PNM Resources (PNM) reported second-quarter 2024 earnings of 60 cents per share, which surpassed the Zacks Consensus Estimate of 55 cents by 9.1%. In the year-ago quarter, the company reported earnings of 55 cents per share. Segmental Details Highlights of the Release Revenues totaled $488.1 million, which missed the Zacks Consensus Estimate of $507 million by 3.72%. The top line, however, increased 2.3% from $477.2 million reported in the year-ago quarter. TNMP recorded earnings of 33 cents per share, up 1 ...

PNM Resources (PNM) came out with quarterly earnings of $0.60 per share, beating the Zacks Consensus Estimate of $0.55 per share. This compares to earnings of $0.55 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 9.09%. A quarter ago, it was expected that this power company would post earnings of $0.68 per share when it actually produced earnings of $0.41, delivering a surprise of -39.71%. Over the last four quarters, the com ...

Exhibit 99.1 ALBUQUERQUE, N.M. July 31, 2024 | | Q2 2024 | Q2 2023 | YTD 2024 | YTD 2023 | | --- | --- | --- | --- | --- | | GAAP net earnings attributable to | | | | | | PNM Resources | $48.0 | $45.3 | $95.2 | $100.3 | | GAAP diluted EPS | $0.53 | $0.53 | $1.05 | $1.16 | | Ongoing net earnings | $54.3 | $47.4 | $91.3 | $95.1 | | Ongoing diluted EPS | $0.60 | $0.55 | $1.01 | $1.10 | PNM Resources (NYSE: PNM) today released its 2024 second quarter results. In addition, management affirmed its 2024 consolidat ...

Core Insights - PNM Resources reported its Q2 2024 results, showing GAAP diluted EPS of $0.53, unchanged from Q2 2023, while ongoing diluted EPS increased to $0.60 from $0.55 year-over-year [17][18][19] - The company affirmed its ongoing earnings guidance for 2024, projecting a range of $2.65 to $2.75 per diluted share [17][19] - PNM Resources is set to change its name to TXNM Energy, with trading under the new ticker expected to begin on August 5, 2024, reflecting its evolving business profile [18][19] Financial Performance - For Q2 2024, GAAP net earnings attributable to PNM Resources were $48.0 million, compared to $45.3 million in Q2 2023, while ongoing net earnings rose to $54.3 million from $47.4 million [17][19] - The average diluted shares outstanding for Q2 2024 were 90,552,082, compared to 86,129,124 in Q2 2023 [16][33] - The company experienced a net unrealized loss on investment securities of $5.6 million in Q2 2024, contrasting with a gain of $2.5 million in Q2 2023 [2][17] Segment Reporting - PNM, the electric utility in New Mexico, reported a GAAP diluted EPS of $0.34 for Q2 2024, consistent with Q2 2023, while TNMP reported an increase in diluted EPS to $0.33 from $0.29 [16][21] - Corporate and Other segment reported a loss of $0.14 per diluted share in Q2 2024, compared to a loss of $0.12 in Q2 2023 [16][21] - The company’s consolidated operating revenues for 2023 were $1.9 billion, serving over 800,000 customers across New Mexico and Texas [9] Operational Insights - The company is focused on advancing its grid infrastructure, including the System Resiliency Plan and Grid Modernization initiatives [19] - PNM Resources aims for 100% emissions-free generation by 2040, aligning with broader industry trends towards sustainability [9][19] - The company noted that higher interest rates on variable rate debt have increased losses in the Corporate and Other segment [24]

Core Viewpoint - PNM Resources, Inc. will change its holding company name to TXNM Energy, Inc., effective August 2, 2024, reflecting its evolving business profile and growth in Texas [1][3]. Company Overview - PNM Resources is an energy holding company based in Albuquerque, New Mexico, with consolidated operating revenues of $1.9 billion in 2023 [6]. - The company provides electricity to over 800,000 homes and businesses in New Mexico and Texas through its regulated utilities, PNM and TNMP [6]. - PNM has a generation capacity of 3.1 gigawatts and aims for 100% emissions-free generation by 2040 [6]. Shareholder Approval and Transition - The name change was overwhelmingly approved by shareholders at the annual meeting on June 4, 2024, and by the Board of Directors [2]. - There are no significant structural or organizational impacts associated with the name change, and shareholders do not need to take any action [5]. Operational Details - The new ticker symbol "TXNM" will be used starting August 5, 2024, with the website redirecting from www.pnmresources.com to www.txnmenergy.com [1][5]. - All outstanding shares of PNM Resources will automatically convert to TXNM Energy shares, with no change to the CUSIP number [5].

CONTACTS: Analysts Media Lisa Goodman Raymond Sandoval (505) 241-2160 (505) 241-2782 SOURCE PNM Resources, Inc. ALBUQUERQUE, N.M., July 16, 2024 /PRNewswire/ -- At its regular meeting held today, the Board of Directors of PNM Resources (NYSE: PNM) declared the regular quarterly dividend of $0.3875 per share on the company's common stock. The dividend is payable August 9, 2024, to shareholders of record at the close of business July 26, 2024. PNM Resources (NYSE: PNM) is an energy holding company based in Al ...

ALBUQUERQUE, N.M., July 8, 2024 /PRNewswire/ -- PNM Resources will announce second quarter 2024 financial results prior to the market opening on Wednesday, July 31, 2024. Management will also host a live conference call at 11 a.m. Eastern Time to discuss financial results and other company updates. The press release and accompanying presentation materials for the conference call will be posted on the company website at www.PNMResources.com. CONTACTS: Analysts Media Lisa Goodman Corporate Communications (505 ...

Phased-In Rate Path Proposed to Mitigate Customer Impact ALBUQUERQUE, N.M., June 14, 2024 /PRNewswire/ -- Public Service Company of New Mexico (PNM), wholly-owned subsidiary of PNM Resources, Inc. (NYSE: PNM), today filed a request for a change in electricity customer rates with the New Mexico Public Regulation Commission (NMPRC) to begin July 1, 2025. The requested change reflects investments in transmission and distribution infrastructure, updated cost of capital and capital structure, battery storage res ...

Group 1 - The Public Utility Commission of Texas approved Texas-New Mexico Power Company's application to recover over $205 million in net distribution infrastructure investments [1] - TNMP's Distribution Cost Recovery Factor application was filed in April 2024, resulting in a $15.7 million annual rate increase effective July 28, 2024 [5] - Legislation from the 2023 Texas session allows for semiannual filings, reducing regulatory lag and supporting robust investment plans for reliable growth in TNMP's service area [6] Group 2 - PNM Resources, Inc. reported consolidated operating revenues of $1.9 billion in 2023 and serves over 800,000 customers in Texas and New Mexico [3] - PNM Resources aims for 100% emissions-free energy by 2040, with a total installed capacity of 3.3 gigawatts [3]

Core Viewpoint - PNM Resources has successfully closed an offering of $500 million in 5.75% junior subordinated convertible notes due in 2054, with an option for initial purchasers to buy an additional $50 million for overallotments [1] Group 1: Offering Details - The convertible notes were sold in a private offering to qualified institutional buyers under Rule 144A of the Securities Act [1] - The notes are unsecured obligations and rank junior to existing and future senior indebtedness of PNM Resources [8] - Interest on the convertible notes will be paid semi-annually at a rate of 5.75% per annum, with the option for the company to defer interest payments for up to 20 consecutive semi-annual periods [2][8] Group 2: Conversion Rights - Holders can convert their notes only upon certain events before December 1, 2053, and at any time thereafter until two business days before maturity [3] - Upon conversion, PNM Resources will either issue a new series of non-convertible junior subordinated notes or pay cash, along with delivering shares of common stock for any excess conversion obligation [3][10] Group 3: Repurchase and Redemption Conditions - In the event of a fundamental change, holders may require PNM Resources to repurchase their notes at 100% of the principal amount plus accrued interest [4] - The company may not redeem the notes before June 6, 2029, except under specific tax or rating agency events, and can redeem them at 100% of the principal amount plus accrued interest under certain conditions [9] Group 4: Use of Proceeds - The net proceeds from the offering will be used to repay a portion of PNM Resources' outstanding term loans [11]