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PNM Resources Reports First Quarter Results



  PNM Resources Reports First Quarter Results

      2013 Earnings Guidance Range Affirmed; S&P Upgrades PNM Resources

               Conference call scheduled for 11 a.m. EDT today

FIRST QUARTER SUMMARY

  * GAAP (generally accepted accounting principles) earnings of $0.13 per
    diluted share, compared with $0.21 per diluted share in 2012
  * Ongoing earnings of $0.18 per diluted share, compared with $0.17 per
    diluted share in 2012

Business Wire

ALBUQUERQUE, N.M. -- May 06, 2013

PNM Resources (NYSE: PNM) today reported unaudited 2013 first quarter
consolidated GAAP earnings of $10.6 million, or $0.13 per diluted share,
compared with $17.1 million, or $0.21 per diluted share, in 2012.

Quarterly unaudited consolidated ongoing earnings were $14.7 million, or $0.18
per diluted share, compared with $13.5 million, or $0.17 per diluted share, in
2012. Reconciliations of GAAP to non-GAAP measures such as ongoing earnings
are shown on the attached schedules 1 and 2.

On April 5 Standard and Poor’s upgraded its credit ratings for PNM Resources,
PNM, and TNMP.

“The upgrade by Standard and Poor’s marks the achievement of one of our
critical long-term goals,” said Pat Vincent-Collawn, PNM Resources chairman,
president, and CEO. “Overall, we’re pleased with the first quarter results,
which reflect our continued strong financial performance.”

Quarterly financial materials are available at
http://www.pnmresources.com/investors/results.cfm.

SEGMENT REPORTING OF 2013 FIRST QUARTER EARNINGS

PNM  – a vertically integrated electric utility in New Mexico with
distribution, transmission and generation assets.

  * PNM reported ongoing earnings of $14.0 million, or $0.17 per diluted
    share, compared with $14.1 million, or $0.18 per diluted share, in 2012.
    GAAP earnings were $11.4 million, or $0.14 per diluted share, compared
    with $17.7 million, or $0.22 per diluted share, during the same period in
    2012.
  * PNM benefitted from lower maintenance costs at San Juan Generating
    Station, higher rates due to the FERC settlement with Navopache Electric
    and the renewable energy rider approved by the PRC in 2012, and higher
    market prices at Palo Verde Unit 3. The net impact of load and weather
    partially offset these benefits.

TNMP – an electric transmission and distribution utility in Texas.

  * TNMP reported ongoing earnings of $3.7 million, or $0.05 per diluted
    share, compared with $3.1 million, or $0.04 per diluted share, in 2012.
    GAAP earnings were $3.7 million, or $0.05 per diluted share, compared with
    $3.0 million, or $0.04 per diluted share in 2012.
  * TNMP is benefitting from a robust Texas economy, with earnings primarily
    driven by expanding load and rate increases. Gains were offset slightly by
    higher depreciation and property tax expenses.

Corporate/Other  – a segment that reflects costs at the PNM Resources holding
company, mainly comprised of interest expense.

  * Corporate/Other reported ongoing losses of $3.0 million, or $0.04 per
    diluted share, compared with $3.6 million, or $0.05 per diluted share, in
    2012. GAAP losses were $4.5 million, or $0.06 per diluted share, compared
    with losses of $3.6 million, or $0.05 per diluted share in 2012.

2013 Guidance Range Affirmed

PNM Resources today affirmed its 2013 financial outlook. Management expects
2013 consolidated ongoing earnings to be in the range of $1.32 - $1.42 per
diluted share.

FIRST QUARTER EARNINGS CALL: 11 A.M. EDT TODAY

PNM Resources will discuss first quarter earnings results, financial forecasts
and other relevant company matters during a live conference call and webcast
today at 11 a.m. EDT. Speaking on the call will be Pat Collawn, PNM Resources
chairman, president and CEO, and Chuck Eldred, PNM Resources executive vice
president and CFO.

A live webcast of the call will be archived at
http://www.pnmresources.com/investors/events.cfm. Listeners are encouraged to
visit the website at least 30 minutes before the event to register, download
and install any necessary audio software.

Investors and analysts can participate in the live conference call by dialing
(877) 377-7098 or (631) 291-4547 (international calls) and referencing “the
PNM Resources first-quarter conference call.” A telephone replay will be
available at 2 p.m. EDT until midnight May 20 by dialing (855) 859-2056 or
(404) 537-3406 and using conference ID 29865423. Supporting material for PNM
Resources’ earnings announcements can be viewed and downloaded at
http://www.pnmresources.com/investors/results.cfm.

Background:

PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque,
N.M., with 2012 consolidated operating revenues of $1.3 billion. Through its
regulated utilities, PNM and TNMP, PNM Resources has approximately 2,538
megawatts of generation capacity and serves electricity to more than 738,000
homes and businesses in New Mexico and Texas. For more information, visit the
company's website at www.PNMResources.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995

Statements made in this news release that relate to future events or PNM
Resources’ (“PNMR”), Public Service Company of New Mexico’s (“PNM”), or
Texas-New Mexico Power Company’s (“TNMP”) (collectively, the “Company”)
expectations, projections, estimates, intentions, goals, targets, and
strategies are made pursuant to the Private Securities Litigation Reform Act
of 1995. Readers are cautioned that all forward-looking statements are based
upon current expectations and estimates. PNMR, PNM, and TNMP assume no
obligation to update this information. Because actual results may differ
materially from those expressed or implied by these forward-looking
statements, PNMR, PNM, and TNMP caution readers not to place undue reliance on
these statements. PNMR's, PNM's, and TNMP's business, financial condition,
cash flow, and operating results are influenced by many factors, which are
often beyond their control, that can cause actual results to differ from those
expressed or implied by the forward-looking statements. For a discussion of
risk factors and other important factors affecting forward-looking statements,
please see the Company’s Form 10-K and Form 10-Q filings with the Securities
and Exchange Commission, which factors are specifically incorporated by
reference herein.

Non-GAAP Financial Measures

The Company uses ongoing earnings and ongoing earnings per diluted share (or
ongoing diluted earnings per share) to evaluate the operations of the Company
and to establish goals for management and employees. While the Company
believes these financial measures are appropriate and useful for investors,
they are not measures presented in accordance with generally accepted
accounting principles in the U.S. (GAAP). The Company does not intend for
these measures, or any piece of these measures, to represent any financial
measure as defined by GAAP. Furthermore, the Company’s calculations of these
measures as presented may or may not be comparable to similarly titled
measures used by other companies. The Company uses ongoing earnings guidance
to provide investors with management's expectations of ongoing financial
performance over the period presented. While the Company believes ongoing
earnings guidance is an appropriate measure, it is not a measure presented in
accordance with GAAP. The Company does not intend for ongoing earnings
guidance to represent an expectation of net earnings as defined by GAAP.
Management is generally not able to estimate the impact of the reconciling
items between ongoing earnings guidance and forecasted GAAP earnings, nor
their probable impact on GAAP earnings; therefore, management is generally not
able to provide a corresponding GAAP equivalent for earnings guidance.

 
PNM Resources
Schedule 1
Reconciliation of Ongoing to GAAP Earnings
(Preliminary and Unaudited)
                                                                 
                   PNM              TNMP            Corporate     Consolidated
                   Electric         Electric        and Other
                   (in thousands)
Quarter Ended
March 31, 2013
GAAP Net
Earnings (Loss)    $  11,437        $  3,726        $  (4,537 )   $  10,626
Attributable to
PNMR:
Adjusting
items, net of
income tax
effects
Mark-to-market
impact of          2,962            —               —             2,962
economic hedges
Net change in
unrealized         (362       )     —               —             (362       )
impairments of
NDT securities
State tax
credit             —                —               1,518         1,518       
impairment
Total              2,600            —               1,518         4,118       
Adjustments
Ongoing            $  14,037        $  3,726        $  (3,019 )   $  14,744   
Earnings (Loss)
                                                                   
Quarter Ended
March 31, 2012
GAAP Net
Earnings (Loss)    $  17,680        $  3,011        $  (3,611 )   $  17,080
Attributable to
PNMR:
Adjusting
items, net of
income tax
effects
Mark-to-market
impact of          (2,115     )     —               —             (2,115     )
economic hedges
Net change in
unrealized         (1,728     )     —               —             (1,728     )
impairments of
NDT securities
Process
improvement        228              66              —             294         
initiatives
Total              (3,615     )     66              —             (3,549     )
Adjustments
Ongoing            $  14,065        $  3,077        $  (3,611 )   $  13,531   
Earnings (Loss)
                                                                   
Income tax effects calculated using tax rates of 35.00% for TNMP and 39.59%
for all other segments unless otherwise indicated
 

                                                                 
PNM Resources
Schedule 2
Reconciliation of Ongoing to GAAP Earnings Per Diluted Share
(Preliminary and Unaudited)
                                                                   
                                PNM        TNMP       Corporate   Consolidated
                                Electric   Electric   and Other
                                (per diluted share)
Quarter Ended March 31, 2013
GAAP Net Earnings (Loss)        $ 0.14     $ 0.05     $ (0.06 )   $   0.13
Attributable to PNMR:
Adjusting items
Mark-to-market impact of        0.04       —          —           0.04
economic hedges
Net change in unrealized        (0.01  )   —          —           (0.01     )
impairments of NDT securities
State tax credit impairment     —          —          0.02        0.02       
Total Adjustments               0.03       —          0.02        0.05       
Ongoing Earnings (Loss)         $ 0.17     $ 0.05     $ (0.04 )   $   0.18   
Average Diluted Shares
Outstanding: 80,580,184
                                                                   
Quarter Ended March 31, 2012
GAAP Net Earnings (Loss)        $ 0.22     $ 0.04     $ (0.05 )   $   0.21
Attributable to PNMR:
Adjusting items
Mark-to-market impact of        (0.02  )   —          —           (0.02     )
economic hedges
Net change in unrealized        (0.02  )   —          —           (0.02     )
impairments of NDT securities
Process improvement             —          —          —           —          
initiatives
Total Adjustments               (0.04  )   —          —           (0.04     )
Ongoing Earnings (Loss)         $ 0.18     $ 0.04     $ (0.05 )   $   0.17   
Average Diluted Shares
Outstanding: 80,475,328
                                                                   

Contact:

PNM Resources
Analysts
Jimmie Blotter, 505-241-2227
Media
Valerie Smith, 505-241-2892
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