PNM Resources Lowers FY19 Ongoing EPS Outlook - Quick Facts

(RTTNews) - 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