PNM Resources(US:PNM)2025-10-31 11:06Financial Performance - Q3 2025 GAAP net earnings attributable to TXNM Energy were $130.7 million, a decrease of 0.4% from $131.2 million in Q3 2024[1] - Q3 2025 ongoing net earnings were $142.8 million, up 10.8% from $129.3 million in Q3 2024[1] - Q3 2025 GAAP diluted EPS was $1.22, down from $1.45 in Q3 2024, while ongoing diluted EPS was $1.33, compared to $1.43 in Q3 2024[1] - Ongoing earnings per diluted share for YTD 2025 were $1.87, down from $2.44 in YTD 2024[1] - For the three months ended September 30, 2025, GAAP Net Earnings attributable to TXNM were $131.2 million, with ongoing earnings of $129.3 million[23] - For the nine months ended September 30, 2025, GAAP Net Earnings attributable to TXNM were $226.4 million, with ongoing earnings of $220.6 million[23] - The ongoing earnings per diluted share for the three months ended September 30, 2025, were $1.33[25] - The ongoing earnings per diluted share for the nine months ended September 30, 2025, were $1.87[25] Revenue and Expenses - Electric Operating Revenues for Q3 2025 reached $647,162, an increase of 13.7% from $569,256 in Q3 2024[29] - Total Operating Expenses for Q3 2025 were $444,292, up 17.5% from $378,176 in Q3 2024[29] - Operating Income for Q3 2025 was $202,870, representing a 6.9% increase compared to $191,080 in Q3 2024[29] - Total Operating Revenues for the nine months ended September 30, 2025, were $1,632,374, an increase of 9.3% from $1,494,235 in the same period of 2024[29] Shareholder Actions and Dividends - TXNM Energy's transaction with Blackstone Infrastructure was approved by shareholders at $61.25 per share, with closing anticipated in the second half of 2026[5][7] - The company issued additional equity during the quarter, raising $800 million, impacting earnings per share[12] - Dividends Declared per Common Share increased to $0.4075 in Q3 2025 from $0.3875 in Q3 2024, marking a rise of 5.5%[29] Regulatory and Operational Updates - The second Transmission Cost of Service (TCOS) filing for 2025 was approved, providing recovery for $87 million of rate base[9] - PNM filed for approval to construct 30 megawatts of energy storage at an estimated cost of $78 million, enhancing grid flexibility[10] - Regulatory disallowances in Q3 2025 included $14 million related to the planned acquisition, compared to $6.1 million in Q3 2024[13] - TXNM Energy's operations serve over 800,000 homes and businesses across Texas and New Mexico[16] Cost and Interest Charges - Increases in "Administrative and general" costs at PNM were $0.9 million for both the three and nine months ended September 30, 2025[21] - Interest charges at TNMP increased by $9.6 million and $16.2 million for the three and nine months ended September 30, 2025, respectively[21] - Interest Charges for Q3 2025 were $70,149, up 17.5% from $59,664 in Q3 2024[29] Other Financial Metrics - Net Other Income and Deductions for Q3 2025 totaled $22,532, down from $28,404 in Q3 2024, a decrease of 20.7%[29] - Income Taxes for Q3 2025 were $18,949, a decrease of 19.9% from $23,422 in Q3 2024[29] - The average diluted shares outstanding for the three months ended September 30, 2025, were 107,416,661[25] - Regulatory disallowances increased by $6.1 million and $10.6 million for the three and nine months ended September 30, 2024[23] - The net change in unrealized (gains) losses on investment securities for the nine months ended September 30, 2024, was $(16.2) million[23]