Q3 2021 | Q3 2020 | YTD 2021 | YTD 2020 | |
GAAP net earnings attributable to PNM Resources | $113.3 | $121.8 | $184.6 | $164.0 |
GAAP diluted EPS | $1.32 | $1.52 | $2.14 | $2.05 |
Ongoing net earnings | $118.0 | $111.9 | $193.3 | $170.3 |
Ongoing diluted EPS | $1.37 | $1.40 | $2.25 | $2.13 |
GAAP Diluted EPS | Ongoing Diluted EPS | |||
Q3 2021 | Q3 2020 | Q3 2021 | Q3 2020 | |
PNM | $1.01 | $1.24 | $1.05 | $1.12 |
TNMP | $0.33 | $0.30 | $0.33 | $0.30 |
Corporate and Other | ($0.02) | ($0.02) | ($0.01) | ($0.02) |
Consolidated PNM Resources | $1.32 | $1.52 | $1.37 | $1.40 |
http://www.pnmresources.com/investors/results.cfm.
PNM | TNMP | Corporate and Other | PNMR Consolidated | |||||
(in thousands) | ||||||||
Three Months Ended September 30, 2021 | ||||||||
GAAP Net Earnings (Loss) Attributable to PNMR
| $ | 86,915 | $ | 27,942 | $ | (1,536) | $ | 113,321 |
Adjusting items before income tax effects:
| ||||||||
Net change in unrealized gains and losses on investment securities2a
| 2,512 | - | - | 2,512 | ||||
Regulatory disallowances and restructuring costs2b
| 436 | - | - | 436 | ||||
Pension expense related to previously disposed of gas distribution business2c
| 849 | - | - | 849 | ||||
Merger related costs2d
| 204 | 5 | 1,364 | 1,573 | ||||
Total adjustments before income tax effects | 4,001 | 5 | 1,364 | 5,370 | ||||
Income tax impact of above adjustments1
| (1,016) | (1) | (346) | (1,363) | ||||
Income tax impact of non-deductible merger related costs3
| 12 | 1 | 130 | 143 | ||||
Timing of statutory and effective tax rates on non-recurring items4
| 317 | 226 | (14) | 529 | ||||
Total income tax impacts5
| (687) | 226 | (230) | (691) | ||||
Adjusting items, net of income taxes | 3,314 | 231 | 1,134 | 4,679 | ||||
Ongoing Earnings (Loss) | $ | 90,229 | $ | 28,173 | $ | (402) | $ | 118,000 |
Nine Months Ended September 30, 2021 | ||||||||
GAAP Net Earnings (Loss) Attributable to PNMR
| $ | 146,804 | $ | 52,326 | $ | (14,521) | $ | 184,609 |
Adjusting items before income tax effects:
| ||||||||
Net change in unrealized gains and losses on investment securities2a
| (3,594) | - | - | (3,594) | ||||
Regulatory disallowances and restructuring costs2b
| 436 | - | - | 436 | ||||
Pension expense related to previously disposed of gas distribution business2c
| 2,547 | - | - | 2,547 | ||||
Merger related costs2d
| 562 | 433 | 9,743 | 10,738 | ||||
Total adjustments before income tax effects | (49) | 433 | 9,743 | 10,127 | ||||
Income tax impact of above adjustments1
| 12 | (91) | (2,475) | (2,554) | ||||
Income tax impact of non-deductible merger related costs3
| 24 | 36 | 835 | 895 | ||||
Timing of statutory and effective tax rates on non-recurring items4
| - | 128 | 135 | 263 | ||||
Total income tax impacts5
| 36 | 73 | (1,505) | (1,396) | ||||
Adjusting items, net of income taxes | (13) | 506 | 8,238 | 8,731 | ||||
Ongoing Earnings (Loss) | $ | 146,791 | $ | 52,832 | $ | (6,283) | $ | 193,340 |
1 Tax effects calculated using a tax rate of 21.0% for TNMP and 25.4% for other segments
| ||||||||
2 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statements of Earnings as follows:
| ||||||||
a (Increases) decreases in "Gains on investment securities" reflecting non-cash performance relative to market, not indicative of funding requirements
| ||||||||
b Increases in "Regulatory disallowances and restructuring costs"
| ||||||||
c Increases in "Other (deductions)"
| ||||||||
d Increases in "Administrative and general"
| ||||||||
3 Increases in "Income Tax Expense"
| ||||||||
4 Income tax timing impacts resulting from differences between the statutory tax rates of 25.4% for PNM, 21% for TNMP and the average expected statutory tax rate of 24.2% for PNMR, and the GAAP anticipated effective tax rates of 15.4% for PNM, 11.1% for TNMP, and 13.1% for PNMR, which will reverse by year end
| ||||||||
5 Income tax impacts reflected in "Income Taxes"
|
PNM | TNMP | Corporate and Other | PNMR Consolidated | |||||
(in thousands) | ||||||||
Three Months Ended September 30, 2020 | ||||||||
GAAP Net Earnings (Loss) Attributable to PNMR
| $ | 99,319 | $ | 23,921 | $ | (1,472) | $ | 121,768 |
Adjusting items before income tax effects:
| ||||||||
Net change in unrealized gains and losses on investment securities2a
| (12,776) | - | - | (12,776) | ||||
Regulatory disallowances2b
| - | - | - | - | ||||
Pension expense related to previously disposed of gas distribution business2c
| 1,131 | - | - | 1,131 | ||||
Costs to review strategic growth opportunities2d
| - | - | 354 | 354 | ||||
Total adjustments before income tax effects | (11,645) | - | 354 | (11,291) | ||||
Income tax impact of above adjustments1
| 2,958 | - | (90) | 2,868 | ||||
Timing of statutory and effective tax rates on non-recurring items3
| (1,146) | - | (284) | (1,430) | ||||
Total income tax impacts4
| 1,812 | - | (374) | 1,438 | ||||
Adjusting items, net of income taxes | (9,833) | - | (20) | (9,853) | ||||
Ongoing Earnings (Loss) | $ | 89,486 | $ | 23,921 | $ | (1,492) | $ | 111,915 |
Nine Months Ended September 30, 2020 | ||||||||
GAAP Net Earnings (Loss) Attributable to PNMR
| $ | 128,802 | $ | 47,187 | $ | (11,992) | $ | 163,997 |
Adjusting items before income tax effects:
| ||||||||
Net change in unrealized gains and losses on investment securities2a
| 1,502 | - | - | 1,502 | ||||
Regulatory disallowances2b
| 1,911 | - | - | 1,911 | ||||
Pension expense related to previously disposed of gas distribution business2c
| 3,394 | - | - | 3,394 | ||||
Costs to review strategic growth opportunities2d
| - | - | 1,587 | 1,587 | ||||
Total adjustments before income tax effects | 6,807 | - | 1,587 | 8,394 | ||||
Income tax impact of above adjustments1
| (1,729) | - | (403) | (2,132) | ||||
Timing of statutory and effective tax rates on non-recurring items3
| - | - | - | - | ||||
Total income tax impacts4
| (1,729) | - | (403) | (2,132) | ||||
Adjusting items, net of income taxes | 5,078 | - | 1,184 | 6,262 | ||||
Ongoing Earnings (Loss) | $ | 133,880 | $ | 47,187 | $ | (10,808) | $ | 170,259 |
1Tax effects calculated using a tax rate of 25.4%
| ||||||||
2 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows:
| ||||||||
a (Increases) decreases in "Gains on investment securities" reflecting non-cash performance relative to market, not indicative of funding requirements
| ||||||||
b Increases of $1.9 million in "Interest Charges" and decrease of less than $0.1 million in "Other income" reflecting disallowances of previously capitalized AFUDC for certain costs included in the AFUDC computation, resulting from a FERC audit.
| ||||||||
c Increases in "Other (deductions)"
| ||||||||
d Increases in "Administrative and general"
| ||||||||
3 Income tax timing impacts resulting from differences between the statutory tax rate of 25.4% for PNM and the average expected statutory tax rate of 23.9% for PNMR, and the GAAP anticipated effective tax rates of 11.3% for PNM and 8.4% for PNMR, which will reverse by year end
| ||||||||
4 Income tax impacts reflected in "Income Taxes"
|
PNM | TNMP | Corporate and Other | PNMR Consolidated | |||||
(per diluted share) | ||||||||
Three Months Ended September 30, 2021 | ||||||||
GAAP Net Earnings (Loss) Attributable to PNMR
| $ | 1.01 | $ | 0.33 | $ | (0.02) | $ | 1.32 |
Adjusting items, net of income tax effects:
| ||||||||
Net change in unrealized gains and losses on investment securities | 0.02 | - | - | 0.02 | ||||
Regulatory disallowances and restructuring costs
| 0.01 | - | - | 0.01 | ||||
Pension expense related to previously disposed of gas distribution business
| 0.01 | - | - | 0.01 | ||||
Merger related costs | - | - | 0.01 | 0.01 | ||||
Total Adjustments | 0.04 | - | 0.01 | 0.05 | ||||
Ongoing Earnings (Loss) | $ | 1.05 | $ | 0.33 | $ | (0.01) | $ | 1.37 |
Average Diluted Shares Outstanding: 86,112,742 | ||||||||
Nine Months Ended September 30, 2021 | ||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 1.70 | $ | 0.61 | $ | (0.17) | $ | 2.14 |
Adjusting items, net of income tax effects:
| ||||||||
Net change in unrealized gains and losses on investment securities | (0.03) | - | - | (0.03) | ||||
Regulatory disallowances and restructuring costs
| 0.01 | - | - | 0.01 | ||||
Pension expense related to previously disposed of gas distribution business
| 0.02 | - | - | 0.02 | ||||
Merger related costs | - | 0.01 | 0.10 | 0.11 | ||||
Total Adjustments | - | 0.01 | 0.10 | 0.11 | ||||
Ongoing Earnings (Loss) | $ | 1.70 | $ | 0.62 | $ | (0.07) | $ | 2.25 |
Average Diluted Shares Outstanding: 86,105,871 | ||||||||
PNM | TNMP | Corporate and Other | PNMR Consolidated | |||||
(per diluted share) | ||||||||
Three Months Ended September 30, 2020 | ||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 1.24 | $ | 0.30 | $ | (0.02) | $ | 1.52 |
Adjusting items, net of income tax effects:
| ||||||||
Net change in unrealized gains and losses on investment securities | (0.12) | - | - | (0.12) | ||||
Regulatory disallowances | - | - | - | - | ||||
Pension expense related to previously disposed of gas distribution business | 0.01 | - | - | 0.01 | ||||
Cost to review strategic growth opportunities | - | - | - | - | ||||
Timing of statutory and effective tax rates on non-recurring items | (0.01) | - | - | (0.01) | ||||
Total Adjustments | (0.12) | - | - | (0.12) | ||||
Ongoing Earnings (Loss) | $ | 1.12 | $ | 0.30 | $ | (0.02) | $ | 1.40 |
Average Diluted Shares Outstanding: 79,906,216 | ||||||||
Nine Months Ended September 30, 2020 | ||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 1.61 | $ | 0.59 | $ | (0.15) | $ | 2.05 |
Adjusting items, net of income tax effects:
| ||||||||
Net change in unrealized gains and losses on investment securities | 0.02 | - | - | 0.02 | ||||
Regulatory disallowances | 0.02 | - | - | 0.02 | ||||
Pension expense related to previously disposed of gas distribution business | 0.03 | - | - | 0.03 | ||||
Cost to review strategic growth opportunities | - | - | 0.01 | 0.01 | ||||
Timing of statutory and effective tax rates on non-recurring items | - | - | - | - | ||||
Total Adjustments | 0.07 | - | 0.01 | 0.08 | ||||
Ongoing Earnings (Loss) | $ | 1.68 | $ | 0.59 | $ | (0.14) | $ | 2.13 |
Average Diluted Shares Outstanding: 79,954,429 | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
(In thousands, except per share amounts) | ||||||||
Electric Operating Revenues: | ||||||||
Contracts with customers | $ | 481,881 | $ | 455,120 | $ | 1,197,359 | $ | 1,121,177 |
Alternative revenue programs | (9,483) | (12,376) | (3,156) | (7,484) | ||||
Other electric operating revenue | 82,153 | 29,721 | 151,595 | 50,043 | ||||
Total electric operating revenues | 554,551 | 472,465 | 1,345,798 | 1,163,736 | ||||
Operating Expenses: | ||||||||
Cost of energy | 199,380 | 133,991 | 467,452 | 326,564 | ||||
Administrative and general | 56,520 | 51,611 | 168,458 | 148,096 | ||||
Energy production costs | 32,374 | 31,148 | 106,709 | 98,111 | ||||
Regulatory disallowances and restructuring costs | 436 | - | 436 | - | ||||
Depreciation and amortization | 71,438 | 68,400 | 212,039 | 207,395 | ||||
Transmission and distribution costs | 19,996 | 18,742 | 56,166 | 54,062 | ||||
Taxes other than income taxes | 22,678 | 20,768 | 65,440 | 62,815 | ||||
Total operating expenses | 402,822 | 324,660 | 1,076,700 | 897,043 | ||||
Operating income | 151,729 | 147,805 | 269,098 | 266,693 | ||||
Other Income and Deductions: | ||||||||
Interest income | 3,329 | 3,180 | 10,466 | 9,674 | ||||
Gains on investment securities | 1,948 | 14,401 | 16,108 | 3,172 | ||||
Other income | 5,686 | 7,022 | 14,592 | 13,728 | ||||
Other (deductions) | (5,098) | (7,361) | (13,836) | (14,141) | ||||
Net other income and deductions | 5,865 | 17,242 | 27,330 | 12,433 | ||||
Interest Charges | 23,244 | 27,263 | 73,247 | 88,785 | ||||
Earnings before Income Taxes | 134,350 | 137,784 | 223,181 | 190,341 | ||||
Income Taxes | 16,668 | 12,331 | 26,533 | 14,726 | ||||
Net Earnings | 117,682 | 125,453 | 196,648 | 175,615 | ||||
(Earnings) Attributable to Valencia Non-controlling Interest | (4,229) | (3,553) | (11,643) | (11,222) | ||||
Preferred Stock Dividend Requirements of Subsidiary | (132) | (132) | (396) | (396) | ||||
Net Earnings Attributable to PNMR | $ | 113,321 | $ | 121,768 | $ | 184,609 | $ | 163,997 |
Net Earnings Attributable to PNMR per Common Share: | ||||||||
Basic | $ | 1.32 | $ | 1.52 | $ | 2.14 | $ | 2.05 |
Diluted | $ | 1.32 | $ | 1.52 | $ | 2.14 | $ | 2.05 |
Dividends Declared per Common Share | $ | 0.3275 | $ | 0.3075 | $ | 0.9825 | $ | 0.9225 |
Attachments
- Original document
- Permalink
Disclaimer
PNM Resources Inc. published this content on 29 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 October 2021 10:08:44 UTC.