PNM Resources(PNM)2024-11-01 20:17Financial Performance - Electric Operating Revenues for the three months ended September 30, 2024, were 505,851 thousand in the same period last year, representing a growth of 12.4%[20] - Operating income for the three months ended September 30, 2024, was 86,652 thousand for the same period in 2023, marking a significant increase of 120.5%[20] - Net earnings attributable to TXNM for the three months ended September 30, 2024, were 37,726 thousand in the prior year, reflecting a growth of 248.5%[20] - Basic and diluted earnings per common share for the three months ended September 30, 2024, were both 0.44 for the same period last year, an increase of 229.5%[20] - Comprehensive income attributable to TXNM for the three months ended September 30, 2024, was 34,541 thousand in the same period last year, an increase of 269.5%[22] - Net earnings for the three months ended September 30, 2024, were 13,266 thousand in the same period of 2023, reflecting a substantial increase of approximately 859%[34] - Net earnings for the nine months ended September 30, 2024, increased to 74,169,000 for the same period in 2023, representing an increase of approximately 8.7%[54] Revenue and Expenses - Total operating expenses decreased to 419,199 thousand in the same period last year, a reduction of 9.8%[20] - Total operating expenses for the nine months ended September 30, 2024, were 291,675 thousand in the same period of 2023[51] - The cost of energy for the three months ended September 30, 2024, was 174,362 thousand in the same period of 2023, a decrease of approximately 42%[34] - Total current liabilities increased to 839,194 thousand at the end of 2023, representing a rise of 7.3%[45] Cash Flow and Investments - Cash flows from operating activities for the nine months ended September 30, 2024, were 412,604 thousand in the same period last year, a decrease of 15.3%[24] - Net cash flows used in investing activities for the nine months ended September 30, 2024, were (811,877) thousand in the same period last year[24] - Cash and cash equivalents at the end of the period increased to 7,768 thousand, representing a significant rise of 111.5%[27] - The company reported utility plant additions of 424,292 thousand in the previous year[38] Debt and Financing - PNM issued 400 million Unsecured Revolving Credit Facility is currently in place[14] - TXNM's 1,233,000 thousand from 500.0 million of junior subordinated convertible notes due 2054, with a 5.75% interest rate, to prepay existing borrowings[165] Equity and Dividends - The company paid dividends totaling 95,029 thousand in the previous period, representing an increase of about 10.5%[27] - Dividends declared per common share increased to 0.3675 in the same period last year, a rise of 3.6%[20] - The balance of total equity at September 30, 2024, was 2,399,051 thousand at December 31, 2023[33] Assets and Liabilities - Total current assets rose to 475,543 thousand, indicating an increase of about 4.8%[29] - Total liabilities increased to 7,842,025 thousand, reflecting an increase of about 6.1%[31] - The net utility plant value increased to 7,609,862 thousand, representing a growth of approximately 7.9%[29] Regulatory and Compliance - PNM's Public Safety Power Shutoff Plan was filed with the NMPRC on May 1, 2024[17] - PNM's Wildfire Mitigation Plan was filed with the NMPRC on May 1, 2024[18] - The Energy Transition Act requires utilities in New Mexico to achieve renewable portfolios of 40% by 2025, 50% by 2030, 80% by 2040, and 100% zero-carbon energy by 2045[201] Strategic Initiatives - PNM's application for grid modernization investments amounts to approximately $344 million for the first six years of an 11-year strategy[14] - The merger agreement with TXNM was terminated on December 31, 2023[14] - The company is actively involved in energy transition initiatives, consolidating ETBC I in its financial statements due to its role as the primary beneficiary[114]