Conference call at 11 a.m. Eastern
today
- 2023 GAAP earnings of $1.02 per diluted share
- 2023 ongoing earnings of $2.82
per diluted share
- 2024 ongoing earnings guidance range of $2.65 - $2.75 per
diluted share
ALBUQUERQUE, N.M.,
Feb. 6,
2024 /PRNewswire/ --
PNM Resources
(In millions, except EPS)
|
|
|
|
|
2023
|
2022
|
GAAP net earnings
attributable to PNM Resources
|
$87.8
|
$169.5
|
GAAP diluted
EPS
|
$1.02
|
$1.97
|
Ongoing net
earnings
|
$243.5
|
$231.5
|
Ongoing diluted
EPS
|
$2.82
|
$2.69
|
PNM Resources (NYSE: PNM) today released its 2023 earnings
results. GAAP earnings include one-time charges for rate credits
associated with the San Juan Generating Station abandonment
settlement and disallowances in PNM's recent rate case decision
related to legacy generation assets.
In addition, management announced its 2024 consolidated ongoing
earnings guidance of $2.65 to
$2.75 per diluted share and refreshed
its long-term earnings growth target to a range of 6% to 7% through
2028 based on the 2024 guidance midpoint of $2.70.
"Our financial results continue to demonstrate our ability to
navigate our environment and deliver an attractive return on
investments by increasing the geographic and regulatory
diversification of our rate base," said Pat
Vincent-Collawn, PNM Resources' chairman and CEO. "Our
outlook for 2024 and beyond prioritizes investments supported by
legislative and regulatory initiatives for a reliable and resilient
grid to meet growing customer demands and enable the clean energy
transition, resulting in targeted earnings growth of 6% to 7%
through 2028."
SEGMENT REPORTING OF 2023 EARNINGS
- PNM – a vertically integrated electric utility in
New Mexico with distribution,
transmission and generation assets.
- TNMP – an electric transmission and distribution
utility in Texas.
- Corporate and Other – reflects the PNM Resources
holding company and other subsidiaries.
EPS Results by
Segment
|
|
|
GAAP Diluted
EPS
|
|
Ongoing Diluted
EPS
|
|
2023
|
2022
|
|
2023
|
2022
|
PNM
|
$0.41
|
$1.20
|
|
$2.22
|
$1.90
|
TNMP
|
$1.10
|
$1.07
|
|
$1.11
|
$1.07
|
Corporate and
Other
|
($0.49)
|
($0.30)
|
|
($0.51)
|
($0.28)
|
|
|
|
|
|
|
Consolidated PNM
Resources
|
$1.02
|
$1.97
|
|
$2.82
|
$2.69
|
Net changes to GAAP and ongoing earnings in 2023 compared
to 2022 include:
- PNM: Lower costs associated with generation portfolio changes,
increased customer usage due to hotter temperatures, increased
transmission margins due to higher system demand, fewer gas plant
outages, and improved market performance of decommissioning and
reclamation trusts were partially offset by planned O&M
expenses and depreciation and interest expense associated with new
capital investments.
- TNMP: Increased rate recovery through the Transmission Cost of
Service (TCOS) and Distribution Cost Recovery Factor (DCRF)
mechanisms and higher demand-based load growth was partially offset
by depreciation, property tax and interest expense associated with
new capital investments and higher planned O&M expenses.
- Corporate and Other: Higher interest rates on variable rate
debt, net of hedges, increased losses.
In addition, GAAP earnings decreased in 2023 primarily due to
$242.0 million in regulatory
disallowances and restructuring costs, which includes a settlement
involving rate credits associated with the retirement of the San
Juan Generating Station and disallowances in PNM's recent rate case
outcome related to legacy generation assets. These costs were
offset by $33.3 million of net
unrealized gains on investment securities in 2023 compared to
$63.8 million of net unrealized
losses in 2022.
Additional materials with information on quarterly results are
available at
http://www.pnmresources.com/investors/results.cfm.
CONFERENCE CALL: 11 A.M.
EASTERN TUESDAY, FEBRUARY 6
PNM Resources will discuss these items during a live conference
call and webcast on Tuesday, February
6th at 11 a.m.
Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources Chairman and
Chief Executive Officer, Don Tarry,
PNM Resources President and Chief Operating Officer, and
Lisa Eden, PNM Resources Senior Vice
President, Chief Financial Officer and Treasurer.
The conference call will be simultaneously broadcast and
archived on our website at
http://www.pnmresources.com/investors/events-and-presentations.
Listeners are encouraged to visit the website at least 30 minutes
before the event to register, download and install any necessary
audio software.
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:
https://dpregister.com/sreg/10185268/fb4a373624. 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 earnings call".
Supporting material for PNM Resources' earnings announcements
can be viewed and downloaded at
http://www.pnmresources.com/investors/results.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy
holding company based in Albuquerque,
N.M., with 2023 consolidated operating revenues of
$1.9 billion. Through its regulated
utilities, PNM and TNMP, PNM Resources provides electricity to more
than 800,000 homes and businesses in New
Mexico and Texas. PNM
serves its customers with a diverse mix of generation and purchased
power resources totaling 3.1 gigawatts of capacity, with a goal to
achieve 100% emissions-free generation by 2040. For more
information, visit the company's website at
www.PNMResources.com.
CONTACTS:
|
|
Analysts
|
Media
|
Lisa Goodman
|
Raymond Sandoval
|
(505)
241-2160
|
(505)
241-2782
|
Preliminary Unaudited Financial Results
The
preliminary unaudited financial results for the fiscal year ended
December 31, 2023, included in this
press release represent the most current information available to
management and are not a comprehensive statement of the financial
results for this period. Actual results may differ from these
preliminary unaudited results due to the completion of the
company's year-end financial closing procedures, including final
adjustments, completion of the audit by the company's independent
registered public accounting firm, completion of the internal
control over financial reporting and other developments that may
arise between the date of this press release and the time that
financial results for the fiscal year ended December 31, 2023, are finalized.
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, including the unaudited
financial results and earnings guidance, 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 and apply only as of the date of
this report. 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. 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 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. Reconciliations between GAAP and ongoing
earnings are contained in schedules
1-4.
PNM Resources, Inc.
and Subsidiaries
Schedule
1
Reconciliation of
GAAP to Ongoing Earnings
(Preliminary and Unaudited)
|
|
|
|
PNM
|
|
TNMP
|
|
Corporate
and Other
|
|
Consolidated
|
|
|
(in
thousands)
|
Quarter Ended
December 31, 2023
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR:
|
|
$
(58,179)
|
|
$ 20,768
|
|
$
(12,815)
|
|
$
(50,226)
|
Adjusting items before
income tax effects
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment
securities2a
|
|
(26,840)
|
|
—
|
|
—
|
|
(26,840)
|
Regulatory
disallowances and restructuring costs2b
|
|
117,238
|
|
1,173
|
|
—
|
|
118,411
|
Pension expense
related to previously disposed of gas distribution
business2c
|
|
678
|
|
—
|
|
—
|
|
678
|
Merger related
costs2d
|
|
671
|
|
301
|
|
302
|
|
1,274
|
Total adjustments
before income tax effects
|
|
91,747
|
|
1,474
|
|
302
|
|
93,523
|
Income tax impact of
above adjustments1
|
|
(23,304)
|
|
(310)
|
|
(76)
|
|
(23,690)
|
SJGS retirement income
tax adjustments3
|
|
(1,199)
|
|
—
|
|
—
|
|
(1,199)
|
Income tax impact of
non-deductible merger related costs3
|
|
(46)
|
|
3
|
|
(2,428)
|
|
(2,471)
|
Timing of statutory
and effective tax rates on non-recurring
items4
|
|
(240)
|
|
(51)
|
|
(144)
|
|
(435)
|
Total income tax
impacts5
|
|
(24,789)
|
|
(358)
|
|
(2,648)
|
|
(27,795)
|
Adjusting items, net
of income taxes
|
|
66,958
|
|
1,116
|
|
(2,346)
|
|
65,728
|
Ongoing Earnings
(Loss)
|
|
$
8,779
|
|
$ 21,884
|
|
$
(15,161)
|
|
$
15,502
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 2023
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR:
|
|
$ 35,657
|
|
$ 94,937
|
|
$
(42,776)
|
|
$
87,818
|
Adjusting items before
income tax effects
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment
securities2a
|
|
(33,278)
|
|
—
|
|
—
|
|
(33,278)
|
Regulatory
disallowances and restructuring costs2b
|
|
240,840
|
|
1,173
|
|
—
|
|
242,013
|
Pension expense
related to previously disposed of gas distribution
business2c
|
|
2,716
|
|
—
|
|
—
|
|
2,716
|
Merger related
costs2d
|
|
730
|
|
303
|
|
953
|
|
1,986
|
Total adjustments
before income tax effects
|
|
211,008
|
|
1,476
|
|
953
|
|
213,437
|
Income tax impact of
above adjustments1
|
|
(53,596)
|
|
(310)
|
|
(242)
|
|
(54,148)
|
SJGS retirement income
tax adjustments3
|
|
(1,199)
|
|
—
|
|
—
|
|
(1,199)
|
Income tax impact of
non-deductible merger related costs3
|
|
(40)
|
|
3
|
|
(2,334)
|
|
(2,371)
|
Total income tax
impacts5
|
|
(54,835)
|
|
(307)
|
|
(2,576)
|
|
(57,718)
|
Adjusting items, net
of income taxes
|
|
156,173
|
|
1,169
|
|
(1,623)
|
|
155,719
|
Ongoing Earnings
(Loss)
|
|
$
191,830
|
|
$ 96,106
|
|
$
(44,399)
|
|
$
243,537
|
1 Tax
effects calculated using a tax rate of 21.0% for TNMP and 25.4% for
other segments
|
2 The
pre-tax impacts (in thousands) of adjusting items are reflected on
the GAAP Consolidated Statement of Earnings as follows:
|
a Changes
in "Gains (losses) on investment securities" reflecting non-cash
performance relative to market, not indicative of funding
requirements
|
b Decreases
in "Electric operating revenues" of $52.2 million and $169.8
million for the three and twelve months ended December 31, 2023,
increases in "Regulatory disallowances and restructuring costs" of
$65.9 million and $71.9 million for the three and twelve months
ended December 31, 2023, and increases in "Interest charges" of
$0.3 million for the three and twelve months ended December 31,
2023
|
c Increases
in "Other (deductions)"
|
d Increases
in "Administrative and general"
|
3 Increases
(decreases) in "Income Taxes"
|
4 Income tax
timing impacts resulting from differences between the statutory
rates of 25.4% for PNM, 21.0% for TNMP and the average expected
statutory tax rate of 23.7% for PNMR, and the GAAP anticipated
effective tax rates of 18.6% for PNM, 15.0% for TNMP, and 15.6% for
PNMR, which reversed by year end
|
5 Income tax
impacts reflected in "Income Taxes"
|
PNM Resources, Inc.
and Subsidiaries
Schedule
2
Reconciliation of
GAAP to Ongoing Earnings
(Preliminary and
Unaudited)
|
|
|
|
PNM
|
|
TNMP
|
|
Corporate
and Other
|
|
Consolidated
|
|
|
(in
thousands)
|
Quarter Ended
December 31, 2022
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR:
|
|
$
7,808
|
|
$ 19,725
|
|
$
(11,788)
|
|
$
15,745
|
Adjusting items before
income tax effects
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment
securities2a
|
|
(17,279)
|
|
—
|
|
—
|
|
(17,279)
|
FERC ordered
time-value refunds2b
|
|
8,057
|
|
—
|
|
—
|
|
8,057
|
Pension expense
related to previously disposed of gas distribution
business2d
|
|
614
|
|
—
|
|
—
|
|
614
|
Merger related
costs2e
|
|
14
|
|
2
|
|
194
|
|
210
|
Total adjustments
before income tax effects
|
|
(8,594)
|
|
2
|
|
194
|
|
(8,398)
|
Income tax impact of
above adjustments1
|
|
2,183
|
|
(1)
|
|
(49)
|
|
2,133
|
SJGS retirement income
tax adjustments3
|
|
3,525
|
|
—
|
|
—
|
|
3,525
|
Income tax impact of
non-deductible merger related costs3
|
|
(239)
|
|
(154)
|
|
33
|
|
(360)
|
Timing of statutory
and effective tax rates on non-recurring
items4
|
|
(41)
|
|
(144)
|
|
149
|
|
(36)
|
Total income tax
impacts5
|
|
5,428
|
|
(299)
|
|
133
|
|
5,262
|
Adjusting items, net
of income taxes
|
|
(3,166)
|
|
(297)
|
|
327
|
|
(3,136)
|
Ongoing Earnings
(Loss)
|
|
$
4,642
|
|
$ 19,428
|
|
$
(11,461)
|
|
$
12,609
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 2022
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR:
|
|
$
103,370
|
|
$ 92,267
|
|
$
(26,107)
|
|
$
169,530
|
Adjusting items before
income tax effects
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment
securities2a
|
|
63,805
|
|
—
|
|
—
|
|
63,805
|
FERC ordered
time-value refunds2b
|
|
8,057
|
|
—
|
|
—
|
|
8,057
|
Regulatory
disallowances and restructuring costs2c
|
|
2,025
|
|
—
|
|
—
|
|
2,025
|
Pension expense
related to previously disposed of gas distribution
business2d
|
|
2,456
|
|
—
|
|
—
|
|
2,456
|
Merger related
costs2e
|
|
81
|
|
6
|
|
1,763
|
|
1,850
|
Total adjustments
before income tax effects
|
|
76,424
|
|
6
|
|
1,763
|
|
78,193
|
Income tax impacts of
above adjustments1
|
|
(19,412)
|
|
(2)
|
|
(447)
|
|
(19,861)
|
SJGS retirement income
tax adjustments3
|
|
3,525
|
|
—
|
|
—
|
|
3,525
|
Income tax impact of
non-deductible merger related costs3
|
|
13
|
|
2
|
|
75
|
|
90
|
Total income tax
impacts4
|
|
(15,874)
|
|
—
|
|
(372)
|
|
(16,246)
|
Adjusting items, net
of income taxes
|
|
60,550
|
|
6
|
|
1,391
|
|
61,947
|
Ongoing Earnings
(Loss)
|
|
$
163,920
|
|
$ 92,273
|
|
$
(24,716)
|
|
$
231,477
|
|
1 Tax
effects calculated using a tax rate of 21.0% for TNMP and 25.4% for
other segments
|
2 The
pre-tax impacts (in thousands) of adjusting items are reflected on
the GAAP Consolidated Statement of Earnings as follows:
|
a Changes
in "Gains (losses) on investment securities" reflecting non-cash
performance relative to market, not indicative of funding
requirements
|
b Decrease
in "Electric operating revenues"
|
c Increase
in "Regulatory disallowances and restructuring costs"
|
d Increases
in "Other (deductions)"
|
e Increases
in "Administrative and general"
|
3 Increases
(decreases) in "Income Taxes"
|
|
|
|
|
|
|
|
|
4 Income tax
timing impacts resulting from differences between the statutory
rates of 25.4% for PNM, 21.0% for TNMP and the average expected
statutory tax rate of 23.0% for PNMR, and the GAAP anticipated
effective tax rates of 11.0% for PNM, 13.4% for TNMP, and 10.1% for
PNMR, which reversed by year end.
|
5 Income tax
impacts reflected in "Income Taxes"
|
PNM Resources, Inc.
and Subsidiaries
Schedule
3
Reconciliation of
GAAP to Ongoing Earnings Per Diluted Share
(Preliminary and
Unaudited)
|
|
|
|
PNM
|
|
TNMP
|
|
Corporate
and Other
|
|
Consolidated
|
|
|
(per diluted
share)
|
Quarter Ended
December 31, 2023
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR:
|
|
$
(0.67)
|
|
$
0.24
|
|
$
(0.15)
|
|
$
(0.58)
|
Adjusting items, net
of income tax effects
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment securities
|
|
(0.23)
|
|
—
|
|
—
|
|
(0.23)
|
Regulatory
disallowances and restructuring costs
|
|
1.01
|
|
0.01
|
|
—
|
|
1.02
|
Merger related
costs
|
|
—
|
|
—
|
|
(0.02)
|
|
(0.02)
|
SJGS retirement income
tax adjustments
|
|
(0.01)
|
|
—
|
|
—
|
|
(0.01)
|
Total
Adjustments
|
|
0.77
|
|
0.01
|
|
(0.02)
|
|
0.76
|
Ongoing Earnings
(Loss)
|
|
$
0.10
|
|
$
0.25
|
|
$
(0.17)
|
|
$
0.18
|
Average Diluted Shares
Outstanding: 86,932,542
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 2023
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR:
|
|
$
0.41
|
|
$
1.10
|
|
$
(0.49)
|
|
$
1.02
|
Adjusting items, net of
income tax effects
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment securities
|
|
(0.29)
|
|
—
|
|
—
|
|
(0.29)
|
Regulatory
disallowances and restructuring costs
|
|
2.08
|
|
0.01
|
|
—
|
|
2.09
|
Pension expense
related to previously disposed of gas distribution
business
|
|
0.02
|
|
—
|
|
—
|
|
0.02
|
Merger related
costs
|
|
0.01
|
|
—
|
|
(0.02)
|
|
(0.01)
|
SJGS retirement income
tax adjustments
|
|
(0.01)
|
|
—
|
|
—
|
|
(0.01)
|
Total
Adjustments
|
|
1.81
|
|
0.01
|
|
(0.02)
|
|
1.80
|
Ongoing Earnings
(Loss)
|
|
$
2.22
|
|
$
1.11
|
|
$
(0.51)
|
|
$
2.82
|
Average Diluted Shares
Outstanding: 86,368,999
|
|
|
|
|
|
PNM Resources, Inc.
and Subsidiaries
Schedule
4
Reconciliation of
GAAP to Ongoing Earnings Per Diluted Share
(Preliminary and
Unaudited)
|
|
|
|
PNM
|
|
TNMP
|
|
Corporate
and Other
|
|
Consolidated
|
|
|
(per diluted
share)
|
Quarter Ended
December 31, 2022
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR:
|
|
$
0.09
|
|
$
0.23
|
|
$
(0.14)
|
|
$
0.18
|
Adjusting items, net
of income tax effects
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment securities
|
|
(0.15)
|
|
—
|
|
—
|
|
(0.15)
|
FERC ordered
time-value refunds
|
|
0.07
|
|
—
|
|
—
|
|
0.07
|
Merger related
costs
|
|
—
|
|
—
|
|
0.01
|
|
0.01
|
SJGS retirement income
tax adjustments
|
|
0.04
|
|
—
|
|
—
|
|
0.04
|
Total
Adjustments
|
|
(0.04)
|
|
—
|
|
0.01
|
|
(0.03)
|
Ongoing Earnings
(Loss)
|
|
$
0.05
|
|
$
0.23
|
|
$
(0.13)
|
|
$
0.15
|
Average Diluted Shares
Outstanding: 86,142,434
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 2022
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to PNMR:
|
|
$
1.20
|
|
$
1.07
|
|
$
(0.30)
|
|
$
1.97
|
Adjusting items, net of
income tax effects
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment securities
|
|
0.55
|
|
—
|
|
—
|
|
0.55
|
FERC ordered
time-value refunds
|
|
0.07
|
|
—
|
|
—
|
|
0.07
|
Regulatory
disallowances and restructuring costs
|
|
0.02
|
|
—
|
|
—
|
|
0.02
|
Pension expense
related to previously disposed of gas distribution
business
|
|
0.02
|
|
—
|
|
—
|
|
0.02
|
Merger related
costs
|
|
—
|
|
—
|
|
0.02
|
|
0.02
|
SJGS retirement income
tax adjustments
|
|
0.04
|
|
—
|
|
—
|
|
0.04
|
Total
Adjustments
|
|
0.70
|
|
—
|
|
0.02
|
|
0.72
|
Ongoing Earnings
(Loss)
|
|
$
1.90
|
|
$
1.07
|
|
$
(0.28)
|
|
$
2.69
|
Average Diluted Shares
Outstanding: 86,168,751
|
|
|
|
|
|
PNM Resources, Inc.
and Subsidiaries
Schedule
5
Consolidated
Statements of Earnings
(Preliminary and
Unaudited)
|
|
|
Year Ended
December 31,
|
|
2023
|
|
2022
|
|
2021
|
|
(In thousands, except per share amounts)
|
Electric Operating
Revenues
|
$ 1,939,198
|
|
$ 2,249,555
|
|
$ 1,779,873
|
Operating
Expenses:
|
|
|
|
|
|
Cost of
energy
|
802,261
|
|
987,941
|
|
644,853
|
Administrative and
general
|
227,900
|
|
227,149
|
|
230,292
|
Energy production
costs
|
91,610
|
|
147,347
|
|
143,931
|
Regulatory
disallowances and restructuring costs
|
71,923
|
|
832
|
|
1,194
|
Depreciation and
amortization
|
319,503
|
|
304,853
|
|
284,107
|
Transmission and
distribution costs
|
98,721
|
|
94,684
|
|
81,335
|
Taxes other than
income taxes
|
95,940
|
|
92,989
|
|
86,008
|
Total operating
expenses
|
1,707,858
|
|
1,855,795
|
|
1,471,720
|
Operating
income
|
231,340
|
|
393,760
|
|
308,153
|
Other Income and
Deductions:
|
|
|
|
|
|
Interest
income
|
21,963
|
|
16,095
|
|
14,662
|
Gains (losses) on
investment securities
|
19,246
|
|
(78,357)
|
|
16,850
|
Other
income
|
24,204
|
|
21,601
|
|
20,200
|
Other
(deductions)
|
(15,869)
|
|
(13,881)
|
|
(18,559)
|
Net other income and
(deductions)
|
49,544
|
|
(54,542)
|
|
33,153
|
Interest
Charges
|
190,355
|
|
127,908
|
|
96,877
|
Earnings before
Income Taxes
|
90,529
|
|
211,310
|
|
244,429
|
Income Taxes
(Benefits)
|
(16,350)
|
|
26,130
|
|
32,582
|
Net
Earnings
|
106,879
|
|
185,180
|
|
211,847
|
(Earnings)
Attributable to Valencia Non-controlling Interest
|
(18,533)
|
|
(15,122)
|
|
(15,490)
|
Preferred Stock
Dividend Requirements of Subsidiary
|
(528)
|
|
(528)
|
|
(528)
|
Net Earnings
Attributable to PNMR
|
$
87,818
|
|
$
169,530
|
|
$
195,829
|
Net Earnings
Attributable to PNMR per Common Share:
|
|
|
|
|
|
Basic
|
$
1.02
|
|
$
1.97
|
|
$
2.28
|
Diluted
|
$
1.02
|
|
$
1.97
|
|
$
2.27
|
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SOURCE PNM Resources, Inc.