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PNM Resources Q2'19 ongoing earnings drop YOY but meet Street estimates

PNM Resources Inc. on Aug. 2 announced ongoing net earnings of $29.3 million, or 37 cents per share, in the second quarter of 2019, down from $42.3 million, or 53 cents per share, a year ago.

The company's results met the S&P Global Market Intelligence consensus normalized EPS estimate for the quarter of 37 cents.

GAAP net loss attributable to the company was $75.9 million, or a loss of 95 cents per share, compared to net earnings of $38.2 million, or 48 cents per share, in the same quarter a year earlier.

Electric operating revenues totaled $330.2 million, a drop from $352.3 million in the prior-year period. The company reported a second-quarter operating loss of $93.6 million, compared to operating income of $79.3 million a year ago.

"Temperatures, and financial results, during the quarter reflected New Mexico's mildest second quarter in 20 years," PNM Resources Chairman, President and CEO Pat Vincent-Collawn said in an earnings release.

The company affirmed its full-year 2019 consolidated ongoing EPS guidance range of $2.05 to $2.11.