PNM Resources PNM reported first-quarter 2020 earnings of 18 cents per share, which were in line with the Zacks Consensus Estimate. The bottom line surged 63.6% from the year-ago quarter’s reported figure of 11 cents.
On GAAP basis, the company incurred a loss of 19 cents per share against earnings of 23 cents in the year-ago quarter.
Total Revenues
The company generated Electric Operating revenues of $333.6 million in the first quarter, down 4.6% from $349.6 million in year-ago quarter.
PNM Resources, Inc. (Holding Co.) Price, Consensus and EPS Surprise
PNM Resources, Inc. (Holding Co.) price-consensus-eps-surprise-chart | PNM Resources, Inc. (Holding Co.) Quote
Highlights of the Release
Total operating expenses in the quarter under review amounted to $285.8 million, down 8.6% from expenses of $312.9 million in the year-ago quarter.
Operating income in the quarter under review was $47.7 million, up 30% from $36.7 million in 2018.
Total weather-normalized retail load inched up 1.1% year over year in March 2020 in the PNM segment. It is within the company's previously-projected range of 0.5-1.5%.
At TNMP, weather-normalized demand-based load increased 3.8% in March 2020 year over year and weather-normalized volumetric load increased 3.7% in March 2020 on a year-over-year basis,
In April, the New Mexico Public Regulation Commission approved its application for abandonment and securitization of the San Juan Generating Station.
Guidance
The company reaffirmed its 2020 consolidated earnings per share guidance in the range of $2.16-$2.26, whose midpoint of $2.21 is higher the Zacks Consensus Estimate of $2.15.
Zacks Rank
PNM Resources carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
NextEra Energy (NYSE:NEE), Inc. NEE is set to report its first-quarter 2020 earnings results on Apr 22. The Zacks Consensus Estimate for the company is pegged at $1.95.
Dominion Energy Inc. D is set to report its first-quarter 2020 earnings results on May 5. The Zacks Consensus Estimate for the company is pegged at $1.13.
Pinnacle West Capital Corporation (NYSE:PNW) PNW is set to report its first-quarter 2020 earnings results on May 8. The Zacks Consensus Estimate for the company is pegged at 21 cents.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Pinnacle West Capital Corporation (PNW): Free Stock Analysis Report
Dominion Energy Inc. (D): Free Stock Analysis Report
NextEra Energy, Inc. (NEE): Free Stock Analysis Report
PNM Resources, Inc. (Holding Co.) (PNM): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research