2024 Ongoing Earnings Guidance Narrowed
- 2024 third quarter GAAP earnings of $1.45 per diluted share
- 2024 third quarter ongoing earnings of $1.43 per diluted share
- Narrowed 2024 ongoing earnings guidance range to
$2.70 - $2.75
ALBUQUERQUE, N.M.,
Nov. 1,
2024 /PRNewswire/ --
|
TXNM
Energy (In millions, except EPS)
|
|
|
|
|
|
Q3
2024
|
Q3
2023
|
YTD
2024
|
YTD
2023
|
|
GAAP net earnings
attributable to TXNM Energy
|
$131.2
|
$37.7
|
$226.4
|
$138.0
|
|
GAAP diluted
EPS
|
$1.45
|
$0.44
|
$2.50
|
$1.60
|
|
Ongoing net
earnings
|
$129.3
|
$132.9
|
$220.6
|
$228.0
|
|
Ongoing diluted
EPS
|
$1.43
|
$1.54
|
$2.44
|
$2.65
|
TXNM Energy (NYSE: TXNM) today released its 2024 third quarter
results. In addition, management narrowed its 2024 consolidated
ongoing earnings guidance to a range of $2.70 to $2.75 per
diluted share.
"We're pleased with our third quarter results," said
Pat Vincent-Collawn, TXNM Energy
Chairman and CEO. "The recent approval of PNM's Grid Modernization
Plan moves New Mexico forward with
a focus on strategic investments benefiting customers. These new
tools, combined with those in TNMP's filed System Resiliency Plan,
demonstrate our commitment to a reliable and resilient grid to meet
our customers' energy needs across New
Mexico and Texas."
SEGMENT REPORTING OF 2024 THIRD QUARTER EARNINGS
- PNM – a vertically integrated electric utility in
New Mexico with distribution,
transmission and generation assets.
- TNMP – an electric transmission and distribution
utility in Texas.
- Corporate and Other – reflects the TXNM Energy
holding company and other subsidiaries.
|
EPS Results by
Segment
|
|
|
GAAP Diluted
EPS
|
|
Ongoing Diluted
EPS
|
|
Q3
2024
|
Q3
2023
|
|
Q3
2024
|
Q3
2023
|
|
PNM
|
$1.20
|
$0.09
|
|
$1.18
|
$1.19
|
|
TNMP
|
$0.39
|
$0.46
|
|
$0.39
|
$0.46
|
|
Corporate and
Other
|
($0.14)
|
($0.11)
|
|
($0.14)
|
($0.11)
|
|
Consolidated TXNM
Energy
|
$1.45
|
$0.44
|
|
$1.43
|
$1.54
|
Net changes to GAAP and ongoing earnings in the third quarter of
2024 compared to the third quarter of 2023 include:
- PNM: The implementation of new retail rates, improved
performance by the decommissioning and reclamation trusts and
interest expense net of refunds were more than offset by lower
transmission margins due to market prices, new depreciation rates
implemented as part of new retail rates as well as depreciation
expense associated with new capital investments. Load growth was
offset by lower weather impacts.
- TNMP: Rate recovery through Transmission Cost of Service (TCOS)
and Distribution Cost Recovery Factor (DCRF) increases were more
than offset by lower weather impacts along with depreciation,
property tax and interest expense associated with new capital
investments.
- Corporate and Other: Lower NMRD income following the February
sale and higher interest rates on variable rate debt, net of
hedges, increased losses.
GAAP and ongoing earnings per share were reduced in the third
quarter of 2024 by additional shares issued in December 2023.
In addition, GAAP earnings in the third quarter of 2024 included
$9.5 million of net unrealized gains
on investment securities compared to $5.6
million of net unrealized losses in the third quarter of
2023. GAAP earnings in the third quarter of 2023 included a
one-time charge for a settlement involving $115 million of rate credits associated with the
retirement of the San Juan Generating Station.
Additional materials with information on quarterly results are
available at
https://www.txnmenergy.com/investors/financial-information/quarterly-reports/2024.aspx.
THIRD QUARTER CONFERENCE CALL: 11
A.M. EASTERN FRIDAY, NOVEMBER
1
TXNM Energy will discuss these items during a live conference
call and webcast on Friday, November
1st at 11 a.m. Eastern.
Speaking on the call will be Pat
Vincent-Collawn, TXNM Energy Chairman and Chief Executive
Officer, Don Tarry, TXNM Energy
President and Chief Operating Officer, and Lisa Eden, TXNM Energy Senior Vice President and
Chief Financial Officer.
The conference call will be simultaneously broadcast and
archived on our website at
https://www.txnmenergy.com/investors/events-and-presentations.
Listeners are encouraged to visit the website at least 30 minutes
before the event to register, download and install any necessary
audio software.
Investors and analysts can participate in the live conference
call by pre-registering using the following link:
https://dpregister.com/sreg/10193346/fda929e300. Telephone
participants who are unable to pre-register may participate in the
live conference call by dialing (877) 276-8648 or (412) 317-5474
fifteen minutes prior to the event and asking to join the TXNM
Energy call.
Background:
TXNM Energy (NYSE: TXNM), an energy
holding company based in Albuquerque, New
Mexico, delivers energy to more than 800,000 homes and
businesses across Texas and
New Mexico through its regulated
utilities, TNMP and PNM. For more information, visit the company's
website at www.TXNMEnergy.com.
|
CONTACTS:
|
|
|
|
Analysts
|
Media
|
|
Lisa Goodman
|
Corporate
Communications
|
|
(505)
241-2160
|
(505)
241-2743
|
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
Statements made in this news release for
TXNM Energy, Inc. ("TXNM"), Public Service Company of New Mexico ("PNM"), or Texas-New Mexico Power
Company ("TNMP") (collectively, the "Company") that relate to
future events or expectations, projections, estimates, intentions,
goals, targets, and strategies, including the unaudited financial
results and earnings guidance, are made pursuant to the Private
Securities Litigation Reform Act of 1995. Readers are cautioned
that all forward-looking statements are based upon current
expectations and estimates and apply only as of the date of this
report. TXNM, PNM, and TNMP assume no obligation to update this
information. Because actual results may differ materially from
those expressed or implied by these forward-looking statements,
TXNM, PNM, and TNMP caution readers not to place undue reliance on
these statements. TXNM's, PNM's, and TNMP's business, financial
condition, cash flow, and operating results are influenced by many
factors, which are often beyond their control, that can cause
actual results to differ from those expressed or implied by the
forward-looking statements. For a discussion of risk factors and
other important factors affecting forward-looking statements,
please see the Company's Form 10-K, Form 10-Q filings and the
information included in the Company's Forms 8-K with the Securities
and Exchange Commission, which factors are specifically
incorporated by reference herein.
Non-GAAP Financial Measures
GAAP refers to generally
accepted accounting principles in the U.S. Ongoing earnings is a
non-GAAP financial measure that excludes the impact of net
unrealized mark-to-market gains and losses on economic hedges, the
net change in unrealized gains and losses on investment securities,
pension expense related to previously disposed of gas distribution
business, and certain non-recurring, infrequent, and other items
that are not indicative of fundamental changes in the earnings
capacity of the Company's operations. The Company uses ongoing
earnings and ongoing earnings per diluted share to evaluate the
operations of the Company and to establish goals, including those
used for certain aspects of incentive compensation, for management
and employees. While the Company believes these financial measures
are appropriate and useful for investors, they are not measures
presented in accordance with GAAP. The Company does not intend for
these measures, or any piece of these measures, to represent any
financial measure as defined by GAAP. Furthermore, the Company's
calculations of these measures as presented may or may not be
comparable to similarly titled measures used by other companies.
The Company uses ongoing earnings guidance to provide investors
with management's expectations of ongoing financial performance
over the period presented. While the Company believes ongoing
earnings guidance is an appropriate measure, it is not a measure
presented in accordance with GAAP. The Company does not intend for
ongoing earnings guidance to represent an expectation of net
earnings as defined by GAAP. Since the future differences between
GAAP and ongoing earnings are frequently outside the control of the
Company, management is generally not able to estimate the impact of
the reconciling items between forecasted GAAP net earnings and
ongoing earnings guidance, nor their probable impact on GAAP net
earnings without unreasonable effort, therefore, management is
generally not able to provide a corresponding GAAP equivalent for
ongoing earnings guidance. Reconciliations between GAAP and ongoing
earnings are contained in schedules 1-4.
|
TXNM Energy, Inc.
and Subsidiaries
Schedule 1
Reconciliation of
GAAP to Ongoing Earnings
(Unaudited)
|
|
|
|
PNM
|
|
TNMP
|
|
Corporate
and Other
|
|
TXNM
Consolidated
|
|
|
(in
thousands)
|
|
Three Months Ended
September 30, 2024
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to TXNM
|
|
$
108,666
|
|
$ 35,695
|
|
$
(13,159)
|
|
$
131,202
|
|
Adjusting items before
income tax effects:
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment
securities2a
|
|
(9,546)
|
|
—
|
|
—
|
|
(9,546)
|
|
Regulatory
disallowances2b
|
|
6,142
|
|
—
|
|
—
|
|
6,142
|
|
Pension expense
related to previously disposed of gas distribution
business2c
|
|
433
|
|
—
|
|
—
|
|
433
|
|
Merger related
costs2d
|
|
—
|
|
—
|
|
479
|
|
479
|
|
Total adjustments
before income tax effects
|
|
(2,971)
|
|
—
|
|
479
|
|
(2,492)
|
|
Income tax impact of
above adjustments1
|
|
754
|
|
—
|
|
(121)
|
|
633
|
|
Total income tax
impacts4
|
|
754
|
|
—
|
|
(121)
|
|
633
|
|
Adjusting items, net
of income taxes
|
|
(2,217)
|
|
—
|
|
358
|
|
(1,859)
|
|
Ongoing Earnings
(Loss)
|
|
$
106,449
|
|
$ 35,695
|
|
$
(12,801)
|
|
$
129,343
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2024
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to TXNM
|
|
$
181,373
|
|
$ 80,203
|
|
$
(35,135)
|
|
$
226,441
|
|
Adjusting items before
income tax effects:
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment
securities2a
|
|
(16,204)
|
|
—
|
|
—
|
|
(16,204)
|
|
Regulatory
disallowances2b
|
|
10,847
|
|
—
|
|
—
|
|
10,847
|
|
Pension expense
related to previously disposed of gas distribution
business2c
|
|
1,299
|
|
—
|
|
—
|
|
1,299
|
|
Merger related
costs2d
|
|
134
|
|
(22)
|
|
2,128
|
|
2,240
|
|
Sale of
NMRD3
|
|
—
|
|
—
|
|
15,097
|
|
15,097
|
|
Total adjustments
before income tax effects
|
|
(3,924)
|
|
(22)
|
|
17,225
|
|
13,279
|
|
Income tax impact of
above adjustments1
|
|
997
|
|
4
|
|
(4,375)
|
|
(3,374)
|
|
Sale of
NMRD3
|
|
—
|
|
—
|
|
(15,712)
|
|
(15,712)
|
|
Total income tax
impacts4
|
|
997
|
|
4
|
|
(20,087)
|
|
(19,086)
|
|
Adjusting items, net
of income taxes
|
|
(2,927)
|
|
(18)
|
|
(2,862)
|
|
(5,807)
|
|
Ongoing Earnings
(Loss)
|
|
$
178,446
|
|
$ 80,185
|
|
$
(37,997)
|
|
$
220,634
|
|
|
|
|
|
|
|
|
|
|
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 Increase
in "Regulatory disallowances" of $6.1 million and $10.6 million for
the three and nine months ended September 30, 2024 and a decrease
in "Electric Operating Revenue" of zero and $0.2 million for the
three and nine months ended September 30, 2024
|
|
c Increases
in "Other (deductions)"
|
|
d Increases
(decreases) in "Administrative and general", including $0.4 million
related to rebranding costs in the three and nine months ended
September 30, 2024
|
|
3 Net gain
of $4.4 million on the sale of NMRD: Increase in "Other
(deductions)" of $15.1 million, decrease in "Income Taxes
(Benefits)" of $3.8 million for federal income tax and a decrease
in "Income Taxes (Benefits)" of $15.7 million for investment tax
credits
|
|
4 Increases
(decreases) in "Income Taxes (Benefits)"
|
|
TXNM Energy, Inc.
and Subsidiaries
Schedule 2
Reconciliation of
GAAP to Ongoing Earnings
(Unaudited)
|
|
|
|
PNM
|
|
TNMP
|
|
Corporate
and Other
|
|
TXNM
Consolidated
|
|
|
(in
thousands)
|
|
Three Months Ended
September 30, 2023
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to TXNM
|
|
$
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
disallowances2b
|
|
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 TXNM
|
|
$ 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
disallowances2b
|
|
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
|
|
|
|
|
|
|
|
|
|
|
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 "Electric Operating Revenue" of $117.6 million for the three and
nine months ended September 30, 2023, an increase in "Regulatory
disallowances" 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 (Benefits)"
|
|
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 TXNM, and the GAAP anticipated
effective tax rates of 18.9% for PNM, 15.1% for TNMP, and 16.1% for
TXNM, which will reverse by year end
|
|
5 Income tax
impacts reflected in "Income Taxes (Benefits)"
|
|
|
|
|
|
|
|
|
|
TXNM Energy, Inc.
and Subsidiaries
Schedule 3
Reconciliation of
GAAP to Ongoing Earnings Per Diluted
Share
(Unaudited)
|
|
|
|
PNM
|
|
TNMP
|
|
Corporate
and Other
|
|
TXNM
Consolidated
|
|
|
(per diluted
share)
|
|
Three Months Ended
September 30, 2024
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to TXNM
|
|
$
1.20
|
|
$
0.39
|
|
$
(0.14)
|
|
$
1.45
|
|
Adjusting items, net of
income tax effects:
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment securities
|
|
(0.07)
|
|
—
|
|
—
|
|
(0.07)
|
|
Regulatory
disallowances
|
|
0.05
|
|
—
|
|
—
|
|
0.05
|
|
Total
Adjustments
|
|
(0.02)
|
|
—
|
|
—
|
|
(0.02)
|
|
Ongoing Earnings
(Loss)
|
|
$
1.18
|
|
$
0.39
|
|
$
(0.14)
|
|
$
1.43
|
|
Average Diluted Shares
Outstanding: 90,605,188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2024
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to TXNM
|
|
$
2.00
|
|
$
0.89
|
|
$
(0.39)
|
|
$
2.50
|
|
Adjusting items, net of
income tax effects:
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment securities
|
|
(0.13)
|
|
—
|
|
—
|
|
(0.13)
|
|
Sale of
NMRD
|
|
—
|
|
—
|
|
(0.05)
|
|
(0.05)
|
|
Regulatory
disallowances
|
|
0.09
|
|
—
|
|
—
|
|
0.09
|
|
Pension expense
related to previously disposed of gas distribution
business
|
|
0.01
|
|
—
|
|
—
|
|
0.01
|
|
Merger related
costs
|
|
—
|
|
—
|
|
0.02
|
|
0.02
|
|
Total
Adjustments
|
|
(0.03)
|
|
—
|
|
(0.03)
|
|
(0.06)
|
|
Ongoing Earnings
(Loss)
|
|
$
1.97
|
|
$
0.89
|
|
$
(0.42)
|
|
$
2.44
|
|
Average Diluted Shares
Outstanding: 90,551,894
|
|
|
|
|
|
|
TXNM Energy, Inc.
and Subsidiaries
Schedule 4
Reconciliation of
GAAP to Ongoing Earnings Per Diluted
Share
(Unaudited)
|
|
|
|
PNM
|
|
TNMP
|
|
Corporate
and Other
|
|
TXNM
Consolidated
|
|
|
(per diluted
share)
|
|
Three Months Ended
September 30, 2023
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to TXNM
|
|
$
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
|
|
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 TXNM
|
|
$
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
|
|
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
|
|
|
|
|
|
|
TXNM Energy, Inc.
and Subsidiaries
Schedule 5
Condensed
Consolidated Statements of
Earnings
(Unaudited)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
(In thousands, except
per share amounts)
|
|
|
|
|
|
|
|
|
|
Electric Operating
Revenues
|
$
569,256
|
|
$
505,851
|
|
$
1,494,235
|
|
$
1,527,084
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
Cost of
energy
|
138,909
|
|
210,313
|
|
425,919
|
|
624,451
|
|
Administrative and
general
|
64,840
|
|
58,481
|
|
179,848
|
|
167,630
|
|
Energy production
costs
|
21,259
|
|
20,388
|
|
68,055
|
|
68,345
|
|
Regulatory
disallowances
|
6,142
|
|
2,315
|
|
10,601
|
|
6,046
|
|
Depreciation and
amortization
|
97,400
|
|
80,192
|
|
285,000
|
|
237,405
|
|
Transmission and
distribution costs
|
23,660
|
|
25,078
|
|
71,475
|
|
72,739
|
|
Taxes other than
income taxes
|
25,966
|
|
22,432
|
|
75,984
|
|
72,395
|
|
Total operating
expenses
|
378,176
|
|
419,199
|
|
1,116,882
|
|
1,249,011
|
|
Operating
income
|
191,080
|
|
86,652
|
|
377,353
|
|
278,073
|
|
Other Income and
Deductions:
|
|
|
|
|
|
|
|
|
Interest
income
|
8,669
|
|
5,366
|
|
17,719
|
|
15,568
|
|
Gains (losses) on
investment securities
|
13,770
|
|
(8,404)
|
|
32,326
|
|
1,815
|
|
Other
income
|
7,953
|
|
8,428
|
|
20,552
|
|
17,121
|
|
Other
(deductions)
|
(1,988)
|
|
(4,555)
|
|
(20,146)
|
|
(10,562)
|
|
Net other income and
deductions
|
28,404
|
|
835
|
|
50,451
|
|
23,942
|
|
Interest
Charges
|
59,664
|
|
49,838
|
|
169,254
|
|
136,660
|
|
Earnings before
Income Taxes
|
159,820
|
|
37,649
|
|
258,550
|
|
165,355
|
|
Income Taxes
(Benefits)
|
23,422
|
|
(5,267)
|
|
19,822
|
|
12,742
|
|
Net
Earnings
|
136,398
|
|
42,916
|
|
238,728
|
|
152,613
|
|
(Earnings)
Attributable to Valencia Non-controlling Interest
|
(5,064)
|
|
(5,058)
|
|
(11,891)
|
|
(14,172)
|
|
Preferred Stock
Dividend Requirements of Subsidiary
|
(132)
|
|
(132)
|
|
(396)
|
|
(396)
|
|
Net Earnings
Attributable to TXNM
|
$
131,202
|
|
$ 37,726
|
|
$
226,441
|
|
$
138,045
|
|
Net Earnings
Attributable to TXNM per Common Share:
|
|
|
|
|
|
|
|
|
Basic
|
$
1.45
|
|
$
0.44
|
|
$
2.50
|
|
$
1.60
|
|
Diluted
|
$
1.45
|
|
$
0.44
|
|
$
2.50
|
|
$
1.60
|
|
Dividends Declared
per Common Share
|
$ 0.3875
|
|
$ 0.3675
|
|
$ 1.1625
|
|
$
1.1025
|
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SOURCE TXNM Energy, Inc.
