PNM Resources' (PNM) Earnings Beat Estimates In Q3, Up Y/Y

PNM Resources (NYSE:PNM) reported third-quarter 2019 earnings of $1.29 per share, beating the Zacks Consensus Estimate of $1.26 by 2.4%. The bottom line increased 19.4% from year-ago quarter’s figure of $1.08. The uptick can be attributed to higher-than-normal temperatures that increased customer usage.

Total Revenues

The company generated total revenues of $433.6 million in third-quarter 2019, up 2.6% from $423 million in the year-ago quarter.

Highlights of the Release

Total expenses in the reported quarter amounted to $293 million, down 0.7% from the year-ago quarter’s expenses of $295 million.

Operating income in the reported quarter was $140.5 million, up 9.7% from operating income of $128 million in the year-ago quarter.

Guidance

The company affirmed its 2019 consolidated earnings per share guidance in the range of $2.05-$2.11, whose midpoint $2.08 is lower than Zacks Consensus Estimate of $2.09.

Zacks Rank

PNM Resources carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Utility Releases

NextEra Energy, Inc (NYSE:NEE) reported third-quarter 2019 adjusted earnings of $2.39 per share, beating the Zacks Consensus Estimate of $2.27 by 5.3%.

Xcel Energy Inc (NASDAQ:XEL) posted third-quarter 2019 operating earnings of $1.01 per share, which lagged the Zacks Consensus Estimate of $1.05 by 3.8%.

American Electric Power Co., Inc (NYSE:AEP) reported third-quarter 2019 adjusted earnings of $1.46 per share, which surpassed the Zacks Consensus Estimate of $1.30 by 12.3%.

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