Pnm Resources ( (TXNM) ) has released its Q3 earnings. Here is a breakdown of the information Pnm Resources presented to its investors.
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TXNM Energy, an energy holding company based in Albuquerque, New Mexico, provides energy to over 800,000 homes and businesses in Texas and New Mexico through its utilities PNM and TNMP.
In its latest earnings report, TXNM Energy announced strong third-quarter results for 2024, with GAAP earnings of $1.45 per diluted share and ongoing earnings of $1.43 per diluted share. The company also narrowed its ongoing earnings guidance for the year to a range of $2.70 to $2.75 per share.
Key financial highlights include GAAP net earnings of $131.2 million, a significant increase from $37.7 million in the third quarter of 2023. Despite a slight drop in ongoing net earnings compared to the previous year, the company maintained solid ongoing diluted EPS. The performance of PNM, with new retail rates and strategic investments like the Grid Modernization Plan, contributed significantly to the results, although offset by lower transmission margins and increased depreciation. TNMP’s earnings were impacted by factors like lower weather-related demand and higher expenses tied to new capital investments.
Looking ahead, TXNM Energy remains focused on enhancing grid reliability and resilience across its service areas in New Mexico and Texas. The company continues to aim for strategic investments to meet customer needs, reflecting a positive outlook for future growth and operational stability.
