logo
Plus   Neg
Share
Email

PNM Resources Lowers FY19 Ongoing EPS Outlook - Quick Facts

Energy holding company PNM Resources (PNM) on Friday lowered its 2019 consolidated ongoing earnings guidance to a range of $2.05 to $2.11 per share driven by substantially milder temperatures in New Mexico during the second quarter.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.15 per share for the year. Analysts' estimates typically exclude special items.

The PNM service territory experienced its mildest second quarter over the last 19 years, resulting in 37% lower cooling degree-days and lower expectations for second quarter ongoing earnings. The company has initiated plans to mitigate some of these impacts.

In early May, PNM raised the upper end of its consolidated ongoing earnings guidance to a range of $2.10 to $2.20 per diluted share for 2019 to reflect the continued growth in New Mexico

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Walt Disney Co. confirmed that its upcoming streaming service Disney+ will launch in five countries, including the U.S., in November this year. The company has reached global agreements with major platforms to distribute the Disney+ app across partner mobile and connected TV devices. Disney+ will launch in the U.S., Canada and the Netherlands on November 12. Corporate America is committed to providing long-term economic benefit to all people rather than focusing on just shareholders' interests, Business Roundtable said Monday. The updated statement on the "purpose of a corporation" moves away from the principles of shareholder primacy that has been endorsed since 1997, and redefines corporate responsibility. Club Car, a unit of Ingersoll Rand Inc., withdrew 12,313 gas utility and transport vehicles in two recalls over concerns of fire and burn hazards due to fuel leak. These include about 2,013 vehicles that were sold in Canada. Club Car makes electric and gas-powered golf cars and utility task vehicles (UTVs) for personal and commercial use.