Boston, MA 03/14/2014 (wallstreetpr) – PNM Resources Inc. (NYSE:PNM) an investor owned holding company for energy related businesses posted impressive earnings for full year and fourth quarter. Earnings per share for the quarter came in at 21 cents beating consensus estimates of 18 cents. Full year earnings per share was also up by 61.5%, from a low of 13 cents reported in 2012.
PNM Resources’ GAAP earnings per share for the quarter was down coming in at 10 cents compared to a high of 11 cents reported in the fourth quarter of 2012. The company’s ongoing earnings for the year was up by 7.6% coming in at $1.41 per share.
Full year earnings on a GAAP basis came in at $1.25, down from a high of $1.31 reported in 2012. The variance between GAAP and ongoing earnings was mainly as a result of New Mexico corporate income tax rate change as well as market to market effect of economic hedges and losses on reacquired debt.
Operational results
PNM Resources Inc. (NYSE:PNM)’s total operating revenues for the quarter beat consensus estimates coming in at $322.9 million which was a high of 10.2%. Full year operating revenues grew by 3.4% coming in at $1.39 billion
PNM Resources’ operating expenses for the year grew by 3% compared to those of 2012 clocking in at a high of $1.1 billion mainly as a result of increased costs of energy, depreciation of expenses as well as taxes. The company’s operating income for the year stood at $286.8 million with interest charges of $12.4 million which was slightly lower compared to highs of $120.8 million reported the prior year.
Financial position
PNM Resources Inc. (NYSE:PNM)’s cash and cash equivalent as of close of business on December 31, 2013 stood at $2.5 million down from a high of$9 million reported in 2012. Its long-term debt as of the end of 2013 stood at $1.67 billion up from $1.669 billion as of the end of 2012.
PNM Resources Inc. (NYSE:PNM) was up by 1.47% on Thursday trading session closing the day at a high of $26.93
