ALBUQUERQUE, N.M., Dec. 17, 2020 /PRNewswire/ -- PNM Resources
(NYSE: PNM) management announces its 2021 ongoing earnings guidance
of $2.27 to $2.37 per diluted share and affirms its 2020
ongoing earnings guidance per share of $2.23 to $2.31 per
diluted share.
Additional materials with details on the company's
guidance are available on the PNM Resources' website at
http://www.pnmresources.com/investors/events.cfm.
Management will host a live conference call this morning at
11 a.m. Eastern to discuss details of
the guidance and provide company updates. Speaking on the call will
be Pat Vincent-Collawn, PNM
Resources Chairman, President and CEO and Don Tarry, PNM Resources Senior Vice President
and CFO.
The presentation and live webcast will be available prior to the
start of the meeting on PNM Resources' website at
http://www.pnmresources.com/investors/events.cfm. Listeners are
encouraged to visit the website at least 30 minutes before the
event to register, download and install any necessary audio
software. The webcast archive will be available following the
meeting on the PNM Resources website.
Investors and analysts can participate in the live conference
call by pre-registering using the following link to receive a
special dial-in number and PIN:
http://dpregister.com/10150423. Telephone participants who are
unable to pre-register may participate in the live conference call
by dialing (877) 276-8648 or (412) 317-5474 fifteen minutes prior
to the event and referencing "the PNM Resources 2021 earnings
guidance conference call."
Background:
PNM Resources (NYSE: PNM) is an energy
holding company based in Albuquerque,
N.M., with 2019 consolidated operating revenues of
$1.5 billion. Through its regulated
utilities, PNM and TNMP, PNM Resources has approximately 2,811
megawatts of generation capacity and provides electricity to
approximately 790,000 homes and businesses in New Mexico and Texas. For more information, visit the
company's website at www.PNMResources.com.
CONTACTS:
|
|
Analysts
|
Media
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Lisa
Goodman
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Ray
Sandoval
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(505)
241-2160
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(505)
241-2782
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Additional Information
The proposed business
combination transaction between PNMR and Avangrid will be submitted
to the shareholders of PNMR for their consideration. PNMR will file
a proxy statement and other documents with the SEC regarding the
proposed business combination transaction. This document is not a
substitute for the proxy statement or any other document which PNMR
may file with the SEC and send to PNMR's shareholders in connection
with the proposed business combination transaction. INVESTORS AND
SECURITY HOLDERS OF PNMR ARE URGED TO READ THE PROXY STATEMENT AND
ANY OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC
CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
TRANSACTION. You may obtain copies of all documents filed with the
SEC regarding this transaction, free of charge, at the SEC's
website (www.sec.gov). You may also obtain these documents, free of
charge, from PNMR's website (https://www.pnmresources.com/) under
the tab "Investor" and then under the heading "SEC Filings."
Participants in the Solicitation
PNMR, its directors
and certain of its executive officers and employees may be deemed
to be participants in the solicitation of proxies in connection
with the proposed transaction under the rules of the SEC.
Information about PNMR's directors and executive officers is set
forth in its definitive proxy statement for its 2020 Annual Meeting
of Shareholders, which was filed with the SEC on March 31, 2020, and its Form 10-K filed with the
SEC on March 2, 2020. These documents
can be obtained free of charge from the sources indicated above.
Additional information regarding the interests of participants in
the solicitation of proxies in connection with the proposed
transaction will be included in the proxy statement and other
relevant materials PNMR intends to file with the SEC.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
Statements made in this news release for
PNM Resources, Inc. ("PNMR"), Public Service Company of
New Mexico ("PNM"), or Texas-New
Mexico Power Company ("TNMP") (collectively, the "Company") that
relate to future events or expectations, projections, estimates,
intentions, goals, targets, and strategies are made pursuant to the
Private Securities Litigation Reform Act of 1995. Readers are
cautioned that all forward-looking statements are based upon
current expectations and estimates. PNMR, PNM, and TNMP assume no
obligation to update this information. Because actual results may
differ materially from those expressed or implied by these
forward-looking statements, PNMR, PNM, and TNMP caution readers not
to place undue reliance on these statements. PNMR's, PNM's, and
TNMP's business, financial condition, cash flow, and operating
results are influenced by many factors, which are often beyond
their control, that can cause actual results to differ from those
expressed or implied by the forward-looking statements.
Additionally, there are risks and uncertainties in connection with
the proposed acquisition of us by AVANGRID which may adversely
affect our business, future opportunities, employees and common
stock, including without limitation, (i) the expected timing and
likelihood of completion of the pending Merger, including the
timing, receipt and terms and conditions of any required
governmental and regulatory approvals of the pending Merger that
could reduce anticipated benefits or cause the parties to abandon
the transaction, (ii) the failure by AVANGRID to obtain the
necessary financing arrangement set forth in commitment letter
received in connection with the Merger, (iii) the occurrence of any
event, change or other circumstances that could give rise to the
termination of the Merger Agreement, (iv) the possibility that
PNMR's shareholders may not approve the Merger Agreement, (v) the
risk that the parties may not be able to satisfy the conditions to
the proposed Merger in a timely manner or at all, (vi) risks
related to disruption of management time from ongoing business
operations due to the proposed Merger, and (vii) the risk that the
proposed transaction and its announcement could have an adverse
effect on the ability of PNMR to retain and hire key personnel and
maintain relationships with its customers and suppliers, and on its
operating results and businesses generally. For a discussion of
risk factors and other important factors affecting forward-looking
statements, please see the Company's Form 10-K, Form 10-Q filings
and the information included in the Company's Forms 8-K with the
Securities and Exchange Commission, which factors are specifically
incorporated by reference herein.
Non-GAAP Financial Measures
GAAP refers to generally
accepted accounting principles in the U.S. Ongoing earnings is a
non-GAAP financial measure that excludes the impact of net
unrealized mark-to-market gains and losses on economic hedges, the
net change in unrealized gains and losses on investment securities,
pension expense related to previously disposed of gas distribution
business, and certain non-recurring, infrequent, and other items
that are not indicative of fundamental changes in the earnings
capacity of the Company's operations. The Company uses ongoing
earnings and ongoing earnings per diluted share (or ongoing diluted
earnings per share) to evaluate the operations of the Company and
to establish goals, including those used for certain aspects of
incentive compensation, for management and employees. While the
Company believes these financial measures are appropriate and
useful for investors, they are not measures presented in accordance
with GAAP. The Company does not intend for these measures, or any
piece of these measures, to represent any financial measure as
defined by GAAP. Furthermore, the Company's calculations of these
measures as presented may or may not be comparable to similarly
titled measures used by other companies. The Company uses ongoing
earnings guidance to provide investors with management's
expectations of ongoing financial performance over the period
presented. While the Company believes ongoing earnings guidance is
an appropriate measure, it is not a measure presented in accordance
with GAAP. The Company does not intend for ongoing earnings
guidance to represent an expectation of net earnings as defined by
GAAP. Since the future differences between GAAP and ongoing
earnings are frequently outside the control of the Company,
management is generally not able to estimate the impact of the
reconciling items between forecasted GAAP net earnings and ongoing
earnings guidance, nor their probable impact on GAAP net earnings
without unreasonable effort, therefore, management is generally not
able to provide a corresponding GAAP equivalent for ongoing
earnings guidance.
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SOURCE PNM Resources, Inc.