PNM Resources Inc. on Feb. 20 revised its 2018 and 2019 earnings guidance to reflect the Public Service Co. of New Mexico's finalized retail rate settlement phase-in, allowing customers to benefit from tax cuts, according to a news release.

PNM Resources is now targeting consolidated ongoing earnings in the range of $1.82 to $1.92 per diluted share in 2018 and consolidated ongoing earnings in the range of $2.04 to $2.16 per diluted share in 2019. Previously, the company's consolidated ongoing earnings guidance was $1.70 to $1.80 per diluted share in 2018 and $2.00 to $2.16 per diluted share in 2019. The company also reaffirmed its targeted earnings growth of 6% through 2021.

The Public Utility Commission of Texas directed the deferral of tax savings starting Jan. 25 to be returned to customers in the next rate case, which Texas-New Mexico Power Co. plans to file in May 2018.

PNM Resources will discuss its revised earnings guidance and targeted growth during the company's earnings presentation Feb. 27.