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PNM Resources' (PNM) Q3 Earnings Fall Y/Y, Revenues Rise

PNM Resources' (PNM) Q3 earnings decline from the year-earlier figure. The company suspends its 2021 EPS guidance as it expects to close the Avangrid merger this year.

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This story originally appeared on Zacks

PNM Resources PNM reported third-quarter 2021 earnings of $1.37 per share, down 2.1% from the prior-year quarter’s figure of $1.40.



GAAP earnings for the quarter were $1.32 per share, down 13.2% from the prior-year quarter’s reading of $1.52.

- Zacks

Total Revenues

Total electric operating revenues for the September quarter were $554.6 million, up 17.4% from $472.5 million in the comparable period of 2020.

 

PNM Resources, Inc. Price, Consensus and EPS Surprise PNM Resources, Inc. Price, Consensus and EPS Surprise

PNM Resources, Inc. price-consensus-eps-surprise-chart | PNM Resources, Inc. Quote

Highlights of the Release

Total operating expenses for the quarter under review summed $402.8 million, up 24.1% from $324.7 million in the comparable period of 2020.



Operating income for the quarter was $151.7 million, up 2.7% from $147.8 million in the third quarter of 2020.



The company’s merger with Avangrid is expected to be completed this year following the pending approval from the New Mexico Public Regulation Commission. Therefore, the utility withdrew its 2021 earnings guidance to take into account the same. It also expects approval for the retirement of the Four Corners Power Plant and implementation of the Transportation Electrification Program in fourth-quarter 2021.

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.

Peer Releases

NextEra Energy, Inc. NEE reported third-quarter 2021 adjusted earnings of 75 cents per share, which beat the Zacks Consensus Estimate of 72 cents by 4.2%.



Avangrid, Inc. AGR reported third-quarter 2021 earnings of 34 cents per share, beating the Zacks Consensus Estimate of 30 cents by 13.3%.



DTE Energy Company DTE reported a third-quarter 2021 operating EPS of $1.72, which missed the Zacks Consensus Estimate of $1.83 by 6%.



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NextEra Energy, Inc. (NEE): Free Stock Analysis Report

 

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