UNITED STATES | |||||
SECURITIES AND EXCHANGE COMMISSION | |||||
Washington, D.C. 20549 | |||||
FORM | |||||
CURRENT REPORT | |||||
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 | |||||
Date of Report (Date of earliest event reported) | ||||||||
(October 30, 2020) |
Name of Registrant, State of Incorporation, Address Of Principal Executive Offices, Telephone Number, Commission File No., IRS Employer Identification No. |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 40.14d-2(b)) | |||||||||||
Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 40.13e-4(c)) |
Registrant | Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||||||||
PNM Resources, Inc. |
PNM RESOURCES, INC. | |||||
PUBLIC SERVICE COMPANY OF NEW MEXICO | |||||
TEXAS-NEW MEXICO POWER COMPANY | |||||
(Registrants) | |||||
Date: October 30, 2020 | /s/ Henry E. Monroy | ||||
Henry E. Monroy | |||||
Vice President and Corporate Controller | |||||
(Officer duly authorized to sign this report) |
Q3 2020 | Q3 2019 | YTD 2020 | YTD 2019 | |||||||||||
GAAP net earnings attributable to PNM Resources | $121.8 | $102.8 | $164.0 | $45.6 | ||||||||||
GAAP diluted EPS | $1.52 | $1.28 | $2.05 | $0.57 | ||||||||||
Ongoing net earnings | $111.9 | $104.4 | $170.3 | $143.6 | ||||||||||
Ongoing diluted EPS | $1.40 | $1.31 | $2.13 | $1.80 |
Q3 2020 | Q3 2019 | YTD 2020 | YTD 2019 | |||||||||||
GAAP net earnings attributable to PNM Resources | $99.3 | $80.7 | $128.8 | $12.8 | ||||||||||
GAAP diluted EPS | $1.24 | $1.01 | $1.61 | $0.16 | ||||||||||
Ongoing net earnings | $89.5 | $82.3 | $133.9 | $110.7 | ||||||||||
Ongoing diluted EPS | $1.12 | $1.03 | $1.68 | $1.39 |
Q3 2020 | Q3 2019 | YTD 2020 | YTD 2019 | |||||||||||
GAAP net earnings attributable to PNM Resources | $23.9 | $25.1 | $47.2 | $44.5 | ||||||||||
GAAP diluted EPS | $0.30 | $0.31 | $0.59 | $0.56 | ||||||||||
Ongoing net earnings | $23.9 | $25.1 | $47.2 | $44.6 | ||||||||||
Ongoing diluted EPS | $0.30 | $0.31 | $0.59 | $0.56 |
Q3 2020 | Q3 2019 | YTD 2020 | YTD 2019 | |||||||||||
GAAP net earnings (loss) attributable to PNM Resources | ($1.5) | ($3.0) | ($12.0) | ($11.7) | ||||||||||
GAAP diluted EPS | ($0.02) | ($0.04) | ($0.15) | ($0.15) | ||||||||||
Ongoing net earnings (loss) | ($1.5) | ($3.0) | ($10.8) | ($11.7) | ||||||||||
Ongoing diluted EPS | ($0.02) | ($0.03) | ($0.14) | ($0.15) |
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 | ||||||||||||||||||
1 Tax 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 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 Increase 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 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Three Months Ended September 30, 2019 | ||||||||||||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 80,729 | $ | 25,087 | $ | (3,045) | $ | 102,771 | ||||||||||||||||||
Adjusting items before income tax effects: | ||||||||||||||||||||||||||
Mark-to-market impact of economic hedges2a | (28) | — | — | (28) | ||||||||||||||||||||||
Net change in unrealized gains and losses on investment securities2b | (1,202) | — | — | (1,202) | ||||||||||||||||||||||
Pension expense related to previously disposed of gas distribution business2d | 1,044 | — | — | 1,044 | ||||||||||||||||||||||
Process improvement initiatives2e | 149 | 51 | — | 200 | ||||||||||||||||||||||
Four Corners coal mine reclamation2f | 1,078 | — | — | 1,078 | ||||||||||||||||||||||
Total adjustments before income tax effects | 1,041 | 51 | — | 1,092 | ||||||||||||||||||||||
Income tax impact of above adjustments1 | (264) | (11) | — | (275) | ||||||||||||||||||||||
Timing of statutory and effective tax rates on non-recurring items3 | 744 | (5) | 91 | 830 | ||||||||||||||||||||||
Total income tax impacts4 | 480 | (16) | 91 | 555 | ||||||||||||||||||||||
Adjusting items, net of income taxes | 1,521 | 35 | 91 | 1,647 | ||||||||||||||||||||||
Ongoing Earnings (Loss) | $ | 82,250 | $ | 25,122 | $ | (2,954) | $ | 104,418 | ||||||||||||||||||
Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 12,797 | $ | 44,452 | $ | (11,692) | $ | 45,557 | ||||||||||||||||||
Adjusting items before income tax effects: | ||||||||||||||||||||||||||
Mark-to-market impact of economic hedges2a | (84) | — | — | (84) | ||||||||||||||||||||||
Net change in unrealized gains and losses on investment securities2b | (13,692) | — | — | (13,692) | ||||||||||||||||||||||
Regulatory disallowances and restructuring costs2c | 150,599 | — | — | 150,599 | ||||||||||||||||||||||
Pension expense related to previously disposed of gas distribution business2d | 3,134 | — | — | 3,134 | ||||||||||||||||||||||
Process improvement initiatives2e | 559 | 186 | — | 745 | ||||||||||||||||||||||
Four Corners coal mine reclamation2f | 794 | — | — | 794 | ||||||||||||||||||||||
Total adjustments before income tax effects | 141,310 | 186 | — | 141,496 | ||||||||||||||||||||||
Income tax impact of above adjustments1 | (35,893) | (39) | — | (35,932) | ||||||||||||||||||||||
Deferred income tax impact of regulatory disallowances | (7,485) | — | — | (7,485) | ||||||||||||||||||||||
Timing of statutory and effective tax rates on non-recurring items3 | (52) | 12 | 6 | (34) | ||||||||||||||||||||||
Total income tax impacts4 | (43,430) | (27) | 6 | (43,451) | ||||||||||||||||||||||
Adjusting items, net of income taxes | 97,880 | 159 | 6 | 98,045 | ||||||||||||||||||||||
Ongoing Earnings (Loss) | $ | 110,677 | $ | 44,611 | $ | (11,686) | $ | 143,602 | ||||||||||||||||||
1 2019 income tax effects calculated using a tax rate of 25.40% for PNM and 21% for TNMP | ||||||||||||||||||||||||||
2 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows: | ||||||||||||||||||||||||||
a (Reductions) in "Electric Operating Revenues" and "Cost of energy" of $257 and $285 in the three months ended September 30, 2019 and $737 and $821 in the nine months ended September 30, 2019 | ||||||||||||||||||||||||||
b (Increases) in "Gains on investment securities" | ||||||||||||||||||||||||||
c Increases in "Regulatory disallowances and restructuring costs" | ||||||||||||||||||||||||||
d Increases in "Other (deductions)" | ||||||||||||||||||||||||||
e Increases in "Administrative and general" | ||||||||||||||||||||||||||
f Increases in "Cost of energy" | ||||||||||||||||||||||||||
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 24.0% for PNMR, and the GAAP anticipated effective tax rates of 10.8% 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, 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 | ||||||||||||||||||||||||||
PNM | TNMP | Corporate and Other | PNMR Consolidated | |||||||||||||||||||||||
(per diluted share) | ||||||||||||||||||||||||||
Three Months Ended September 30, 2019 | ||||||||||||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 1.01 | $ | 0.31 | $ | (0.04) | $ | 1.28 | ||||||||||||||||||
Adjusting items, net of income tax effects: | ||||||||||||||||||||||||||
Mark-to-market impact of economic hedges | — | — | — | — | ||||||||||||||||||||||
Net change in unrealized gains and losses on investment securities | (0.01) | — | — | (0.01) | ||||||||||||||||||||||
Pension expense related to previously disposed of gas distribution business | 0.01 | — | — | 0.01 | ||||||||||||||||||||||
Process improvement initiatives | — | — | — | — | ||||||||||||||||||||||
Four Corners coal mine reclamation | 0.01 | — | — | 0.01 | ||||||||||||||||||||||
Timing of statutory and effective tax rates on non-recurring items | 0.01 | — | 0.01 | 0.02 | ||||||||||||||||||||||
Total Adjustments | 0.02 | — | 0.01 | 0.03 | ||||||||||||||||||||||
Ongoing Earnings (Loss) | $ | 1.03 | $ | 0.31 | $ | (0.03) | $ | 1.31 | ||||||||||||||||||
Average Diluted Shares Outstanding: 80,000,506 | ||||||||||||||||||||||||||
Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 0.16 | $ | 0.56 | $ | (0.15) | $ | 0.57 | ||||||||||||||||||
Adjusting items, net of income tax effects: | ||||||||||||||||||||||||||
Mark-to-market impact of economic hedges | — | — | — | — | ||||||||||||||||||||||
Net change in unrealized gains and losses on investment securities | (0.13) | — | — | (0.13) | ||||||||||||||||||||||
Regulatory disallowances and restructuring costs | 1.41 | — | — | 1.41 | ||||||||||||||||||||||
Pension expense related to previously disposed of gas distribution business | 0.03 | — | — | 0.03 | ||||||||||||||||||||||
Process improvement initiatives | — | — | — | — | ||||||||||||||||||||||
Four Corners coal mine reclamation | 0.01 | — | — | 0.01 | ||||||||||||||||||||||
Deferred income tax impact of regulatory disallowances | (0.09) | — | — | (0.09) | ||||||||||||||||||||||
Timing of statutory and effective tax rates on non-recurring items | — | — | — | — | ||||||||||||||||||||||
Total Adjustments | 1.23 | — | — | 1.23 | ||||||||||||||||||||||
Ongoing Earnings (Loss) | $ | 1.39 | $ | 0.56 | $ | (0.15) | $ | 1.80 | ||||||||||||||||||
Average Diluted Shares Outstanding: 79,979,723 | ||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||
Electric Operating Revenues: | |||||||||||||||||||||||
Contracts with customers | $ | 455,120 | $ | 418,673 | $ | 1,121,177 | $ | 1,049,287 | |||||||||||||||
Alternative revenue programs | (12,376) | (6,779) | (7,484) | (300) | |||||||||||||||||||
Other electric operating revenue | 29,721 | 21,692 | 50,043 | 64,471 | |||||||||||||||||||
Total electric operating revenues | 472,465 | 433,586 | 1,163,736 | 1,113,458 | |||||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
Cost of energy | 133,991 | 108,736 | 326,564 | 314,145 | |||||||||||||||||||
Administrative and general | 51,611 | 47,613 | 148,096 | 142,782 | |||||||||||||||||||
Energy production costs | 31,148 | 30,877 | 98,111 | 108,853 | |||||||||||||||||||
Regulatory disallowances and restructuring costs | — | — | — | 150,599 | |||||||||||||||||||
Depreciation and amortization | 68,400 | 68,350 | 207,395 | 199,771 | |||||||||||||||||||
Transmission and distribution costs | 18,742 | 16,461 | 54,062 | 52,333 | |||||||||||||||||||
Taxes other than income taxes | 20,768 | 21,009 | 62,815 | 61,327 | |||||||||||||||||||
Total operating expenses | 324,660 | 293,046 | 897,043 | 1,029,810 | |||||||||||||||||||
Operating income | 147,805 | 140,540 | 266,693 | 83,648 | |||||||||||||||||||
Other Income and Deductions: | |||||||||||||||||||||||
Interest income | 3,180 | 3,440 | 9,674 | 10,489 | |||||||||||||||||||
Gains on investment securities | 14,401 | 1,686 | 3,172 | 20,299 | |||||||||||||||||||
Other income | 7,022 | 4,256 | 13,728 | 11,050 | |||||||||||||||||||
Other (deductions) | (7,361) | (3,612) | (14,141) | (9,980) | |||||||||||||||||||
Net other income and deductions | 17,242 | 5,770 | 12,433 | 31,858 | |||||||||||||||||||
Interest Charges | 27,263 | 30,359 | 88,785 | 91,785 | |||||||||||||||||||
Earnings before Income Taxes | 137,784 | 115,951 | 190,341 | 23,721 | |||||||||||||||||||
Income Taxes (Benefits) | 12,331 | 9,188 | 14,726 | (32,420) | |||||||||||||||||||
Net Earnings | 125,453 | 106,763 | 175,615 | 56,141 | |||||||||||||||||||
(Earnings) Attributable to Valencia Non-controlling Interest | (3,553) | (3,860) | (11,222) | (10,188) | |||||||||||||||||||
Preferred Stock Dividend Requirements of Subsidiary | (132) | (132) | (396) | (396) | |||||||||||||||||||
Net Earnings Attributable to PNMR | $ | 121,768 | $ | 102,771 | $ | 163,997 | $ | 45,557 | |||||||||||||||
Net Earnings Attributable to PNMR per Common Share: | |||||||||||||||||||||||
Basic | $ | 1.52 | $ | 1.29 | $ | 2.05 | $ | 0.57 | |||||||||||||||
Diluted | $ | 1.52 | $ | 1.28 | $ | 2.05 | $ | 0.57 | |||||||||||||||
Dividends Declared per Common Share | $ | 0.3075 | $ | 0.2900 | $ | 0.9225 | $ | 0.8700 |
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