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PNM Resources' Q1 Earnings Meet Estimates, Revenues Down Y/Y
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PNM Resources (PNM - Free Report) reported first-quarter 2020 earnings of 18 cents per share, which were in line with the Zacks Consensus Estimate. The bottom line surged 63.6% from the year-ago quarter’s reported figure of 11 cents.
On a GAAP basis, the company incurred a loss of 19 cents per share against an earnings of 23 cents in the year-ago quarter.
Total Revenues
Electric Operating revenues amounted to $333.6 million in the first quarter, down 4.6% from $349.6 million in year-ago quarter.
PNM Resources, Inc. (Holding Co.) Price, Consensus and EPS Surprise
Total operating expenses in the quarter under review amounted to $285.8 million, down 8.6% from expenses of $312.9 million in the year-ago quarter.
Operating income in the quarter under review was $47.7 million, up 30% from $36.7 million in 2018.
Total weather-normalized retail load inched up 1.1% year over year in March 2020 in the PNM segment. It is within the company's previously-projected range of 0.5-1.5%.
At TNMP, weather-normalized demand-based load increased 3.8% year over year in March 2020 and weather-normalized volumetric load increased 3.7% in March 2020 on a year-over-year basis,
In April, the New Mexico Public Regulation Commission approved its application for abandonment and securitization of the San Juan Generating Station.
Public Service Company of New Mexico announced that it will defer its general rate review planned for the second quarter of 2020 in respose to the COVID-19 crisis.
Guidance
The company reaffirmed its 2020 consolidated earnings per share guidance in the range of $2.16-$2.26, whose midpoint of $2.21 is higher the Zacks Consensus Estimate of $2.15.
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2020 adjusted earnings of $2.38 per share, which surpassed the Zacks Consensus Estimate of $2.21 by 7.7%.
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2020 operating earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 3.13%.
DTE Energy Company (DTE - Free Report) reported first-quarter 2020 operating earnings per share (EPS) of $1.66, which missed the Zacks Consensus Estimate of $1.78 by 6.7%.
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Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. Today, See These 5 Potential Home Runs >>
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PNM Resources' Q1 Earnings Meet Estimates, Revenues Down Y/Y
PNM Resources (PNM - Free Report) reported first-quarter 2020 earnings of 18 cents per share, which were in line with the Zacks Consensus Estimate. The bottom line surged 63.6% from the year-ago quarter’s reported figure of 11 cents.
On a GAAP basis, the company incurred a loss of 19 cents per share against an earnings of 23 cents in the year-ago quarter.
Total Revenues
Electric Operating revenues amounted to $333.6 million in the first quarter, down 4.6% from $349.6 million in year-ago quarter.
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 amounted to $285.8 million, down 8.6% from expenses of $312.9 million in the year-ago quarter.
Operating income in the quarter under review was $47.7 million, up 30% from $36.7 million in 2018.
Total weather-normalized retail load inched up 1.1% year over year in March 2020 in the PNM segment. It is within the company's previously-projected range of 0.5-1.5%.
At TNMP, weather-normalized demand-based load increased 3.8% year over year in March 2020 and weather-normalized volumetric load increased 3.7% in March 2020 on a year-over-year basis,
In April, the New Mexico Public Regulation Commission approved its application for abandonment and securitization of the San Juan Generating Station.
Public Service Company of New Mexico announced that it will defer its general rate review planned for the second quarter of 2020 in respose to the COVID-19 crisis.
Guidance
The company reaffirmed its 2020 consolidated earnings per share guidance in the range of $2.16-$2.26, whose midpoint of $2.21 is higher the Zacks Consensus Estimate of $2.15.
Zacks Rank
PNM Resources carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Another Utility Release
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2020 adjusted earnings of $2.38 per share, which surpassed the Zacks Consensus Estimate of $2.21 by 7.7%.
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2020 operating earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 3.13%.
DTE Energy Company (DTE - Free Report) reported first-quarter 2020 operating earnings per share (EPS) of $1.66, which missed the Zacks Consensus Estimate of $1.78 by 6.7%.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>