Yahoo Finance PNM Resources (PNM) Q4 Earnings Decline Y/Y, Revenues Rise
PNM Resources PNM reported fourth-quarter 2022 earnings of 15 cents per share, a 28.6% decline from the year-ago quarter’s figure of 21 cents.
For 2022, PNM reported earnings of $2.69 per share, up 9.8% from the prior-year quarter’s $2.45.
Total Revenues
Total revenues for 2022 were $2,249.6 million, up 26.4% from $1,779.9 million in 2021.
PNM Resources, Inc. Price, Consensus and EPS Surprise
PNM Resources, Inc. price-consensus-eps-surprise-chart | PNM Resources, Inc. Quote
Segmental Details
PNM: Earnings for fourth-quarter 2022 were 5 cents per share, down 66.7% from the year-ago quarter. The decline in earnings from this segment was due to a planned increase in O&M spending, including outage costs at gas plants, and higher depreciation and property tax expenses on new capital investments.
TNMP: Earnings for fourth-quarter were 23 cents per share, up 77% from the year-ago quarter. The surge in earnings was due to increased use of load growth and weather, along with rate recovery through increases in Transmission Cost of Service and Distribution Cost of Service.
Corporate and Other: Loss in the reported quarter was 13 cents, wider than the year-ago quarter’s loss of 7 cents. Higher interest rates on variable rate debt increased the year-over-year loss.
Highlights of the Release
Total operating expenses for 2022 were $1,855.8 million, up 26.1% from $1471.7 million in 2021.
Total operating income for 2022 was $393.8 million, up 27.8% from $308.2 million in 2021.
Guidance
PNM Resources narrowed its 2023 EPS guidance from $2.60-$2.75 to $2.75-$2.85. The midpoint of the above-guided range for 2023 is $2.70, higher than the Zacks Consensus Estimate of $2.66 per share.
PNM is expected to incorporate an EPS dilution impact of up to 8 cents per share, indicating an addition of up to $200 million of equity in the second half of 2023 in a non-merger scenario.
Zacks Rank
PNM Resources currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
The AES Corporation AES is slated to report fourth-quarter results on Feb 27, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 46 cents per share, implying a year-over-year increase of 2.2%.
AES’s long-term (three to five years) earnings growth is pegged at 8.53%. The Zacks Consensus Estimate for 2023 EPS is $1.75, implying a year-over-year increase of 6.1%.
Essential Utilities Inc. WTRG is slated to report fourth-quarter results on Feb 27, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 45 cents per share, indicating a year-over-year increase of 2.3%.
WTRG’s long-term earnings growth is pegged at 6%. The Zacks Consensus Estimate for 2023 EPS is $1.89, implying a year-over-year increase of 6.5%.
Global Water Resources, Inc. GWRS is slated to report fourth-quarter results on March 9, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 3 cents per share, implying a year-over-year increase of 50%.
GWRS’s long-term earnings growth is pegged at 15%. The Zacks Consensus Estimate for 2023 EPS is 25 cents, implying a year-over-year increase of 8.7%.
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