PNM Resources Q3 Ongoing Profit Rises

(RTTNews) - PNM Resources (PNM) said its third quarter ongoing net earnings increased to $118.0 million from $111.9 million, prior year. The company said its results reflect continued growth in transmission demand to support grid reliability. PNM continues to expect that the closing of the merger with AVANGRID will occur in 2021. As a result, the company has withdrawn its ongoing earnings guidance for 2021.

Third quarter ongoing earnings per share declined to $1.37 from $1.40, prior year. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.27, for the quarter. Analysts' estimates typically exclude special items. Net profit was $113.32 million or $1.32 per share compared to $121.77 million or $1.52 per share.

Total electric operating revenues increased to $554.55 million from $472.46 million, prior year.