PNM Resources Inc. on Feb. 27 reported 2017 fourth-quarter ongoing earnings of $19.4 million, or 24 cents per share, compared to ongoing earnings of $27.4 million, or 34 cents per share, in the corresponding quarter of 2016.
The result beat the S&P Capital IQ consensus normalized EPS estimate of 19 cents.
Public Service Co. of New Mexico contributed $12.8 million, or 16 cents per share, toward 2017 fourth-quarter results, down from $18.4 million, or 23 cents per share, for the 2016 comparable quarter.
The decrease was driven by higher planned outage costs at the Four Corners facility and Afton Generating Station, lower load, higher expected operations and maintenance costs and depreciation expense from new capital investments.
Texas-New Mexico Power Co.'s fourth-quarter 2017 ongoing earnings were $8.9 million, or 11 cents per share, compared to $10 million, or 12 cents per share in fourth quarter 2016. The company attributed the utility's results to higher expected operations and maintenance costs and increased depreciation and property tax expenses due to additional capital investments.
On a GAAP basis, PNM reported net loss of $54.3 million, or a loss of 68 cents per diluted share, for the 2017 fourth quarter, compared to net income of $24.8 million, or 31 cents per share, for the same period of 2016.
For the year, PNM booked $155.3 million, or $1.94 per share, in ongoing earnings, compared to $132.4 million, or $1.65 per share, for 2016. The result beats the S&P Capital IQ consensus normalized EPS estimate of $1.88.
The company's 2017 net earnings dropped to $79.9 million, or $1.00 per share, on a GAAP basis, compared to $116.8 million, or $1.46 per share, in 2016.
PNM continues to target full-year 2018 ongoing EPS in the range of $1.82 to $1.92 and in the range of $2.04 to $2.16 for 2019.