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PNM Resources (PNM) Q4 Earnings Beat Estimates, Revenues Rise

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·3 min read
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PNM Resources PNM reported fourth-quarter 2021 earnings per share (EPS) of 21 cents, which beat the Zacks Consensus Estimate of 15 cents by 40%. The bottom line also improved 40% from the year-ago earnings of 15 cents per share.

GAAP earnings for the quarter were 13 cents per share, up 18.2% from the prior-year quarter’s reading of 11 cents.

Total Revenues

Total electric operating revenues for 2021 were $1,779.9 million, up 16.9% from $1,523 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 and EPS Surprise

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

Highlights of the Release

Total operating expenses for 2021 totaled $1471.7 million, up 19% from $1,237.7million in 2020, due to increase in energy production, transmission and distribution cost.

Operating income for 2021 was $308.2 million, up 8.03% from $285.3 million in 2020.

PNM Resources’ board of directors declared annual cash dividend of $1.39 per share for 2022, an increase of 6.1% over the previous year's dividend. This is consistent with the target payout ratio of 55% of net income.

PNM Resources’ merger with Avangrid is expected to be extended to April 20, 2023. PNM has appealed to the New Mexico Supreme Court for merger approval from the New Mexico Public Regulation Commission to bring additional benefits to customers, employees and communities. PNM has also got key regulatory approval for the retirement of the Four Corners Power Plant and the implementation of the Transportation Electrification Program.

Guidance

PNM Resources has initiated the 2022 EPS guidance range of $2.50-$2.60 and 2023 EPS guidance in the band of $2.60-$2.75. The midpoint of the above-guided range for 2022 is $2.55, higher than the current Zacks Consensus Estimate for the period of $2.53 per share.

Zacks Rank

PNM Resources currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Upcoming Releases

Duke Energy DUK is set to release fourth-quarter 2021 results on Feb 10. The Zacks Consensus Estimate for EPS is pegged at 95 cents.

Duke Energy’s long-term earnings growth is projected at 5.3%. The Zacks Consensus Estimate for DUK’s 2022 EPS indicates year-over-year growth of 4.59%.

Dominion Energy D is scheduled to announce fourth-quarter 2021 results on Feb 11. The Zacks Consensus Estimate for earnings is pegged at 90 cents per share.

Dominion’s long-term earnings growth is projected at 6.6%. The Zacks Consensus Estimate for D’s 2022 EPS suggests year-over-year growth of 7%.

PG&E Corporation PCG is set to release fourth-quarter 2021 results on Feb 10. The Zacks Consensus Estimate for EPS is pegged at 28 cents.

PG&E’s long-term earnings growth is projected at 2.51%. The Zacks Consensus Estimate for PCG’s 2022 EPS indicates year-over-year growth of 8.75%.


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