PNM Resources Reports Second Quarter 2024 Results

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]