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PNM Resources' (PNM) Q2 Earnings In Line Y/Y, Revenues Rise

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PNM Resources (PNM - Free Report) reported second-quarter 2021 earnings of 55 cents per share, inline with the prior-year quarter’s figure.

GAAP earnings for the quarter were 62 cents per share, down 13.9% from the prior-year quarter’s reading of 72 cents.

Results reflect recovery and improvement from last year's COVID-related load decline, offset by the impact of additional shares.

Total Revenues

Total electric operating revenues for the second quarter were $426.5 million, up 19.3% from $357.6 million in the comparable period of 2020.

Highlights of the Release

Total operating expenses for the quarter under review summed $352.3 million, up 23% from $286.5 million in the comparable period of 2020.

Operating income for the quarter was $74.2 million, up 4.3% from $71.2 million in the second quarter of 2020.

In May, the company’s merger with Avangrid received an approval for a unanimous stipulation on the transaction from The Public Utility Commission of Texas. The deal is on track 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 with an expectation to attain the upper end. The Zacks Consensus Estimate of $2.31 is slightly lower than the midpoint of the range.

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

Other Utility Releases

NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2021 adjusted earnings of 71 cents per share, which beat the Zacks Consensus Estimate of 67 cents by 5.6%.

FirstEnergy Corporation (FE - Free Report) delivered second-quarter 2021 operating earnings of 59 cents per share, in line with the Zacks Consensus Estimate.

DTE Energy Company (DTE - Free Report) reported second-quarter 2021 operating earnings per share of $1.70, which beat the Zacks Consensus Estimate of $1.44 by 18.1%.