PNM Resources(PNM) - 2024 Q4 - Annual Results

Financial Performance - TXNM Energy reported 2024 GAAP earnings of $2.67 per diluted share, with ongoing earnings of$2.74 per diluted share, achieving the high end of original guidance[6]. - GAAP net earnings attributable to TXNM Energy for 2024 were $242.2 million, compared to$87.8 million in 2023[8]. - Ongoing net earnings for 2024 were $247.8 million, slightly up from$243.5 million in 2023[8]. - PNM's GAAP diluted EPS for 2024 was $2.12, significantly up from$0.41 in 2023[11]. - TNMP's ongoing diluted EPS for 2024 was $1.15, compared to$1.11 in 2023[11]. - GAAP Net Earnings for the quarter ended December 31, 2024, were $15,714 thousand, compared to a loss of$50,226 thousand for the same quarter in 2023[22]. - Ongoing Earnings for the year ended December 31, 2024, reached $247,819 thousand, an increase from$243,537 thousand in 2023[24]. - GAAP Net Earnings attributable to TXNM for Q4 2024 was $0.17, compared to a loss of$0.58 in Q4 2023[27]. - Ongoing Earnings for Q4 2024 were $0.30 per diluted share, compared to$0.18 per diluted share in Q4 2023[27]. - Net Earnings Attributable to TXNM for the year ended December 31, 2024, were $242,154,000, compared to$87,818,000 in 2023[31]. Revenue and Investment - The company increased its long-term earnings growth target to 7% to 9%[2]. - TXNM Energy's 5-year capital investment plan increased to $7.8 billion, a 26$2.74 to $2.84 per diluted share, reflecting strong growth at TNMP and a mid-year implementation of PNM's rate increase[5]. - Total Electric Operating Revenues for the year ended December 31, 2024, were$1,971,199,000, a slight increase from $1,939,198,000 in 2023[31]. - The company experienced a decrease in Electric Operating Revenues of$169.8 million for the year ended December 31, 2023[24]. - Operating income for the year ended December 31, 2024, was $453,486,000, significantly higher than$231,340,000 in 2023[31]. - Interest income for the year ended December 31, 2024, was $23,537,000, up from$21,963,000 in 2023[31]. - The cost of energy for the year ended December 31, 2024, decreased to $583,984,000 from$802,261,000 in 2023[31]. Adjustments and Regulatory Issues - Regulatory disallowances increased by $118,411 thousand for the quarter ended December 31, 2023, contributing significantly to the adjustments[24]. - The total adjustments before income tax effects for the year ended December 31, 2024, amounted to$26,160 thousand, compared to $213,437 thousand in 2023[24]. - The income tax impact of the adjustments for the year ended December 31, 2024, was$(20,495) thousand, reflecting a significant tax burden[22]. - Merger-related costs totaled $3,154 thousand for the year ended December 31, 2024, compared to$1,986 thousand in 2023[24]. - The net change in unrealized gains and losses on investment securities was $(2,718) thousand for the year ended December 31, 2024, compared to$(33,278) thousand in 2023[24]. - Total Adjustments for GAAP to Ongoing Earnings in Q4 2024 amounted to $0.13, while in Q4 2023 it was$0.76[27]. - Regulatory disallowances contributed $1.02 to GAAP Net Earnings in Q4 2023, a significant factor in the earnings report[29]. Future Plans and Events - The company plans to prioritize investments for a more reliable and resilient grid in Texas and New Mexico[3]. - TXNM Energy's conference call to discuss these results is scheduled for February 21, 2025[16]. - Average Diluted Shares Outstanding for Q4 2024 were 90,998,879, an increase from 86,932,542 in Q4 2023[27].