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PNM Resources revises 2018, 2019 earnings guidance

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.