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81023 Quarterly Reports
Last10K.com | 10-Q Quarterly Report Fri Aug 04 2023
August 4, 2023
PNM Resources Reports Second Quarter 2023 Results
2023 Ongoing Earnings Guidance Affirmed
•2023 second quarter GAAP earnings of $0.53 per diluted share
•2023 second quarter ongoing earnings of $0.55 per diluted share
•Affirmed ongoing earnings guidance range of $2.65 - $2.75 for 2023
PNM Resources (In millions, except EPS)
|Q2 2023||Q2 2022||YTD 2023||YTD 2022|
|GAAP net earnings attributable to PNM Resources||$45.3||$15.4||$100.3||$31.4|
|GAAP diluted EPS||$0.53||$0.18||$1.16||$0.36|
|Ongoing net earnings||$47.4||$49.4||$95.1||$92.7|
|Ongoing diluted EPS||$0.55||$0.57||$1.10||$1.08|
PNM Resources (NYSE: PNM) today released its 2023 second quarter results. In addition, management affirmed its 2023 consolidated ongoing earnings guidance of $2.65 to $2.75 per diluted share.
“This first half of the year has laid the groundwork for future growth, particularly in Texas where a constructive legislative session called for investments in grid reliability and resilience,” said Pat Vincent-Collawn, PNM Resources Chairman and CEO. “New system peaks at both TNMP and PNM continue to demonstrate the need to invest in our infrastructure to ensure safe, reliable service to our customers at affordable rates.”
UPDATE ON MERGER
On June 20, 2023, PNM Resources and Avangrid announced an amendment and extension of their merger agreement through December 31, 2023, with an option for three months further extension upon mutual agreement by the companies. The companies’ appeal of the New Mexico Public Regulation Commission’s (NMPRC) December 2021 merger stipulation denial remains pending with the New Mexico Supreme Court (Court) with oral arguments scheduled for September 15, 2023. There is no statutory deadline for the Court to respond to the appeal.
SEGMENT REPORTING OF 2023 SECOND QUARTER EARNINGS
•PNM – a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.
•TNMP – an electric transmission and distribution utility in Texas.
The following information was filed by Public Service Co Of New Mexico on Friday, August 4, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Public Service Co Of New Mexico's Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:
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