PNM Resources (PNM - Free Report) reported third-quarter 2019 earnings of $1.29 per share, beating the Zacks Consensus Estimate of $1.26 by 2.4%. The bottom line increased 19.4% from year-ago quarter’s figure of $1.08. The uptick can be attributed to higher-than-normal temperatures that increased customer usage.
The company generated total revenues of $433.6 million in third-quarter 2019, up 2.6% from $423 million in the year-ago quarter.
Highlights of the Release
Total expenses in the reported quarter amounted to $293 million, down 0.7% from the year-ago quarter’s expenses of $295 million.
Operating income in the reported quarter was $140.5 million, up 9.7% from operating income of $128 million in the year-ago quarter.
The company affirmed its 2019 consolidated earnings per share guidance in the range of $2.05-$2.11, whose midpoint $2.08 is lower than Zacks Consensus Estimate of $2.09.
PNM Resources carries a Zacks Rank #2 (Buy). 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 third-quarter 2019 adjusted earnings of $2.39 per share, beating the Zacks Consensus Estimate of $2.27 by 5.3%.
Xcel Energy Inc (XEL - Free Report) posted third-quarter 2019 operating earnings of $1.01 per share, which lagged the Zacks Consensus Estimate of $1.05 by 3.8%.
American Electric Power Co., Inc (AEP - Free Report) reported third-quarter 2019 adjusted earnings of $1.46 per share, which surpassed the Zacks Consensus Estimate of $1.30 by 12.3%.
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