PNM Resources, Inc. (PNM), an energy holding company, Tuesday reported a loss of $50.23 million or $0.58 per share for the fourth quarter, compared with a profit of $15.75 million or $0.18 per share in the same quarter a year ago.
Excluding one-time items, ongoing earnings were $15.5 million or $0.18 per share, above the average estimate of analysts polled by Thomson-Reuters of $0.15 per share. Analysts' estimates typically exclude special items.
For the full year, net income declined to $87.82 million or $1.02 per share from $169.53 million last year, primarily impacted by decrease in revenue.
Revenue for the year dropped to $1.939 billion from $2.249 billion in the previous year.
For fiscal 2024, the company expects ongoing earnings to be in the range $2.65 per share - $2.75 per share. The consensus estimate stands at $2.72 per share.
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