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 27, 2023) |
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. | |||||
TEXAS-NEW MEXICO POWER COMPANY | |||||
(Registrants) | |||||
Date: October 27, 2023 | /s/ Henry E. Monroy | ||||
Henry E. Monroy | |||||
Vice President and Corporate Controller | |||||
(Officer duly authorized to sign this report) |
PUBLIC SERVICE COMPANY OF NEW MEXICO | |||||
(Registrant) | |||||
Date: October 27, 2023 | /s/ Henry E. Monroy | ||||
Henry E. Monroy | |||||
Vice President, Regulatory and Corporate Controller | |||||
(Officer duly authorized to sign this report) |
Q3 2023 | Q3 2022 | YTD 2023 | YTD 2022 | |||||||||||
GAAP net earnings attributable to PNM Resources | $37.7 | $122.4 | $138.0 | $153.8 | ||||||||||
GAAP diluted EPS | $0.44 | $1.42 | $1.60 | $1.78 | ||||||||||
Ongoing net earnings | $132.9 | $126.1 | $228.0 | $218.9 | ||||||||||
Ongoing diluted EPS | $1.54 | $1.46 | $2.65 | $2.54 |
GAAP Diluted EPS | Ongoing Diluted EPS | ||||||||||||||||
Q3 2023 | Q3 2022 | Q3 2023 | Q3 2022 | ||||||||||||||
PNM | $0.09 | $1.13 | $1.19 | $1.17 | |||||||||||||
TNMP | $0.46 | $0.36 | $0.46 | $0.36 | |||||||||||||
Corporate and Other | ($0.11) | ($0.07) | ($0.11) | ($0.07) | |||||||||||||
Consolidated PNM Resources | $0.44 | $1.42 | $1.54 | $1.46 |
PNM | TNMP | Corporate and Other | PNMR Consolidated | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Three Months Ended September 30, 2023 | ||||||||||||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 8,076 | $ | 39,504 | $ | (9,854) | $ | 37,726 | ||||||||||||||||||
Adjusting items before income tax effects: | ||||||||||||||||||||||||||
Net change in unrealized (gains) and losses on investment securities2a | 5,551 | — | — | 5,551 | ||||||||||||||||||||||
Regulatory disallowances and restructuring costs2b | 119,872 | — | — | 119,872 | ||||||||||||||||||||||
Pension expense related to previously disposed of gas distribution business2c | 679 | — | — | 679 | ||||||||||||||||||||||
Merger related costs2d | 32 | — | 132 | 164 | ||||||||||||||||||||||
Total adjustments before income tax effects | 126,134 | — | 132 | 126,266 | ||||||||||||||||||||||
Income tax impact of above adjustments1 | (32,038) | — | (34) | (32,072) | ||||||||||||||||||||||
Income tax impact of non-deductible merger related costs3 | 1 | — | 9 | 10 | ||||||||||||||||||||||
Timing of statutory and effective tax rates on non-recurring items4 | 692 | (106) | 429 | 1,015 | ||||||||||||||||||||||
Total income tax impacts5 | (31,345) | (106) | 404 | (31,047) | ||||||||||||||||||||||
Adjusting items, net of income taxes | 94,789 | (106) | 536 | 95,219 | ||||||||||||||||||||||
Ongoing Earnings (Loss) | $ | 102,865 | $ | 39,398 | $ | (9,318) | $ | 132,945 | ||||||||||||||||||
Nine Months Ended September 30, 2023 | ||||||||||||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 93,836 | $ | 74,169 | $ | (29,960) | $ | 138,045 | ||||||||||||||||||
Adjusting items before income tax effects: | ||||||||||||||||||||||||||
Net change in unrealized (gains) and losses on investment securities2a | (6,438) | — | — | (6,438) | ||||||||||||||||||||||
Regulatory disallowances and restructuring costs2b | 123,602 | — | — | 123,602 | ||||||||||||||||||||||
Pension expense related to previously disposed of gas distribution business2c | 2,037 | — | — | 2,037 | ||||||||||||||||||||||
Merger related costs2d | 59 | 2 | 651 | 712 | ||||||||||||||||||||||
Total adjustments before income tax effects | 119,260 | 2 | 651 | 119,913 | ||||||||||||||||||||||
Income tax impact of above adjustments1 | (30,292) | — | (166) | (30,458) | ||||||||||||||||||||||
Income tax impact of non-deductible merger related costs3 | 6 | — | 94 | 100 | ||||||||||||||||||||||
Timing of statutory and effective tax rates on non-recurring items4 | 240 | 51 | 144 | 435 | ||||||||||||||||||||||
Total income tax impacts5 | (30,046) | 51 | 72 | (29,923) | ||||||||||||||||||||||
Adjusting items, net of income taxes | 89,214 | 53 | 723 | 89,990 | ||||||||||||||||||||||
Ongoing Earnings (Loss) | $ | 183,050 | $ | 74,222 | $ | (29,237) | $ | 228,035 | ||||||||||||||||||
1 Tax effects calculated using a tax rate of 21.0% for TNMP and 25.4% for other segments | ||||||||||||||||||||||||||
2 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statements of Earnings as follows: | ||||||||||||||||||||||||||
a Changes in "Gains (losses) on investment securities" reflecting non-cash performance relative to market, not indicative of funding requirements | ||||||||||||||||||||||||||
b Decrease in "Electric Operating Revenue" of $117.6 million for the three and nine months ended September 30, 2023, an increase in "Regulatory disallowances and restructuring costs" of $2.3 million and $6.0 million for the three and nine months ended September 30, 2023 | ||||||||||||||||||||||||||
c Increases in "Other (deductions)" | ||||||||||||||||||||||||||
d Increases in "Administrative and general" | ||||||||||||||||||||||||||
3 Increases in "Income Taxes" | ||||||||||||||||||||||||||
4 Income tax timing impacts resulting from differences between the statutory rates of 25.4% for PNM, 21.0% for TNMP and the average expected statutory tax rate of 23.8% for PNMR, and the GAAP anticipated effective tax rates of 18.9% for PNM, 15.1% for TNMP, and 16.1% for PNMR, which will reverse by year end | ||||||||||||||||||||||||||
5 Income tax impacts reflected in "Income Taxes" | ||||||||||||||||||||||||||
PNM | TNMP | Corporate and Other | PNMR Consolidated | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 97,468 | $ | 31,431 | $ | (6,466) | $ | 122,433 | ||||||||||||||||||
Adjusting items before income tax effects: | ||||||||||||||||||||||||||
Net change in unrealized (gains) and losses on investment securities2a | 11,194 | — | — | 11,194 | ||||||||||||||||||||||
Regulatory disallowances and restructuring costs2b | 625 | — | — | 625 | ||||||||||||||||||||||
Pension expense related to previously disposed of gas distribution business2c | 614 | — | — | 614 | ||||||||||||||||||||||
Merger related costs2d | 17 | 1 | 337 | 355 | ||||||||||||||||||||||
Total adjustments before income tax effects | 12,450 | 1 | 337 | 12,788 | ||||||||||||||||||||||
Income tax impact of above adjustments1 | (3,162) | — | (86) | (3,248) | ||||||||||||||||||||||
Income tax impact of non-deductible merger related costs3 | 262 | (125) | 7 | 144 | ||||||||||||||||||||||
Timing of statutory and effective tax rates on non-recurring items4 | (5,933) | (51) | 12 | (5,972) | ||||||||||||||||||||||
Total income tax impacts5 | (8,833) | (176) | (67) | (9,076) | ||||||||||||||||||||||
Adjusting items, net of income taxes | 3,617 | (175) | 270 | 3,712 | ||||||||||||||||||||||
Ongoing Earnings (Loss) | $ | 101,085 | $ | 31,256 | $ | (6,196) | $ | 126,145 | ||||||||||||||||||
Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 95,562 | $ | 72,542 | $ | (14,319) | $ | 153,785 | ||||||||||||||||||
Adjusting items before income tax effects: | ||||||||||||||||||||||||||
Net change in unrealized (gains) and losses on investment securities2a | 81,084 | — | — | 81,084 | ||||||||||||||||||||||
Regulatory disallowances and restructuring costs2b | 2,025 | — | — | 2,025 | ||||||||||||||||||||||
Pension expense related to previously disposed of gas distribution business2c | 1,842 | — | — | 1,842 | ||||||||||||||||||||||
Merger related costs2d | 67 | 4 | 1,569 | 1,640 | ||||||||||||||||||||||
Total adjustments before income tax effects | 85,018 | 4 | 1,569 | 86,591 | ||||||||||||||||||||||
Income tax impact of above adjustments1 | (21,595) | (1) | (398) | (21,994) | ||||||||||||||||||||||
Income tax impact of non-deductible merger related costs3 | 252 | 156 | 42 | 450 | ||||||||||||||||||||||
Timing of statutory and effective tax rates on non-recurring items4 | 41 | 144 | (149) | 36 | ||||||||||||||||||||||
Total income tax impacts5 | (21,302) | 299 | (505) | (21,508) | ||||||||||||||||||||||
Adjusting items, net of income taxes | 63,716 | 303 | 1,064 | 65,083 | ||||||||||||||||||||||
Ongoing Earnings (Loss) | $ | 159,278 | $ | 72,845 | $ | (13,255) | $ | 218,868 | ||||||||||||||||||
1Tax effects calculated using a tax rate of 21.0% for TNMP and 25.4% for other segments | ||||||||||||||||||||||||||
2 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows: | ||||||||||||||||||||||||||
a Changes in "Gains (losses) on investment securities" reflecting non-cash performance relative to market, not indicative of funding requirements | ||||||||||||||||||||||||||
b Decreases in "Regulatory disallowances and restructuring costs" of $0.6 million for the three months ended September 30, 2022, an increase in "Regulatory disallowances and restructuring costs" of $0.8 million for the nine months ended September 30, 2022 and a decrease in "Electric Operating Revenues" of $1.2 million for the three and nine months ended September 30, 2022 | ||||||||||||||||||||||||||
c Increases in "Other (deductions)" | ||||||||||||||||||||||||||
d Increases in "Administrative and general" | ||||||||||||||||||||||||||
3 Increases (decreases) in "Income Tax Expense" | ||||||||||||||||||||||||||
4 Income tax timing impacts resulting from differences between the statutory tax rates of 25.4% for PNM, 21.0% for TNMP and the average expected statutory tax rate of 23.1% for PNMR, and the GAAP anticipated effective tax rates of 11.0% for PNM, 13.4% for TNMP, and 10.1% for PNMR, which will reverse by year end | ||||||||||||||||||||||||||
5 Income tax impacts reflected in "Income Taxes" |
PNM | TNMP | Corporate and Other | PNMR Consolidated | |||||||||||||||||||||||
(per diluted share) | ||||||||||||||||||||||||||
Three Months Ended September 30, 2023 | ||||||||||||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 0.09 | $ | 0.46 | $ | (0.11) | $ | 0.44 | ||||||||||||||||||
Adjusting items, net of income tax effects: | ||||||||||||||||||||||||||
Net change in unrealized (gains) and losses on investment securities | 0.04 | — | — | 0.04 | ||||||||||||||||||||||
Regulatory disallowances and restructuring costs | 1.04 | — | — | 1.04 | ||||||||||||||||||||||
Pension expense related to previously disposed of gas distribution business | 0.01 | — | — | 0.01 | ||||||||||||||||||||||
Timing of statutory and effective tax rates on non-recurring items | 0.01 | — | — | 0.01 | ||||||||||||||||||||||
Total Adjustments | 1.10 | — | — | 1.10 | ||||||||||||||||||||||
Ongoing Earnings (Loss) | $ | 1.19 | $ | 0.46 | $ | (0.11) | $ | 1.54 | ||||||||||||||||||
Average Diluted Shares Outstanding: 86,129,744 | ||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | ||||||||||||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 1.09 | $ | 0.86 | $ | (0.35) | $ | 1.60 | ||||||||||||||||||
Adjusting items, net of income tax effects: | ||||||||||||||||||||||||||
Net change in unrealized (gains) and losses on investment securities | (0.05) | — | — | (0.05) | ||||||||||||||||||||||
Regulatory disallowances and restructuring costs | 1.07 | — | — | 1.07 | ||||||||||||||||||||||
Pension expense related to previously disposed of gas distribution business | 0.02 | — | — | 0.02 | ||||||||||||||||||||||
Merger related costs | — | — | 0.01 | 0.01 | ||||||||||||||||||||||
Total Adjustments | 1.04 | — | 0.01 | 1.05 | ||||||||||||||||||||||
Ongoing Earnings (Loss) | $ | 2.13 | $ | 0.86 | $ | (0.34) | $ | 2.65 | ||||||||||||||||||
Average Diluted Shares Outstanding: 86,150,508 | ||||||||||||||||||||||||||
PNM | TNMP | Corporate and Other | PNMR Consolidated | |||||||||||||||||||||||
(per diluted share) | ||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 1.13 | $ | 0.36 | $ | (0.07) | $ | 1.42 | ||||||||||||||||||
Adjusting items, net of income tax effects: | ||||||||||||||||||||||||||
Net change in unrealized (gains) and losses on investment securities | 0.10 | — | — | 0.10 | ||||||||||||||||||||||
Regulatory disallowances and restructuring costs | 0.01 | — | — | 0.01 | ||||||||||||||||||||||
Timing of statutory and effective tax rates on non-recurring items | (0.07) | — | — | (0.07) | ||||||||||||||||||||||
Total Adjustments | 0.04 | — | — | 0.04 | ||||||||||||||||||||||
Ongoing Earnings (Loss) | $ | 1.17 | $ | 0.36 | $ | (0.07) | $ | 1.46 | ||||||||||||||||||
Average Diluted Shares Outstanding: 86,135,756 | ||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||
GAAP Net Earnings (Loss) Attributable to PNMR | $ | 1.11 | $ | 0.84 | $ | (0.17) | $ | 1.78 | ||||||||||||||||||
Adjusting items, net of income tax effects: | ||||||||||||||||||||||||||
Net change in unrealized (gains) and losses on investment securities | 0.70 | — | — | 0.70 | ||||||||||||||||||||||
Regulatory disallowances and restructuring costs | 0.02 | — | — | 0.02 | ||||||||||||||||||||||
Pension expense related to previously disposed of gas distribution business | 0.02 | — | — | 0.02 | ||||||||||||||||||||||
Merger related costs | — | — | 0.02 | 0.02 | ||||||||||||||||||||||
Total Adjustments | 0.74 | — | 0.02 | 0.76 | ||||||||||||||||||||||
Ongoing Earnings (Loss) | $ | 1.85 | $ | 0.84 | $ | (0.15) | $ | 2.54 | ||||||||||||||||||
Average Diluted Shares Outstanding: 86,177,523 | ||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||
Electric Operating Revenues | $ | 505,851 | $ | 729,888 | $ | 1,527,084 | $ | 1,673,736 | |||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
Cost of energy | 210,313 | 334,339 | 624,451 | 698,349 | |||||||||||||||||||
Administrative and general | 58,481 | 58,125 | 167,630 | 165,328 | |||||||||||||||||||
Energy production costs | 20,388 | 34,469 | 68,345 | 110,534 | |||||||||||||||||||
Regulatory disallowances and restructuring costs | 2,315 | (567) | 6,046 | 832 | |||||||||||||||||||
Depreciation and amortization | 80,192 | 76,570 | 237,405 | 229,103 | |||||||||||||||||||
Transmission and distribution costs | 25,078 | 21,538 | 72,739 | 61,160 | |||||||||||||||||||
Taxes other than income taxes | 22,432 | 22,651 | 72,395 | 71,207 | |||||||||||||||||||
Total operating expenses | 419,199 | 547,125 | 1,249,011 | 1,336,513 | |||||||||||||||||||
Operating income | 86,652 | 182,763 | 278,073 | 337,223 | |||||||||||||||||||
Other Income and Deductions: | |||||||||||||||||||||||
Interest income | 5,366 | 3,969 | 15,568 | 11,588 | |||||||||||||||||||
Gains (losses) on investment securities | (8,404) | (15,736) | 1,815 | (84,104) | |||||||||||||||||||
Other income | 8,428 | 5,364 | 17,121 | 14,845 | |||||||||||||||||||
Other (deductions) | (4,555) | (1,647) | (10,562) | (7,529) | |||||||||||||||||||
Net other income and deductions | 835 | (8,050) | 23,942 | (65,200) | |||||||||||||||||||
Interest Charges | 49,838 | 34,526 | 136,660 | 89,963 | |||||||||||||||||||
Earnings before Income Taxes | 37,649 | 140,187 | 165,355 | 182,060 | |||||||||||||||||||
Income Taxes | (5,267) | 13,450 | 12,742 | 16,982 | |||||||||||||||||||
Net Earnings | 42,916 | 126,737 | 152,613 | 165,078 | |||||||||||||||||||
(Earnings) Attributable to Valencia Non-controlling Interest | (5,058) | (4,172) | (14,172) | (10,897) | |||||||||||||||||||
Preferred Stock Dividend Requirements of Subsidiary | (132) | (132) | (396) | (396) | |||||||||||||||||||
Net Earnings Attributable to PNMR | $ | 37,726 | $ | 122,433 | $ | 138,045 | $ | 153,785 | |||||||||||||||
Net Earnings Attributable to PNMR per Common Share: | |||||||||||||||||||||||
Basic | $ | 0.44 | $ | 1.42 | $ | 1.60 | $ | 1.79 | |||||||||||||||
Diluted | $ | 0.44 | $ | 1.42 | $ | 1.60 | $ | 1.78 | |||||||||||||||
Dividends Declared per Common Share | $ | 0.3675 | $ | 0.3475 | $ | 1.1025 | $ | 1.0425 |
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