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PNM Resources maintains guidance despite drop in Q1 earnings

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PNM Resources maintains guidance despite drop in Q1 earnings

PNM ResourcesInc. continues to maintain its full-year 2016 earnings guidancedespite seeing a drop in first-quarter ongoing net earnings to $10.8 million,or 13 cents per share, from $16.5 million, or 21 cents per share, in thecomparable quarter of 2015.

The company's full-year ongoing EPS guidance $1.55 to $1.76.First-quarter result also misses the S&P Global Market Intelligence normalizedEPS consensus estimate by 1 cent.

PNM's New Mexico utility Public Service Co. of New Mexico contributed $4.1million, or 5 cents per share, towards first-quarter 2016 ongoing net earnings— down from $11.1 million or 14 cents per share in the first three months of2015. The company's Texas utility, Texas-New Mexico Power Co., also saw a slightyear-over-year drop in contribution to $7.5 million, or 9 cents per share, from$7.7 million, or 10 cents per share, in the corresponding quarter of 2015,result released April 29 showed.

The businesses were impacted by milder weather and higherdepreciation and property tax expenses.

PNM Resources generated $311.0 million in first-quarter 2016electric operating revenues, down from $332.9 million in the same quarter of2015. Its operating income was down to $41.5 million from $49.6 million in thesame quarter of 2015.

The company's first-quarter 2016 GAAP net earnings were alsodown to $10.5 million or 13 cents per share, from $14.3 million, or 18 centsper share, in the comparable quarter of 2015.

PNM Resources will discuss first-quarter earnings resultsduring a live conference call scheduled for 11 a.m. ET on April 29.