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PNM Resources (PNM) Q2 Earnings Top Estimates, Sales Rise Y/Y
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PNM Resources reported second-quarter 2024 earnings of 60 cents per share, which surpassed the Zacks Consensus Estimate of 55 cents by 9.1%. In the year-ago quarter, the company reported earnings of 55 cents per share.
Total Revenues
Revenues totaled $488.1 million, which missed the Zacks Consensus Estimate of $507 million by 3.72%. The top line, however, increased 2.3% from $477.2 million reported in the year-ago quarter.
PNM Resources, Inc. Price, Consensus and EPS Surprise
PNM reported earnings of 41 cents per share compared with 38 cents in the year-ago quarter. This was due to the implementation of new retail rates, load growth, hot weather and improved performance by the decommissioning and reclamation trusts.
TNMP recorded earnings of 33 cents per share, up 13.8% from the prior-year quarter’s figure. This improvement was due to rate recovery through Transmission Cost of Service and Distribution Cost Recovery Factor increases.
Corporate and Other incurred a loss of 14 cents per share, wider than the year-ago quarter’s reported loss of 12 cents. This was due to higher interest rates on variable rate debt increased losses, net of hedges.
Highlights of the Release
Total operating expenses were $382.4 million, down 0.6% from $384.8 million recorded a year ago.
Total operating income was $105.7 million, up 14.5% from $92.3 million registered in the year-ago quarter.
Guidance
The company continues to project consolidated ongoing earnings in the range of $2.65-$2.75 per share for 2024. The Zacks Consensus Estimate for full-year earnings is pinned at $2.70 per share, on par with the midpoint of the company’s guided range.
Exelon Corporation (EXC - Free Report) is scheduled to report second-quarter results on Aug 1, before market open. The Zacks Consensus Estimate for earnings is pegged at 41 cents per share.
EXC’s long-term (three to five years) earnings growth rate is 5.66%. The company delivered an average earnings surprise of 0.8% in the last four quarters.
Alliant Energy (LNT - Free Report) is scheduled to report second-quarter results on Aug 1, after market close. The Zacks Consensus Estimate for earnings is pinned at 71 cents per share.
LNT’s long-term earnings growth rate is 6.84%. The company delivered an average earnings surprise of 0.9% in the last four quarters.
NRG Energy, Inc. (NRG - Free Report) is scheduled to report second-quarter results on Aug 8, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.30 cents per share.
NRG delivered an average earnings surprise of 4.2% in the past four quarters. The Zacks Consensus Estimate for 2024 earnings is pinned at $6.61 per share.
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PNM Resources (PNM) Q2 Earnings Top Estimates, Sales Rise Y/Y
PNM Resources reported second-quarter 2024 earnings of 60 cents per share, which surpassed the Zacks Consensus Estimate of 55 cents by 9.1%. In the year-ago quarter, the company reported earnings of 55 cents per share.
Total Revenues
Revenues totaled $488.1 million, which missed the Zacks Consensus Estimate of $507 million by 3.72%. The top line, however, increased 2.3% from $477.2 million reported in the year-ago quarter.
PNM Resources, Inc. Price, Consensus and EPS Surprise
PNM Resources, Inc. price-consensus-eps-surprise-chart | PNM Resources, Inc. Quote
Segmental Details
PNM reported earnings of 41 cents per share compared with 38 cents in the year-ago quarter. This was due to the implementation of new retail rates, load growth, hot weather and improved performance by the decommissioning and reclamation trusts.
TNMP recorded earnings of 33 cents per share, up 13.8% from the prior-year quarter’s figure. This improvement was due to rate recovery through Transmission Cost of Service and Distribution Cost Recovery Factor increases.
Corporate and Other incurred a loss of 14 cents per share, wider than the year-ago quarter’s reported loss of 12 cents. This was due to higher interest rates on variable rate debt increased losses, net of hedges.
Highlights of the Release
Total operating expenses were $382.4 million, down 0.6% from $384.8 million recorded a year ago.
Total operating income was $105.7 million, up 14.5% from $92.3 million registered in the year-ago quarter.
Guidance
The company continues to project consolidated ongoing earnings in the range of $2.65-$2.75 per share for 2024. The Zacks Consensus Estimate for full-year earnings is pinned at $2.70 per share, on par with the midpoint of the company’s guided range.
Zacks Rank
PNM Resources currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Exelon Corporation (EXC - Free Report) is scheduled to report second-quarter results on Aug 1, before market open. The Zacks Consensus Estimate for earnings is pegged at 41 cents per share.
EXC’s long-term (three to five years) earnings growth rate is 5.66%. The company delivered an average earnings surprise of 0.8% in the last four quarters.
Alliant Energy (LNT - Free Report) is scheduled to report second-quarter results on Aug 1, after market close. The Zacks Consensus Estimate for earnings is pinned at 71 cents per share.
LNT’s long-term earnings growth rate is 6.84%. The company delivered an average earnings surprise of 0.9% in the last four quarters.
NRG Energy, Inc. (NRG - Free Report) is scheduled to report second-quarter results on Aug 8, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.30 cents per share.
NRG delivered an average earnings surprise of 4.2% in the past four quarters. The Zacks Consensus Estimate for 2024 earnings is pinned at $6.61 per share.