Financial Data and Key Metrics Changes - Ongoing earnings for Q2 2024 were $0.60, exceeding expectations, with guidance for 2024 affirmed at a range of $2.65 to $2.75 [5][22] - Earnings per share increased from $0.55 in the prior year, driven by capital investment recovery and load growth [22] Business Line Data and Key Metrics Changes - TNMP reached an all-time system peak of over 2,700 megawatts, a 6% increase from the previous summer peak [9] - PNM's two 6 megawatt batteries became operational, aimed at reducing constraints on the distribution system [12] Market Data and Key Metrics Changes - The Texas Gulf Coast experienced power outages affecting approximately 116,000 customers due to Hurricane Beryl [7][10] - In New Mexico, the South Fork and Salt fires displaced around 10,000 residents, prompting a coordinated response from the company [13] Company Strategy and Development Direction - The company will officially operate as TXNM Energy, reflecting its business growth, particularly in Texas [6] - A focus on system resiliency and infrastructure investment is emphasized, with a filing for a System Resiliency Plan expected to include approximately $600 million in capital investments [18][21] Management's Comments on Operating Environment and Future Outlook - Management highlighted the need for continued focus on system resiliency and preparation for extreme weather events [8] - The company is on track to deliver earnings growth targets of 6% to 7% through 2028, supported by a strong capital plan [25] Other Important Information - The company completed a $550 million issuance of junior subordinated convertible notes, benefiting its balance sheet and income statement [24] - A new rate request was submitted for 2025, with a phased implementation plan to mitigate customer impacts [16] Q&A Session Summary Question: Discussion on resource filing and utility-owned assets - Management emphasized that resource filings focus on customer benefits and reliability, with a mix of company-owned and PPA assets [28][29] Question: Impact of ERCOT transmission upgrades - Management noted that ERCOT's report indicated significant load growth and potential investments in the West Texas area, which could benefit the company [30][32] Question: Resiliency filing and equity funding - Management confirmed that the resiliency filing includes $450 million already assumed, with an additional $150 million expected [35] Question: New Mexico rate case process - Management indicated that intervener testimony is expected, and discussions for potential settlements will occur as the process progresses [37][38] Question: Incremental Texas CapEx for resiliency - Management clarified that the current plan does not include the new resiliency spending for 2028 and beyond [41] Question: Tree trimming and vegetation management - Management reported that 55% to 60% of the outages during the hurricane were due to vegetation outside their right of ways, indicating a need for improved management [47][48]

PNM Resources (PNM) reported second-quarter 2024 earnings of 60 cents per share, which surpassed the Zacks Consensus Estimate of 55 cents by 9.1%. In the year-ago quarter, the company reported earnings of 55 cents per share. Segmental Details Highlights of the Release Revenues totaled $488.1 million, which missed the Zacks Consensus Estimate of $507 million by 3.72%. The top line, however, increased 2.3% from $477.2 million reported in the year-ago quarter. TNMP recorded earnings of 33 cents per share, up 1 ...

分组1 - PNM Resources reported quarterly earnings of $0.60 per share, exceeding the Zacks Consensus Estimate of $0.55 per share, and showing an increase from $0.55 per share a year ago, resulting in an earnings surprise of 9.09% [1] - The company posted revenues of $488.1 million for the quarter ended June 2024, which was 3.72% below the Zacks Consensus Estimate, and an increase from $477.16 million year-over-year [2] - PNM Resources has surpassed consensus EPS estimates three times over the last four quarters but has not beaten revenue estimates during the same period [2] 分组2 - The stock has added about 0.1% since the beginning of the year, underperforming compared to the S&P 500's gain of 14% [3] - The current consensus EPS estimate for the upcoming quarter is $1.41 on revenues of $518.5 million, and for the current fiscal year, it is $2.70 on revenues of $1.88 billion [7] - The Utility - Electric Power industry is currently in the top 25% of Zacks industries, indicating a favorable outlook for stocks within this sector [8]

Exhibit 99.1 ALBUQUERQUE, N.M. July 31, 2024 | | Q2 2024 | Q2 2023 | YTD 2024 | YTD 2023 | | --- | --- | --- | --- | --- | | GAAP net earnings attributable to | | | | | | PNM Resources | $48.0 | $45.3 | $95.2 | $100.3 | | GAAP diluted EPS | $0.53 | $0.53 | $1.05 | $1.16 | | Ongoing net earnings | $54.3 | $47.4 | $91.3 | $95.1 | | Ongoing diluted EPS | $0.60 | $0.55 | $1.01 | $1.10 | PNM Resources (NYSE: PNM) today released its 2024 second quarter results. In addition, management affirmed its 2024 consolidat ...

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]

Core Viewpoint - PNM Resources, Inc. will change its holding company name to TXNM Energy, Inc., effective August 2, 2024, reflecting its evolving business profile and growth in Texas [1][3]. Company Overview - PNM Resources is an energy holding company based in Albuquerque, New Mexico, with consolidated operating revenues of $1.9 billion in 2023 [6]. - The company provides electricity to over 800,000 homes and businesses in New Mexico and Texas through its regulated utilities, PNM and TNMP [6]. - PNM has a generation capacity of 3.1 gigawatts and aims for 100% emissions-free generation by 2040 [6]. Shareholder Approval and Transition - The name change was overwhelmingly approved by shareholders at the annual meeting on June 4, 2024, and by the Board of Directors [2]. - There are no significant structural or organizational impacts associated with the name change, and shareholders do not need to take any action [5]. Operational Details - The new ticker symbol "TXNM" will be used starting August 5, 2024, with the website redirecting from www.pnmresources.com to www.txnmenergy.com [1][5]. - All outstanding shares of PNM Resources will automatically convert to TXNM Energy shares, with no change to the CUSIP number [5].

CONTACTS: Analysts Media Lisa Goodman Raymond Sandoval (505) 241-2160 (505) 241-2782 SOURCE PNM Resources, Inc. ALBUQUERQUE, N.M., July 16, 2024 /PRNewswire/ -- At its regular meeting held today, the Board of Directors of PNM Resources (NYSE: PNM) declared the regular quarterly dividend of $0.3875 per share on the company's common stock. The dividend is payable August 9, 2024, to shareholders of record at the close of business July 26, 2024. PNM Resources (NYSE: PNM) is an energy holding company based in Al ...

ALBUQUERQUE, N.M., July 8, 2024 /PRNewswire/ -- PNM Resources will announce second quarter 2024 financial results prior to the market opening on Wednesday, July 31, 2024. Management will also host a live conference call at 11 a.m. Eastern Time to discuss financial results and other company updates. The press release and accompanying presentation materials for the conference call will be posted on the company website at www.PNMResources.com. CONTACTS: Analysts Media Lisa Goodman Corporate Communications (505 ...

Phased-In Rate Path Proposed to Mitigate Customer Impact ALBUQUERQUE, N.M., June 14, 2024 /PRNewswire/ -- Public Service Company of New Mexico (PNM), wholly-owned subsidiary of PNM Resources, Inc. (NYSE: PNM), today filed a request for a change in electricity customer rates with the New Mexico Public Regulation Commission (NMPRC) to begin July 1, 2025. The requested change reflects investments in transmission and distribution infrastructure, updated cost of capital and capital structure, battery storage res ...

Group 1 - The Public Utility Commission of Texas approved Texas-New Mexico Power Company's application to recover over $205 million in net distribution infrastructure investments [1] - TNMP's Distribution Cost Recovery Factor application was filed in April 2024, resulting in a $15.7 million annual rate increase effective July 28, 2024 [5] - Legislation from the 2023 Texas session allows for semiannual filings, reducing regulatory lag and supporting robust investment plans for reliable growth in TNMP's service area [6] Group 2 - PNM Resources, Inc. reported consolidated operating revenues of $1.9 billion in 2023 and serves over 800,000 customers in Texas and New Mexico [3] - PNM Resources aims for 100% emissions-free energy by 2040, with a total installed capacity of 3.3 gigawatts [3]