Financial Performance - TXNM Energy reported 2024 GAAP earnings of $2.67 per diluted share, with ongoing earnings of $2.74 per diluted share, achieving the high end of original guidance[6]. - GAAP net earnings attributable to TXNM Energy for 2024 were $242.2 million, compared to $87.8 million in 2023[8]. - Ongoing net earnings for 2024 were $247.8 million, slightly up from $243.5 million in 2023[8]. - PNM's GAAP diluted EPS for 2024 was $2.12, significantly up from $0.41 in 2023[11]. - TNMP's ongoing diluted EPS for 2024 was $1.15, compared to $1.11 in 2023, indicating stable performance[11]. - GAAP Net Earnings for the quarter ended December 31, 2024, were $15,714 thousand, compared to a loss of $50,226 thousand for the same quarter in 2023[22]. - Ongoing Earnings for the year ended December 31, 2024, reached $247,819 thousand, an increase from $243,537 thousand in 2023[24]. - GAAP Net Earnings attributable to TXNM for Q4 2024 was $0.17, compared to a loss of $0.58 in Q4 2023[27]. - Net Earnings Attributable to TXNM for the year ended December 31, 2024, was $242,154,000, compared to $87,818,000 in 2023[31]. Revenue and Operating Income - The company experienced a decrease in Electric Operating Revenues of $52.2 million for the three months ended December 31, 2023[24]. - Total Electric Operating Revenues for the year ended December 31, 2024, were $1,971,199,000, a slight increase from $1,939,198,000 in 2023[31]. - Operating income for the year ended December 31, 2024, was $453,486,000, significantly higher than $231,340,000 in 2023[31]. Earnings Guidance and Growth Targets - The company increased its long-term earnings growth target to 7% to 9%[2]. - 2025 ongoing earnings guidance was introduced at a range of $2.74 to $2.84 per diluted share, reflecting strong growth at TNMP and a mid-year implementation of PNM's rate increase[5]. - TXNM Energy's ongoing earnings guidance reflects continued strong growth and the impact of new rates implemented at PNM Retail and FERC[5]. Capital Investment and Infrastructure - TXNM Energy's 5-year capital investment plan increased to $7.8 billion, a 26% increase over the prior plan, with a regulated rate base growth of 12% compared to 2025 levels[4]. - The company plans to prioritize investments for a more reliable and resilient grid in Texas and New Mexico[3]. Adjustments and Expenses - Regulatory disallowances increased by $118,411 thousand for the quarter ended December 31, 2023, contributing significantly to the adjustments[24]. - The total adjustments before income tax effects for the year ended December 31, 2024, amounted to $26,160 thousand, compared to $213,437 thousand in 2023[24]. - The income tax impact of adjusting items for the year ended December 31, 2024, was a total of $(20,495) thousand, reflecting significant tax adjustments[22]. - The company reported a pension expense related to previously disposed of gas distribution business of $1,732 thousand for the year ended December 31, 2024[22]. - Merger-related costs for the quarter ended December 31, 2024, totaled $913 thousand, compared to $1,274 thousand in the same quarter of 2023[22]. - The company reported a decrease in pension expense related to previously disposed of gas distribution business, contributing $0.01 to ongoing earnings in 2024[29]. Share and Earnings Adjustments - Average Diluted Shares Outstanding for the year ended December 31, 2024, was 90,590,573, compared to 86,368,999 in 2023[29]. - Total Adjustments for GAAP to Ongoing Earnings in Q4 2024 amounted to $0.13, while in Q4 2023 it was $0.76[29]. - Regulatory disallowances contributed $1.02 to GAAP Net Earnings in Q4 2023, a significant increase from $0.01 in Q4 2024[29]. - Ongoing Earnings for Q4 2024 were $0.30, compared to $0.18 in Q4 2023, indicating a growth of 66.7%[29]. - The net change in unrealized gains and losses on investment securities for the quarter ended December 31, 2024, was $13,486 thousand, while it was a loss of $26,840 thousand in the same quarter of 2023[22]. - The cost of energy decreased to $583,984,000 in 2024 from $802,261,000 in 2023, reflecting a reduction of approximately 27.3%[31].
TXNM Energy, Inc.(TXNM) - 2024 Q4 - Annual Results