PNM Resources Reports 2020 Earnings Results
PNM Resources reported 2020 GAAP earnings of $2.15 per diluted share and ongoing earnings of $2.28, surpassing previous expectations. The company affirmed its 2021 guidance range of $2.27 to $2.37 per share. Key factors contributing to performance included higher sales volumes and interest savings from debt refinancing. Additionally, PNM anticipates completion of its merger with Avangrid in the second half of 2021, aimed at benefiting customers and communities.
- GAAP earnings rose to $172.8 million, a significant increase from $77.4 million in 2019.
- Ongoing diluted EPS increased to $2.28 from $2.16 in 2019.
- Affirmed 2021 ongoing earnings guidance of $2.27 to $2.37 per diluted share.
- Merger with Avangrid is expected to close in the second half of 2021, enhancing shareholder value.
- Incurred $17.0 million in merger-related expenditures in 2020.
- Increased operational spending and higher depreciation and property tax expenses anticipated.
ALBUQUERQUE, N.M., Feb. 26, 2021 /PRNewswire/ --
- 2020 GAAP earnings of
$2.15 per diluted share - 2020 Ongoing earnings per share of
$2.28 in line with expectations - Affirmed 2021 Ongoing earnings guidance range of
$2.27 to$2.37 per diluted share
PNM Resources (In millions, except EPS) | ||
2020 | 2019 | |
GAAP net earnings attributable to PNM Resources | ||
GAAP diluted EPS | ||
Ongoing net earnings | ||
Ongoing diluted EPS | ||
PNM Resources (NYSE: PNM) today released its 2020 year-end results in line with previously published ongoing earnings guidance. In addition, management affirmed its 2021 consolidated ongoing earnings guidance of
"Our fourth quarter results finished the year in line with expectations, demonstrating resilience and adaptability during the continued effects of the COVID-19 pandemic," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "We look forward to bringing the benefits of our merger with Avangrid to customers, employees and communities and are progressing through the remaining regulatory approvals. We continue to expect the merger to close in the second half of 2021."
ERCOT WINTER STORM OUTAGES
During the severe winter storm impacting Texas this month, TNMP complied with the Electric Reliability Council of Texas (ERCOT) directives to curtail the delivery of electricity in its service territory, reducing the record-setting demand created by arctic temperatures. TNMP did not experience significant outages on its system outside of the ERCOT-directed curtailments.
In the event a Retail Electric Provider files for bankruptcy, TNMP is permitted to defer any associated uncollected amounts to a regulatory asset for recovery through a future general rate proceeding.
At this time, PNM Resources does not expect significant financial impacts related to these events.
UPDATE ON MERGER AGREEMENT
On October 21, 2020, PNM Resources announced an agreement to enter into a merger with AVANGRID. Under the terms of the proposed merger, PNM Resources shareholders will receive
Shareholders approved the merger on February 12, 2021. Clearances have been received from the Department of Justice under the Hart-Scott-Rodino Act and the Committee on Foreign Investment in the United States (CFIUS). Approvals continue to be pursued from the Federal Communications Commission, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, Public Utility Commission of Texas and New Mexico Public Regulation Commission.
PNM Resources continues to anticipate that the closing of the merger will occur in the second half of 2021, subject to the satisfaction or waiver of the remaining customary conditions to closing, including among other things, receipt of other required state and federal regulatory approvals.
SEGMENT REPORTING OF 2020 EARNINGS
- PNM – a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.
- TNMP – an electric transmission and distribution utility in Texas.
- Corporate and Other – reflects the PNM Resources holding company and other subsidiaries.
EPS Results by Segment
EPS Results by Segment | |||||
GAAP Diluted EPS | Ongoing Diluted EPS | ||||
2020 | 2019 | 2020 | 2019 | ||
PNM | |||||
TNMP | |||||
Corporate and Other | ( | ( | ( | ( | |
Consolidated PNM Resources | |||||
GAAP earnings increased in 2020 resulting from
- PNM: interest savings from refinancing of debt at lower interest rates, higher sales volumes as COVID-19 impacts were more than offset by higher summer temperatures, higher transmission margins and lower outage costs, partially offset by expected increases in operational spending and higher depreciation and property tax expenses resulting from additional capital investments.
- TNMP: Distribution Cost of Service (DCOS) and Transmission Cost of Service (TCOS) rate increases were partially offset by expected increases in operational spending and higher depreciation and property tax expenses resulting from additional capital investments.
Additional materials with information on quarterly and full-year results are available at
http://www.pnmresources.com/investors/results.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2020 consolidated operating revenues of
CONTACTS: | |
Analysts | Media |
Lisa Goodman | Ray Sandoval |
(505) 241-2160 | (505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release for PNM Resources, Inc. ("PNMR"), Public Service Company of New Mexico ("PNM"), or Texas-New Mexico Power Company ("TNMP") (collectively, the "Company") that relate to future events or 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. Additionally, there are risks and uncertainties in connection with the proposed acquisition of us by AVANGRID which may adversely affect our business, future opportunities, employees and common stock, including without limitation, (i) the expected timing and likelihood of completion of the pending Merger, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the pending Merger that could reduce anticipated benefits or cause the parties to abandon the transaction, (ii) the failure by AVANGRID to obtain the necessary financing arrangement set forth in commitment letter received in connection with the Merger, (iii) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (iv) the possibility that PNMR's shareholders may not approve the Merger Agreement, (v) the risk that the parties may not be able to satisfy the conditions to the proposed Merger in a timely manner or at all, (vi) risks related to disruption of management time from ongoing business operations due to the proposed Merger, and (vii) the risk that the proposed transaction and its announcement could have an adverse effect on the ability of PNMR to retain and hire key personnel and maintain relationships with its customers and suppliers, and on its operating results and businesses generally. For a discussion of risk factors and other important factors affecting forward-looking statements, please see the Company's Form 10-K, Form 10-Q filings and the information included in the Company's Forms 8-K with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
Non-GAAP Financial Measures
GAAP refers to generally accepted accounting principles in the U.S. Ongoing earnings is a non-GAAP financial measure that excludes the impact of net unrealized mark-to-market gains and losses on economic hedges, the net change in unrealized gains and losses on investment securities, pension expense related to previously disposed of gas distribution business, and certain non-recurring, infrequent, and other items that are not indicative of fundamental changes in the earnings capacity of the Company's operations. 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, including those used for certain aspects of incentive compensation, 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 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. Since the future differences between GAAP and ongoing earnings are frequently outside the control of the Company, management is generally not able to estimate the impact of the reconciling items between forecasted GAAP net earnings and ongoing earnings guidance, nor their probable impact on GAAP net earnings without unreasonable effort, therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance. Reconciliations between GAAP and ongoing earnings are contained in schedules 1-5.
PNM Resources, Inc. and Subsidiaries Schedule 1 Reconciliation of GAAP to Ongoing Earnings (Preliminary and Unaudited) | ||||||||||||||||
PNM | TNMP | Corporate | Consolidated | |||||||||||||
(in thousands) | ||||||||||||||||
Quarter Ended December 31, 2020 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: | $ | 16,671 | $ | 11,398 | $ | (19,291) | $ | 8,778 | ||||||||
Adjusting items before income tax effects | ||||||||||||||||
Net change in unrealized gains and losses on investment securities2a | (16,015) | — | — | (16,015) | ||||||||||||
Regulatory disallowances and restructuring costs2b | 1,098 | — | — | 1,098 | ||||||||||||
Pension expense related to previously disposed of gas distribution business2c | 1,131 | — | — | 1,131 | ||||||||||||
Merger related costs2d | 72 | 95 | 15,429 | 15,596 | ||||||||||||
Total adjustments before income tax effects | (13,714) | 95 | 15,429 | 1,810 | ||||||||||||
Income tax impact of above adjustments1 | 3,483 | (20) | (3,919) | (456) | ||||||||||||
Income tax impact of non-deductible merger related costs3 | 752 | 428 | 1,257 | 2,437 | ||||||||||||
Total income tax impacts4 | 4,235 | 408 | (2,662) | 1,981 | ||||||||||||
Adjusting items, net of income taxes | (9,479) | 503 | 12,767 | 3,791 | ||||||||||||
Ongoing Earnings (Loss) | $ | 7,192 | $ | 11,901 | $ | (6,524) | $ | 12,569 | ||||||||
Year Ended December 31, 2020 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: | $ | 145,473 | $ | 58,585 | $ | (31,283) | $ | 172,775 | ||||||||
Adjusting items before income tax effects | ||||||||||||||||
Net change in unrealized gains and losses on investment securities2a | (14,513) | — | — | (14,513) | ||||||||||||
Regulatory disallowances and restructuring costs2b | 3,009 | — | — | 3,009 | ||||||||||||
Pension expense related to previously disposed of gas distribution business2c | 4,525 | — | — | 4,525 | ||||||||||||
Merger related costs2d | 72 | 95 | 17,016 | 17,183 | ||||||||||||
Total adjustments before income tax effects | (6,907) | 95 | 17,016 | 10,204 | ||||||||||||
Income tax impact of above adjustments1 | 1,754 | (20) | (4,322) | (2,588) | ||||||||||||
Income tax impact of non-deductible merger related costs3 | 752 | 428 | 1,257 | 2,437 | ||||||||||||
Total income tax impacts4 | 2,506 | 408 | (3,065) | (151) | ||||||||||||
Adjusting items, net of income taxes | (4,401) | 503 | 13,951 | 10,053 | ||||||||||||
Ongoing Earnings (Loss) | $ | 141,072 | $ | 59,088 | $ | (17,332) | $ | 182,828 | ||||||||
1 Tax effects calculated using a tax rate of | ||||||||||||||||
2 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Consolidated Statement of Earnings as follows: | ||||||||||||||||
a (Increases) in "Gain (loss) on investment securities" reflecting non-cash performance relative to market, not indicative of funding requirements | ||||||||||||||||
b Increase of | ||||||||||||||||
c Increases in "Other (deductions)" | ||||||||||||||||
d Increases in "Administrative and general" of | ||||||||||||||||
3 Additional income tax expense of | ||||||||||||||||
4 Income tax impacts reflected in "Income Taxes" | ||||||||||||||||
PNM Resources, Inc. and Subsidiaries Schedule 2 Reconciliation of GAAP to Ongoing Earnings (Preliminary and Unaudited) | ||||||||||||||||
PNM | TNMP | Corporate | Consolidated | |||||||||||||
(in thousands) | ||||||||||||||||
Quarter Ended December 31, 2019 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: | $ | 27,856 | $ | 11,347 | $ | (7,398) | $ | 31,805 | ||||||||
Adjusting items before income tax effects | ||||||||||||||||
Mark-to-market impact of economic hedges3a | (10) | — | — | (10) | ||||||||||||
Net change in unrealized gains and losses on investment securities3b | (7,590) | — | — | (7,590) | ||||||||||||
Regulatory disallowances and restructuring costs2, 3c | — | 496 | — | 496 | ||||||||||||
Pension expense related to previously disposed of gas distribution business3d | 1,045 | — | — | 1,045 | ||||||||||||
Process improvement initiatives3e | — | — | — | — | ||||||||||||
Four Corners coal mine reclamation3f | — | — | — | — | ||||||||||||
Cost to review strategic growth opportunities3e | — | — | 1,571 | 1,571 | ||||||||||||
Total adjustments before income tax effects | (6,555) | 496 | 1,571 | (4,488) | ||||||||||||
Income tax impacts of above adjustments1 | 1,665 | (104) | (399) | 1,162 | ||||||||||||
Deferred income tax impact of regulatory disallowance | — | — | — | — | ||||||||||||
Impairment of state tax credits | — | — | 425 | 425 | ||||||||||||
Timing of statutory and effective tax rates on non-recurring items4 | 52 | (12) | (6) | 34 | ||||||||||||
Total income tax impacts5 | 1,717 | (116) | 20 | 1,621 | ||||||||||||
Adjusting items, net of income taxes | (4,838) | 380 | 1,591 | (2,867) | ||||||||||||
Ongoing Earnings (Loss) | $ | 23,018 | $ | 11,727 | $ | (5,807) | $ | 28,938 | ||||||||
Year Ended December 31, 2019 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: | $ | 40,653 | $ | 55,799 | $ | (19,090) | $ | 77,362 | ||||||||
Adjusting items before income tax effects | ||||||||||||||||
Mark-to-market impact of economic hedges3a | (94) | — | — | (94) | ||||||||||||
Net change in unrealized gains and losses on investment securities3b | (21,282) | — | — | (21,282) | ||||||||||||
Regulatory disallowances and restructuring costs2, 3c | 150,599 | 496 | — | 151,095 | ||||||||||||
Pension expense related to previously disposed of gas distribution business3d | 4,179 | — | — | 4,179 | ||||||||||||
Process improvement initiatives3e | 559 | 186 | — | 745 | ||||||||||||
Four Corners coal mine reclamation3f | 794 | — | — | 794 | ||||||||||||
Cost to review strategic growth opportunities3e | — | — | 1,571 | 1,571 | ||||||||||||
Total adjustments before income tax effects | 134,755 | 682 | 1,571 | 137,008 | ||||||||||||
Income tax impacts of above adjustments1 | (34,228) | (143) | (399) | (34,770) | ||||||||||||
Deferred income tax impact of regulatory disallowance | (7,485) | — | — | (7,485) | ||||||||||||
Impairment of state tax credits | — | — | 425 | 425 | ||||||||||||
Timing of statutory and effective tax rates on non-recurring items4 | — | — | — | — | ||||||||||||
Total income tax impacts5 | (41,713) | (143) | 26 | (41,830) | ||||||||||||
Adjusting items, net of income taxes | 93,042 | 539 | 1,597 | 95,178 | ||||||||||||
Ongoing Earnings (Loss) | $ | 133,695 | $ | 56,338 | $ | (17,493) | $ | 172,540 | ||||||||
1 2019 income tax effects calculated using tax rates of | ||||||||||||||||
2 Regulatory disallowances and restructuring costs are primarily related to the NM Supreme Court's decision to affirm the NMPRC's disallowance of certain costs included in PNM's NM 2015 Rate Case and disallowance of certain costs in TNMP's 2018 Rate Case | ||||||||||||||||
3 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Consolidated Statement of Earnings as follows: | ||||||||||||||||
a (Reductions) in "Electric Operating Revenues" and "Cost of energy" of | ||||||||||||||||
b (Increases) in "Gain (loss) on investment securities" | ||||||||||||||||
c Increases in "Regulatory disallowances and restructuring costs" | ||||||||||||||||
d Increases in "Other (deductions)" | ||||||||||||||||
e Increases in "Administrative and general" | ||||||||||||||||
f Increases in "Cost of Energy" | ||||||||||||||||
4 Income tax timing impacts resulting from differences between the statutory tax rate of | ||||||||||||||||
5 Income tax impacts reflected in "Income Taxes" | ||||||||||||||||
PNM Resources, Inc. and Subsidiaries Schedule 3 Reconciliation of GAAP to Ongoing Earnings Per Diluted Share (Preliminary and Unaudited) | ||||||||||||||||
PNM | TNMP | Corporate and Other | Consolidated | |||||||||||||
(per diluted share) | ||||||||||||||||
Quarter Ended December 31, 2020 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: | $ | 0.21 | $ | 0.14 | $ | (0.24) | $ | 0.11 | ||||||||
Adjusting items, net of income tax effects | ||||||||||||||||
Net change in unrealized gains and losses on investment securities | (0.15) | — | — | (0.15) | ||||||||||||
Regulatory disallowances and restructuring costs | 0.01 | — | — | 0.01 | ||||||||||||
Pension expense related to previously disposed of gas distribution business | 0.01 | — | — | 0.01 | ||||||||||||
Merger related costs | 0.01 | 0.01 | 0.15 | 0.17 | ||||||||||||
Total Adjustments | (0.12) | 0.01 | 0.15 | 0.04 | ||||||||||||
Ongoing Earnings (Loss) | $ | 0.09 | $ | 0.15 | $ | (0.09) | $ | 0.15 | ||||||||
Average Diluted Shares Outstanding: 81,340,639 | ||||||||||||||||
Year Ended December 31, 2020 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: | $ | 1.81 | $ | 0.73 | $ | (0.39) | $ | 2.15 | ||||||||
Adjusting items, net of income tax effects | ||||||||||||||||
Net change in unrealized gains and losses on investment securities | (0.13) | — | — | (0.13) | ||||||||||||
Regulatory disallowances and restructuring costs | 0.03 | — | — | 0.03 | ||||||||||||
Pension expense related to previously disposed of gas distribution business | 0.04 | — | — | 0.04 | ||||||||||||
Merger related costs | 0.01 | 0.01 | 0.17 | 0.19 | ||||||||||||
Total Adjustments | (0.05) | 0.01 | 0.17 | 0.13 | ||||||||||||
Ongoing Earnings (Loss) | $ | 1.76 | $ | 0.74 | $ | (0.22) | $ | 2.28 | ||||||||
Average Diluted Shares Outstanding: 80,302,542 | ||||||||||||||||
PNM Resources, Inc. and Subsidiaries Schedule 4 Reconciliation of GAAP to Ongoing Earnings Per Diluted Share (Preliminary and Unaudited) | ||||||||||||||||
PNM | TNMP | Corporate | Consolidated | |||||||||||||
(per diluted share) | ||||||||||||||||
Quarter Ended December 31, 2019 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: | $ | 0.35 | $ | 0.14 | $ | (0.09) | $ | 0.40 | ||||||||
Adjusting items, net of income tax effects | ||||||||||||||||
Mark-to-market impact of economic hedges | — | — | — | — | ||||||||||||
Net change in unrealized gains and losses on investment securities | (0.07) | — | — | (0.07) | ||||||||||||
Regulatory disallowances and restructuring costs | — | — | — | — | ||||||||||||
Pension expense related to previously disposed of gas distribution business | — | — | — | — | ||||||||||||
Cost to review strategic growth opportunities | — | — | 0.02 | 0.02 | ||||||||||||
Impairment of state tax credits | — | — | 0.01 | 0.01 | ||||||||||||
Total Adjustments | (0.07) | — | 0.03 | (0.04) | ||||||||||||
Ongoing Earnings (Loss) | $ | 0.28 | $ | 0.14 | $ | (0.06) | $ | 0.36 | ||||||||
Average Diluted Shares Outstanding: 80,022,823 | ||||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR: | $ | 0.51 | $ | 0.70 | $ | (0.24) | $ | 0.97 | ||||||||
Adjusting items, net of income tax effects | ||||||||||||||||
Mark-to-market impact of economic hedges | — | — | — | — | ||||||||||||
Net change in unrealized gains and losses on investment securities | (0.20) | — | — | (0.20) | ||||||||||||
Regulatory disallowances and restructuring costs | 1.40 | — | — | 1.40 | ||||||||||||
Pension expense related to previously disposed of gas distribution business | 0.04 | — | — | 0.04 | ||||||||||||
Process improvement initiatives | — | — | — | — | ||||||||||||
Four Corners coal mine reclamation | 0.01 | — | — | 0.01 | ||||||||||||
Cost to review strategic growth opportunities | — | — | 0.02 | 0.02 | ||||||||||||
Deferred income tax impact of regulatory disallowances | (0.09) | — | — | (0.09) | ||||||||||||
Impairment of state tax credits | — | — | 0.01 | 0.01 | ||||||||||||
Total Adjustments | 1.16 | — | 0.03 | 1.19 | ||||||||||||
Ongoing Earnings (Loss) | $ | 1.67 | $ | 0.70 | $ | (0.21) | $ | 2.16 | ||||||||
Average Diluted Shares Outstanding: 79,990,498 | ||||||||||||||||
PNM Resources, Inc. and Subsidiaries Schedule 5 Consolidated Statements of Earnings (Preliminary and Unaudited) | |||||||||||
Year Ended December 31, | |||||||||||
2020 | 2019 | 2018 | |||||||||
(In thousands, except per share amounts) | |||||||||||
Electric Operating Revenues | $ | 1,523,012 | $ | 1,457,603 | $ | 1,436,613 | |||||
Operating Expenses: | |||||||||||
Cost of energy | 447,241 | 412,812 | 399,726 | ||||||||
Administrative and general | 216,334 | 189,227 | 188,470 | ||||||||
Energy production costs | 137,977 | 142,545 | 149,477 | ||||||||
Regulatory disallowances and restructuring costs | 1,098 | 151,095 | 65,598 | ||||||||
Depreciation and amortization | 275,612 | 267,808 | 241,188 | ||||||||
Transmission and distribution costs | 77,943 | 69,862 | 76,434 | ||||||||
Taxes other than income taxes | 81,526 | 80,054 | 79,673 | ||||||||
Total operating expenses | 1,237,731 | 1,313,403 | 1,200,566 | ||||||||
Operating income | 285,281 | 144,200 | 236,047 | ||||||||
Other Income and Deductions: | |||||||||||
Interest income | 14,223 | 14,022 | 15,540 | ||||||||
Gains (losses) on investment securities | 21,599 | 29,589 | (17,176) | ||||||||
Other income | 19,973 | 15,382 | 17,586 | ||||||||
Other (deductions) | (18,732) | (15,328) | (15,696) | ||||||||
Net other income and (deductions) | 37,063 | 43,665 | 254 | ||||||||
Interest Charges | 114,392 | 121,016 | 127,244 | ||||||||
Earnings before Income Taxes | 207,952 | 66,849 | 109,057 | ||||||||
Income Taxes (Benefits) | 20,636 | (25,282) | 7,775 | ||||||||
Net Earnings | 187,316 | 92,131 | 101,282 | ||||||||
(Earnings) Attributable to Valencia Non-controlling Interest | (14,013) | (14,241) | (15,112) | ||||||||
Preferred Stock Dividend Requirements of Subsidiary | (528) | (528) | (528) | ||||||||
Net Earnings Attributable to PNMR | $ | 172,775 | $ | 77,362 | $ | 85,642 | |||||
Net Earnings Attributable to PNMR per Common Share: | |||||||||||
Basic | $ | 2.16 | $ | 0.97 | $ | 1.07 | |||||
Diluted | $ | 2.15 | $ | 0.97 | $ | 1.07 | |||||
View original content to download multimedia:http://www.prnewswire.com/news-releases/pnm-resources-reports-2020-earnings-results-301236234.html
SOURCE PNM Resources, Inc.
FAQ
What were PNM Resources' earnings for 2020?
What is PNM Resources' ongoing earnings guidance for 2021?
What caused the increase in PNM Resources' earnings?
When is the merger with Avangrid expected to close?
What was the net earnings attributable to PNM Resources in 2020?
