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PNM Resources Reports Profit For Q1 On Higher Revenue- Quick Facts

Energy holding company PNM Resources (PNM) reported first-quarter net earnings of $17.6 million or $0.20 per share compared with net loss of $15.3 million or $0.19 per share in the comparable quarter last year.

Excluding items, ongoing earnings increased to $27.8 million or $0.32 per share from $14.2 million or $0.18 per share in the year-ago quarter. On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $0.2 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter rose to $364.71 million from $333.62 million last year. The consensus estimate was for $305.97 million.

Looking forward to the full-year 2021, PNM Resources sees ongoing earnings in the range of $2.27 to $2.37 per diluted share. The street view is at $2.32 per share.

The closing of the merger with Avangrid, which the company had announced on October 21, 2020, is expected in the second half of 2021.

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