PNM Resources(PNM) - 2024 Q3 - Quarterly Results

Earnings Performance - Q3 2024 GAAP earnings were $1.45 per diluted share, compared to$0.44 in Q3 2023, representing a 229.5% increase[1] - Ongoing earnings for Q3 2024 were $1.43 per diluted share, down from$1.54 in Q3 2023, a decrease of 7.1%[1] - GAAP net earnings attributable to TXNM Energy for Q3 2024 were $131.2 million, up from$37.7 million in Q3 2023, a growth of 248.5%[1] - Ongoing net earnings for Q3 2024 were $129.3 million, slightly down from$132.9 million in Q3 2023, a decrease of 2.7%[1] - PNM segment reported GAAP earnings of $1.20 per share in Q3 2024, compared to$0.09 in Q3 2023, a significant increase[4] - TNMP segment reported GAAP earnings of $0.39 per share in Q3 2024, down from$0.46 in Q3 2023, a decrease of 15.2%[4] - The diluted earnings per share for Q3 2024 were $1.45, compared to$0.44 in Q3 2023, reflecting an increase of 229.5%[24] Revenue and Operating Income - Electric Operating Revenues for Q3 2024 were $569.256 million, compared to$505.851 million in Q3 2023, reflecting an increase of 12.5%[24] - Operating income for Q3 2024 was $191.080 million, up from$86.652 million in Q3 2023, representing a growth of 120.5%[24] Expenses and Costs - Total operating expenses decreased to $378.176 million in Q3 2024 from$419.199 million in Q3 2023, a reduction of 9.8%[24] - The company reported a decrease in the cost of energy to $138.909 million in Q3 2024 from$210.313 million in Q3 2023, a decline of 34.0%[24] - Interest charges increased to $59.664 million in Q3 2024 from$49.838 million in Q3 2023, an increase of 19.5%[24] Regulatory and Market Factors - The company experienced lower transmission margins due to market prices and new depreciation rates, impacting overall earnings[5] - Regulatory disallowances increased to $6.142 million in Q3 2024 from$2.315 million in Q3 2023, a rise of 165.5%[24] Guidance and Future Expectations - The company narrowed its 2024 ongoing earnings guidance to a range of $2.70 to$2.75 per diluted share[1] - The company anticipates reversing the differences in statutory and effective tax rates by year-end, with expected rates of 25.4% for PNM and 21.0% for TNMP[20] Company Overview - TXNM Energy serves over 800,000 homes and businesses across Texas and New Mexico through its regulated utilities[13] - Q3 2024 GAAP earnings included $9.5 million of net unrealized gains on investment securities, compared to$5.6 million of net unrealized losses in Q3 2023[8] - The average diluted shares outstanding for ongoing earnings were 90,605,188[22]