PNM Resources(US:PNM)2024-11-01 20:17Financial Performance - Electric Operating Revenues for the three months ended September 30, 2024, were $569,256 thousand, an increase from $505,851 thousand in the same period last year, representing a growth of 12.4%[20] - Operating income for the three months ended September 30, 2024, was $191,080 thousand, compared to $86,652 thousand for the same period in 2023, marking a significant increase of 120.5%[20] - Net earnings attributable to TXNM for the three months ended September 30, 2024, were $131,202 thousand, up from $37,726 thousand in the prior year, reflecting a growth of 248.5%[20] - Basic and diluted earnings per common share for the three months ended September 30, 2024, were both $1.45, compared to $0.44 for the same period last year, an increase of 229.5%[20] - Comprehensive income attributable to TXNM for the three months ended September 30, 2024, was $127,703 thousand, compared to $34,541 thousand in the same period last year, an increase of 269.5%[22] - Net earnings for the three months ended September 30, 2024, were $113,862 thousand, compared to $13,266 thousand in the same period of 2023, reflecting a substantial increase of approximately 859%[34] - Net earnings for the nine months ended September 30, 2024, increased to $80,203,000, compared to $74,169,000 for the same period in 2023, representing an increase of approximately 8.7%[54] Revenue and Expenses - Total operating expenses decreased to $378,176 thousand for the three months ended September 30, 2024, from $419,199 thousand in the same period last year, a reduction of 9.8%[20] - Total operating expenses for the nine months ended September 30, 2024, were $307,407 thousand, an increase of 5.4% from $291,675 thousand in the same period of 2023[51] - The cost of energy for the three months ended September 30, 2024, was $101,495 thousand, down from $174,362 thousand in the same period of 2023, a decrease of approximately 42%[34] - Total current liabilities increased to $900,237 thousand as of September 30, 2024, from $839,194 thousand at the end of 2023, representing a rise of 7.3%[45] Cash Flow and Investments - Cash flows from operating activities for the nine months ended September 30, 2024, were $349,521 thousand, compared to $412,604 thousand in the same period last year, a decrease of 15.3%[24] - Net cash flows used in investing activities for the nine months ended September 30, 2024, were $(805,858) thousand, slightly lower than $(811,877) thousand in the same period last year[24] - Cash and cash equivalents at the end of the period increased to $16,436 thousand from $7,768 thousand, representing a significant rise of 111.5%[27] - The company reported utility plant additions of $493,381 thousand for the nine months ended September 30, 2024, compared to $424,292 thousand in the previous year[38] Debt and Financing - PNM issued $200 million in Senior Unsecured Notes on April 28, 2023[14] - PNM's $400 million Unsecured Revolving Credit Facility is currently in place[14] - TXNM's $1 billion Unsecured Delayed-Draw Term Loan matures on May 18, 2025[17] - Long-term borrowings increased to $1,233,000 thousand from $1,015,000 thousand, reflecting a growth of approximately 21.5%[27] - TXNM issued $500.0 million of junior subordinated convertible notes due 2054, with a 5.75% interest rate, to prepay existing borrowings[165] Equity and Dividends - The company paid dividends totaling $105,254 thousand, compared to $95,029 thousand in the previous period, representing an increase of about 10.5%[27] - Dividends declared per common share increased to $0.3875 for the three months ended September 30, 2024, compared to $0.3675 in the same period last year, a rise of 3.6%[20] - The balance of total equity at September 30, 2024, was $2,508,048 thousand, an increase from $2,399,051 thousand at December 31, 2023[33] Assets and Liabilities - Total current assets rose to $495,694 thousand, up from $475,543 thousand, indicating an increase of about 4.8%[29] - Total liabilities increased to $8,323,904 thousand from $7,842,025 thousand, reflecting an increase of about 6.1%[31] - The net utility plant value increased to $8,211,382 thousand from $7,609,862 thousand, representing a growth of approximately 7.9%[29] Regulatory and Compliance - PNM's Public Safety Power Shutoff Plan was filed with the NMPRC on May 1, 2024[17] - PNM's Wildfire Mitigation Plan was filed with the NMPRC on May 1, 2024[18] - The Energy Transition Act requires utilities in New Mexico to achieve renewable portfolios of 40% by 2025, 50% by 2030, 80% by 2040, and 100% zero-carbon energy by 2045[201] Strategic Initiatives - PNM's application for grid modernization investments amounts to approximately $344 million for the first six years of an 11-year strategy[14] - The merger agreement with TXNM was terminated on December 31, 2023[14] - The company is actively involved in energy transition initiatives, consolidating ETBC I in its financial statements due to its role as the primary beneficiary[114]