U.S. markets open in 1 hour 41 minutes
  • S&P Futures

    4,376.00
    +27.75 (+0.64%)
     
  • Dow Futures

    34,069.00
    +230.00 (+0.68%)
     
  • Nasdaq Futures

    15,103.75
    +94.25 (+0.63%)
     
  • Russell 2000 Futures

    2,194.80
    +18.00 (+0.83%)
     
  • Crude Oil

    71.01
    +0.72 (+1.02%)
     
  • Gold

    1,768.40
    +4.60 (+0.26%)
     
  • Silver

    22.56
    +0.35 (+1.58%)
     
  • EUR/USD

    1.1748
    +0.0021 (+0.18%)
     
  • 10-Yr Bond

    1.3090
    0.0000 (0.00%)
     
  • Vix

    23.10
    +2.29 (+11.00%)
     
  • GBP/USD

    1.3684
    +0.0025 (+0.18%)
     
  • USD/JPY

    109.3900
    -0.0300 (-0.03%)
     
  • BTC-USD

    43,459.62
    -273.29 (-0.62%)
     
  • CMC Crypto 200

    1,090.36
    -44.02 (-3.88%)
     
  • FTSE 100

    6,978.41
    +74.50 (+1.08%)
     
  • Nikkei 225

    29,839.71
    -660.34 (-2.17%)
     

PNM Resources' (PNM) Q2 Earnings In Line Y/Y, Revenues Rise

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

PNM Resources PNM reported second-quarter 2021 earnings of 55 cents per share, inline with the prior-year quarter’s figure.

GAAP earnings for the quarter were 62 cents per share, down 13.9% from the prior-year quarter’s reading of 72 cents.

Results reflect recovery and improvement from last year's COVID-related load decline, offset by the impact of additional shares.

Total Revenues

Total electric operating revenues for the second quarter were $426.5 million, up 19.3% from $357.6 million in the comparable period of 2020.

Highlights of the Release

Total operating expenses for the quarter under review summed $352.3 million, up 23% from $286.5 million in the comparable period of 2020.

Operating income for the quarter was $74.2 million, up 4.3% from $71.2 million in the second quarter of 2020.

In May, the company’s merger with Avangrid received an approval for a unanimous stipulation on the transaction from The Public Utility Commission of Texas. The deal is on track to be closed in the second half of 2021.

Guidance

The company reaffirmed its 2021 earnings per share outlook in the range of $2.27-$2.37 with an expectation to attain the upper end. The Zacks Consensus Estimate of $2.31 is slightly lower than the midpoint of the range.

It is focused on strengthening its infrastructure and plans to invest $3.98 billion in the 2021-2025 time period.

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.

Other Utility Releases

NextEra Energy, Inc. NEE reported second-quarter 2021 adjusted earnings of 71 cents per share, which beat the Zacks Consensus Estimate of 67 cents by 5.6%.

FirstEnergy Corporation FE delivered second-quarter 2021 operating earnings of 59 cents per share, in line with the Zacks Consensus Estimate.

DTE Energy Company DTE reported second-quarter 2021 operating earnings per share of $1.70, which beat the Zacks Consensus Estimate of $1.44 by 18.1%.


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
 
NextEra Energy, Inc. (NEE) : Free Stock Analysis Report
 
FirstEnergy Corporation (FE) : Free Stock Analysis Report
 
DTE Energy Company (DTE) : Free Stock Analysis Report
 
PNM Resources, Inc. (PNM) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.