PNM Resources (PNM) First Quarter Earnings Beat Estimates, Revenues Rise

NMP Resources PNM reported earnings per share (EPS) of 50 cents in the first quarter of 2022, which beat Zacks’ consensus estimate of 45 cents by 11%. Net income also improved 56.3% from earnings of 32 cents per share a year earlier.

GAAP earnings for the quarter were 19 cents per share, down one penny from the year-ago quarter reading of 20 cents.

Total revenue

Total electrical operating revenue for the first quarter was $444.1 million, up 21.8% from $364.7 million in the year-ago quarter.

PNM Resources, Inc. Price, Consensus, and EPS Surprise

PNM Resources, Inc. price-consensus-eps-surprise-chart | Quote from PNM Resources, Inc.

Release Highlights

Total operating expenses for the reported quarter were $376.1 million, up 17% from $321.5 million in the prior year quarter, due to an increase in energy production, transmission and distribution costs.

Operating profit for the reported quarter improved 57.6% from the prior year quarter to $68.1 million.

PNM Resources and AVANGRID announced the modification and extension of their merger agreement through April 20, 2023. The companies filed the Statement of Issues in the appeal of the New Mexico Public Regulatory Commission’s decision with of the Supreme Court of New Mexico.

Orientation

PNM Resources reaffirmed 2022 EPS guidance in the $2.50-$2.60 range and 2023 EPS guidance in the $2.60-$2.75 range. The midpoint of the above guided range for 2022 is $2.55, on par with the Zacks consensus estimate for 2022. PNM reiterated its $3.5 billion five-year investment plan for the period 2022-2025 to improve transmission and distribution infrastructure.

Zacks Rank

PNM Resources currently has a Zacks rank of #3 (Hold). You can see the full list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Upcoming releases

Dominion Energy D is expected to announce first quarter 2022 results on May 5 before the market opens. The Zacks consensus estimate for earnings is pegged at $1.17 per share.

Dominion’s long-term earnings growth is projected at 6.1%. The Zacks consensus estimate for D’s 2022 EPS suggests 6.7% year-over-year growth.

duke energy DUK is expected to release its first quarter 2022 results on May 9 before the market opens. The Zacks consensus estimate for EPS is pegged at $1.37 per share.

Duke Energy’s long-term earnings growth is projected at 9.2%. The Zacks consensus estimate for DUK’s 2022 EPS points to 4.2% year-over-year growth.

Algonquin Power & Utilities AQN is expected to release its first quarter 2022 results on May 12. The Zacks consensus estimate for EPS is pegged at 23 cents per share.

Long-term (three to five years) earnings growth for Algonquin Power & Utilities is forecast at 8.1%. The Zacks consensus estimate for AQN’s 2022 EPS points to 5.6% year-over-year growth.

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