Welcome to our dedicated page for PNM Resources news (Ticker: PNM), a resource for investors and traders seeking the latest updates and insights on PNM Resources stock.
PNM Resources, Inc. (NYSE: PNM), based in Albuquerque, New Mexico, is a prominent energy holding company that serves over 800,000 homes and businesses in New Mexico and Texas through its subsidiaries, PNM and TNMP. With a balanced mix of coal, natural gas, nuclear, and wind generation, the company boasts a robust generation capacity of over 3.1 gigawatts.
Through its subsidiary PNM, PNM Resources provides electric generation, transmission, and distribution services primarily in New Mexico. PNM utilizes a diverse range of fuel sources, including coal and gas-fueled sites, to ensure reliable energy delivery. The Texas-New Mexico Power Company (TNMP), another subsidiary, operates transmission and distribution services in Texas, particularly focusing on small to medium-sized communities.
In recent developments, PNM Resources announced significant changes and projects aimed at enhancing their service and transitioning to cleaner energy sources. On December 8, 2023, the New Mexico Public Regulation Commission's Hearing Examiners issued recommendations for a 2024 change in customer base rates and the addition of 12 megawatts of distribution battery storage. These initiatives are designed to increase grid reliability and integrate more renewable energy into their network. In parallel, the company is exploring avenues for a more balanced and sustainable energy mix.
Further emphasizing their commitment to sustainability, PNM Resources recently sold its 50% share in the New Mexico Renewable Development, LLC (NMRD), a renewable joint venture, to Exus North America Holdings, LLC. This transaction, valued at approximately $234 million, will fund further regulated capital investments, reinforcing the company's dedication to clean energy and innovation. The NMRD portfolio includes numerous solar developments, underscoring PNM Resources' commitment to expanding renewable energy capacity.
Another notable update is the termination of PNM Resources' merger agreement with Avangrid. Despite the setback, the company remains focused on its strategic goals, including maintaining a 5% long-term earnings growth target. PNM Resources continues to invest in infrastructure to meet future energy needs, ensuring reliability and affordability for their customers while transitioning toward a 100% emissions-free energy goal by 2040.
With a strong financial performance, PNM Resources reported 2023 consolidated operating revenues of $1.9 billion. The company’s ongoing earnings guidance for 2024 ranges from $2.65 to $2.75 per diluted share, reflecting their steady growth and commitment to stakeholder value. Recent quarterly results have exceeded expectations, further demonstrating the company's resilience and strategic execution.
For more detailed financial information and updates, visit the PNM Resources official website at www.pnmresources.com.
PNM Resources (NYSE: PNM) will release its 2022 second quarter financial results on August 4, 2022, before market opening. A live conference call will follow at 11 a.m. Eastern Time to discuss results and company updates. The press release and presentation materials will be available on www.PNMResources.com. PNM Resources serves approximately 800,000 customers in New Mexico and Texas with a total generation capacity of 3.1 gigawatts, aiming for 100% emissions-free energy by 2040.
The New Mexico Public Regulation Commission (NMPRC) has mandated the Public Service Company of New Mexico (PNM) to issue rate credits due to the retirement of the San Juan Generating Station. This order results in a pre-tax revenue reduction of approximately $128 million over 2022 and 2023, limiting PNM's capacity to recover costs necessary for transitioning to carbon-free energy. PNM plans to appeal the order, which it views as detrimental to its operations, especially since it has deferred rate increases for customer benefit since 2020.
The New Mexico Public Regulation Commission's (NMPRC) Recommended Decision imposes penalties on Public Service Company of New Mexico (PNM) for the retirement of the San Juan Generating Station, undermining the Energy Transition Act. This decision mandates an immediate rate reduction for customers, limiting PNM's cost recovery associated with transitioning to carbon-free energy, potentially resulting in a $130 million reduction in pre-tax revenue. The planned general rate review is set for December 2022, with new base rates expected in January 2024, after significant deferrals of rate implementation since 2020.
The Board of Directors of PNM Resources declared a quarterly dividend of $1.145 per share on the 4.58% series of cumulative preferred stock. This dividend is scheduled for payment on July 15, 2022, to shareholders on record as of the close of business on July 1, 2022. PNM Resources, which operates electricity services across New Mexico and Texas, reported $1.8 billion in consolidated revenues for 2021 and aims for 100% emissions-free energy by 2040.
PNM Resources (NYSE: PNM) is set to affirm its 2022 and 2023 consolidated earnings guidance during meetings with analysts and investors in New York. Expected earnings per diluted share are between $2.50 to $2.60 for 2022, and $2.60 to $2.75 for 2023. In 2021, the company reported consolidated revenues of $1.8 billion. With a commitment to providing electricity to about 800,000 customers in New Mexico and Texas, PNM is aiming for 100% emissions-free energy by 2040.
PNM Resources (NYSE: PNM) announced the promotion of Don Tarry to President and COO, and Lisa Eden to Senior VP, CFO, and Treasurer, effective May 21, 2022. Tarry has been with the company since 1996, while Eden joined in 2001. These promotions are intended to strengthen leadership as the company progresses with its business plan and planned merger with Avangrid. PNM Resources reported consolidated revenues of $1.8 billion in 2021 and aims for 100% emissions-free energy by 2040, serving 800,000 customers in New Mexico and Texas.
PNM Resources (NYSE: PNM) will affirm its consolidated earnings guidance for 2022 and 2023 in meetings with analysts this week in New York and Boston. The projected earnings are between $2.50 to $2.60 per diluted share for 2022 and $2.60 to $2.75 for 2023. The company, based in Albuquerque, N.M., reported consolidated operating revenues of $1.8 billion in 2021 and serves approximately 800,000 customers in New Mexico and Texas. More details are available on their website.
PNM Resources reported its Q1 2022 results, showing a GAAP diluted EPS of $0.19, down from $0.20 in Q1 2021, while ongoing diluted EPS increased to $0.50 from $0.32. The company affirmed its ongoing earnings guidance for 2022 at $2.50 - $2.60 per diluted share and $2.60 - $2.75 for 2023. Key factors influencing earnings included higher transmission margins and colder temperatures, though these were offset by increased depreciation and property tax expenses. The ongoing merger with AVANGRID has been extended, with legal proceedings continuing.
PNM Resources (NYSE: PNM) will affirm its consolidated earnings guidance for 2022 and 2023 during meetings with investors in New York and Boston. The guidance is projected at $2.50 to $2.60 per diluted share for 2022 and $2.60 to $2.75 per diluted share for 2023. In 2021, the company's revenues reached $1.8 billion, serving around 800,000 customers in New Mexico and Texas with a focus on achieving 100% emissions-free energy by 2040. Presentation materials are available on the company’s website.
PNM Resources (NYSE: PNM) is set to announce its 2022 first quarter financial results before market opening on April 28, 2022. A live conference call will take place at 11 a.m. Eastern Time to discuss the results and company updates, with details available on their website. The company, based in Albuquerque, N.M., reported $1.8 billion in consolidated operating revenues for 2021 and aims for 100% emissions-free energy by 2040.
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