PNM Resources Q3 Profit Rises, Tops Estimates; Lifts FY22 View Above Market; Backs FY23 Forecast

(RTTNews) - Energy holding company PNM Resources Inc. (PNM) reported Friday that its third-quarter net earnings attributable to the company increased to $122.4 million from last year's $113.3 million.

Earnings per share were $1.42, up from $1.32 a year ago.

Ongoing net earnings were $126.1 million or $1.46 per share, compared to last year's $118.0 million or $1.37 per share.

Analysts on average had expected the company to earn $1.33 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Total electric operating revenues grew to $729.89 million from prior year's $554.55 million, driven by increased demand at TNMP, PNM and across the Western region.

Further, the company raised its full-year 2022 consolidated ongoing earnings guidance range to $2.63 to $2.68 per share from previously expected $2.50 to $2.60 per share.

Consolidated ongoing earnings guidance for 2023 was maintained at a range of $2.60 to $2.75 per share.

Analysts estimate earnings of $2.55 per share for fiscal 2022, and $2.64 per share for fiscal 2023.

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