from SNL Power Daily with Market Report
PNM Resources lowers full-year guidance due to milder temperature in New Mexico
BYLINE: Nephele Kirong
PNM Resources Inc. lowered its 2019 consolidated ongoing earnings guidance due to "substantially milder" temperatures in New Mexico during the second quarter.
The company now expects consolidated ongoing earnings of $2.05 per share to $2.11, compared to its previous guidance of $2.10 per share to $2.20 per share. The S&P Global Market Intelligence normalized consensus estimate is $2.15 per share for 2019.
PNM also revised second-quarter ongoing earnings guidance to 36 cents per share to 38 cents per share, from 57 cents per share to 59 cents per share.
PNM said July 12 its service territory experienced its mildest second quarter over the last 19 years. Public Service Co. of New Mexico is PNM's utility subsidiary in the state. The revenues of subsidiary Texas-New Mexico Power Co. are also lower partially due to a change in timing of load additions that are still expected in West Texas.