inc. Holding Co. Price, Consensus and EPS Surprise

PNM Resources, Inc. Holding Co. Price, Consensus and EPS Surprise

PNM Resources, Inc. Holding Co. price-consensus-eps-surprise-chart | PNM Resources, Inc. Holding Co. Quote

Highlights of the Release

Total operating expenses in the quarter under review summed $324.7 million, up 10.8% from $293.1 million in the year-ago quarter.

Operating income in the quarter under review was $147.8 million, up 5.2% from $140.5 million a year ago.

PNM Resources and AVANGRID entered into a merger agreement. The merger will create a utility with more than 7.4 gigawatts of renewable energy assets and is expected to close in 2021.

Guidance

The company reaffirmed its recently raised 2020 earnings per share guidance in the range of $2.23-$2.31, the midpoint of which is $2.27, in line with the Zacks Consensus Estimate.

It is also focused on strengthening its infrastructure and plans to invest $4.1 billion in the 2020-2024 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.

Other Releases

IDACORP, Inc. (IDA - Free Report) reported third-quarter 2020 earnings of $2.02 per share, which surpassed the Zacks Consensus Estimate of $1.99 by 1.5%.

American Electric Power Co., Inc. (AEP - Free Report) reported third-quarter 2020 adjusted earnings per share of $1.47, which beat the Zacks Consensus Estimate of $1.46 by 0.7%.

Edison International (EIX - Free Report) reported third-quarter 2020 adjusted earnings of $1.67 per share, which surpassed the Zacks Consensus Estimate of $1.44 by 16%.

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