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PNM Resources' (PNM) Earnings and Revenues ImproveY/Y in Q1

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PNM Resources (PNM - Free Report) reported first-quarter 2021 earnings of 32 cents per share, increasing 77.8% from the prior-year quarter’s figure.

GAAP earnings for the quarter were 20 cents per share against the prior-yearquarter’s loss of 19 cents.

Total Revenues

Operating revenues for the first quarter were $364.7 million, up 9.3% from $333.6 million in the comparable period in 2020.

PNM Resources, Inc. Price, Consensus and EPS Surprise

PNM Resources, Inc. Price, Consensus and EPS Surprise

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

Highlights of the Release

Total operating expenses for the quarter under review summed $321.5 million, up 12.5% from $285.9 million in the comparable period of 2020.

Operating income for the quarter was $43.2 million, down 9.6% from $47.7 million in the first quarter of 2020.

The company’s merger with Avangrid received shareholders’ approval on Feb 12, 2021. Also, it secured approvals from the federal level and is expected to be closed in the second half of 2021.

Guidance

The company reaffirmed its 2021 earnings per share outlook in the range of $2.27-$2.37, the midpoint of which is $2.32, slightly higher than the Zacks Consensus Estimate of $2.31.

It is focused on strengthening its infrastructure and plans to invest $3.98 billion in the 2021-2025 time period.

Zacks Rank

PNM Resources currently carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Utility Releases

American Electric Power Co., Inc. (AEP - Free Report) reported first-quarter 2021 adjusted earnings per share of $1.15, which missed the Zacks Consensus Estimate of $1.23 by 6.5%.

NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2021 adjusted earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 60 cents by 11.7%.

FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2021 operating earnings of 69 cents per share, which beat the Zacks Consensus Estimate of 68 cents by 1.5%.

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