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Why Is PNM Resources (PNM) Up 4.3% Since Last Earnings Report?
A month has gone by since the last earnings report for PNM Resources . Shares have added about 4.3% in that time frame, underperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is PNM Resources due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
PNM Resources Q2 Earnings Top Estimates, Sales Rise Y/Y
PNM Resources reported second-quarter 2020 earnings of 55 cents per share, beating the Zacks Consensus Estimate of 50 cents by 10%. The bottom line also surged 44.7% from the year-ago quarter’s 38 cents per share.
On a GAAP basis, the company reported earnings of 72 cents per share against a loss of 95 cents in the year-ago quarter.
Total Revenues
Electric Operating revenues of $357.7 million were up 8.3% from $330.2 million in the year-ago quarter.
Highlights of the Release
Total operating expenses in the quarter under review summed $286.5 million, down 32.4% from expenses of $423.8 million in the year-ago quarter.
Operating income in the quarter under review was $71.2 million against an operating loss of $93.6 million a year ago.
Guidance
The company reaffirmed its 2020 earnings per share guidance in the range of $2.16-$2.26, the midpoint of which is $2.21, higher than the Zacks Consensus Estimate of $2.20.
The company expects its earnings growth rate in the 5-6% range through 2023. It is also focused on strengthening grid and plans to invest $3.3 billion during the 2020-2023 time period.
How Have Estimates Been Moving Since Then?
Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.