- 2024 GAAP earnings of $2.67 per diluted share, ongoing earnings of
$2.74 per diluted share achieves
guidance expectation
- 2025 ongoing earnings guidance range introduced at
$2.74 - $2.84 per diluted share reflects strong
Texas growth, mid-year
implementation of PNM customer rate phase-in
- Increased long-term earnings per share growth target of 7%
to 9%
ALBUQUERQUE, N.M., Feb. 21,
2025 /PRNewswire/ -- TXNM Energy (NYSE: TXNM) today
reported 2024 earnings results and refreshed its growth outlook,
increasing its long-term earnings growth target to 7% to 9%. In
addition, management announced 2025 consolidated ongoing earnings
guidance of $2.74 to $2.84 per diluted share.
"Our financial expectations are driven by the continued
expansion of grid infrastructure supporting growth and reliability
in our Texas service territory. In
New Mexico, the proposed
settlement in our rate review is phased-in to assist our customers
in managing the impact," said Pat
Vincent-Collawn, TXNM Energy Chairman and CEO. "As we look
forward, we will continue to prioritize investments for a more
reliable, resilient grid that will provide direct benefits to our
customers in New Mexico and
Texas for years to come."
GROWTH OUTLOOK
As part of its update, TXNM Energy
rolled forward its 5-year capital investment plan to encompass the
years 2025-2029 and incorporate additional investments, including
Texas transmission projects
resulting from the ERCOT Permian Basin Reliability Study. As a
result, TXNM Energy's 5-year capital investment plan increased to
$7.8 billion, a 26% increase over the
prior 5-year plan. Regulated rate base grows 12% under the plan
compared to 2025 levels, and earnings per share over this period
are targeted to grow between 7% and 9%.
2025 EARNINGS GUIDANCE
2025 ongoing earnings guidance
was introduced at a range of $2.74 to
$2.84 per share, reflecting continued
strong growth at TNMP and a mid-year implementation of the first
phase of PNM's stipulated rate increase.
CONSOLIDATED 2024 EARNINGS
TXNM Energy reported
2024 GAAP earnings of $2.67 per
diluted share. Ongoing earnings of $2.74 per diluted share achieved Company's
narrowed expectation for the high end of original guidance.
|
TXNM Energy (In
millions, except EPS)
|
|
|
2024
|
2023
|
|
GAAP net earnings
attributable
to TXNM Energy
|
$242.2
|
$87.8
|
|
GAAP diluted
EPS
|
$2.67
|
$1.02
|
|
Ongoing net
earnings
|
$247.8
|
$243.5
|
|
Ongoing diluted EPS
|
$2.74
|
$2.82
|
PNM GAAP earnings in 2023 included $242.0
million in regulatory disallowances resulting from a
settlement associated with the retirement of the San Juan
Generating Station and disallowances related to legacy generation
assets in PNM's prior rate case outcome. These costs were offset by
$33.3 million of net unrealized gains
on investment securities in 2023 compared to $2.7 million of net unrealized gains in 2024.
SEGMENT REPORTING OF 2024 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
|
|
2024
|
2023
|
|
2024
|
2023
|
|
PNM
|
$2.12
|
$0.41
|
|
$2.16
|
$2.22
|
|
TNMP
|
$1.14
|
$1.10
|
|
$1.15
|
$1.11
|
|
Corporate and
Other
|
($0.59)
|
($0.49)
|
|
($0.57)
|
($0.51)
|
|
Consolidated TXNM
Energy Energy
|
$2.67
|
$1.02
|
|
$2.74
|
$2.82
|
Net changes to earnings in 2024 compared to 2023 include:
- PNM: Higher realized gains reflecting improved market
performance of decommissioning and reclamation trusts, increased
customer usage despite milder summer temperatures and new rates
implemented at PNM Retail and FERC were partially offset by lower
transmission margins, increased planned maintenance at gas plants,
higher depreciation rates and increased depreciation and property
tax expense associated with new capital investments. As discussed
above, GAAP earnings are also improved due to the 2023 regulatory
disallowances, partially offset by lower net unrealized gains on
investment securities.
- TNMP: Increased rate recovery through the Transmission Cost of
Service (TCOS) and Distribution Cost Recovery Factor (DCRF)
mechanisms and lower O&M expenses were partially offset by
milder summer temperatures and depreciation, property tax and
interest expense associated with new capital investments.
- Corporate and Other: Higher interest rates on variable rate
debt, net of hedges, and the absence of NMRD income following
its sale in early 2024 increased losses.
Additional materials with information on quarterly results are
available at
https://www.txnmenergy.com/investors/financial-information/quarterly-reports/2024.aspx.
CONFERENCE CALL: 11 A.M.
EASTERN FRIDAY, FEBRUARY 21
TXNM Energy will discuss these items during a live conference
call and webcast on Friday, February
21st 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
|
|
|
|
PNM
|
|
TNMP
|
|
Corporate
and Other
|
|
Consolidated
|
|
|
(in
thousands)
|
|
Quarter Ended
December 31, 2024
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to TXNM:
|
|
$ 10,311
|
|
$ 23,325
|
|
$
(17,922)
|
|
$
15,714
|
|
Adjusting items before
income tax effects
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment
securities2a
|
|
13,486
|
|
—
|
|
—
|
|
13,486
|
|
Regulatory
disallowances2b
|
|
(1,621)
|
|
—
|
|
—
|
|
(1,621)
|
|
FERC
refunds2c
|
|
(4,037)
|
|
—
|
|
—
|
|
(4,037)
|
|
Pension expense
related to previously disposed of gas distribution
business2d
|
|
433
|
|
—
|
|
—
|
|
433
|
|
Process improvement
initiatives2e
|
|
523
|
|
1,046
|
|
2,137
|
|
3,706
|
|
Merger related
costs2f
|
|
40
|
|
13
|
|
860
|
|
913
|
|
Total adjustments
before income tax effects
|
|
8,824
|
|
1,059
|
|
2,997
|
|
12,880
|
|
Income tax impact of
above adjustments1
|
|
(2,241)
|
|
(222)
|
|
(761)
|
|
(3,224)
|
|
Income tax valuation
allowance3
|
|
—
|
|
—
|
|
1,346
|
|
1,346
|
|
Income tax impact of
non-deductible merger related costs3
|
|
289
|
|
179
|
|
—
|
|
468
|
|
Total income tax
impacts5
|
|
(1,952)
|
|
(43)
|
|
585
|
|
(1,410)
|
|
Adjusting items, net
of income taxes
|
|
6,872
|
|
1,016
|
|
3,582
|
|
11,470
|
|
Ongoing Earnings
(Loss)
|
|
$ 17,183
|
|
$ 24,341
|
|
$
(14,340)
|
|
$
27,184
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 2024
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to TXNM:
|
|
$
191,684
|
|
$
103,528
|
|
$
(53,058)
|
|
$
242,154
|
|
Adjusting items before
income tax effects
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment
securities2a
|
|
(2,718)
|
|
—
|
|
—
|
|
(2,718)
|
|
Regulatory
disallowances2b
|
|
9,226
|
|
—
|
|
—
|
|
9,226
|
|
FERC
refunds2c
|
|
(4,037)
|
|
—
|
|
—
|
|
(4,037)
|
|
Pension expense
related to previously disposed of gas distribution
business2d
|
|
1,732
|
|
—
|
|
—
|
|
1,732
|
|
Process improvement
initiatives2e
|
|
523
|
|
1,046
|
|
2,137
|
|
3,706
|
|
Merger related
costs2f
|
|
174
|
|
(8)
|
|
2,988
|
|
3,154
|
|
Sale of
NMRD4
|
|
—
|
|
—
|
|
15,097
|
|
15,097
|
|
Total adjustments
before income tax effects
|
|
4,900
|
|
1,038
|
|
20,222
|
|
26,160
|
|
Income tax impact of
above adjustments1
|
|
(1,244)
|
|
(218)
|
|
(5,135)
|
|
(6,597)
|
|
Sale of
NMRD4
|
|
—
|
|
—
|
|
(15,712)
|
|
(15,712)
|
|
Income tax valuation
allowance3
|
|
—
|
|
—
|
|
1,346
|
|
1,346
|
|
Income tax impact of
non-deductible merger related costs3
|
|
289
|
|
179
|
|
—
|
|
468
|
|
Total income tax
impacts5
|
|
(955)
|
|
(39)
|
|
(19,501)
|
|
(20,495)
|
|
Adjusting items, net
of income taxes
|
|
3,945
|
|
999
|
|
721
|
|
5,665
|
|
Ongoing Earnings
(Loss)
|
|
$
195,629
|
|
$
104,527
|
|
$
(52,337)
|
|
$
247,819
|
|
|
|
|
|
|
|
|
|
|
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 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" of $1.6 million for the three months
ended December 31, 2024, increases in "Regulatory
disallowances" of $9.0 million for the twelve
months ended December 31, 2024, and decreases in "Electric
Operating Revenues" of
$0.2 million for the twelve months ended
December 31, 2024
|
|
c Decreases
in "Cost of energy" of $3.8 million and increases in "Interest
income" of $0.2 million for the three and twelve months ended
December 31, 2024
|
|
d Increases
in "Other (deductions)"
|
|
e Increases
in "Administrative and general" of $5.0 million for the three and
twelve months ended December 31, 2024 and decreases in
"Energy production costs" of $1.3 million for
the three and twelve months ended December 31, 2024
|
|
f Increases
in "Administrative and general"
|
|
3 Increases
(decreases) in "Income Taxes"
|
|
|
|
|
|
|
|
|
|
4 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
|
|
5 Income tax
impacts reflected in "Income Taxes"
|
|
TXNM Energy, Inc.
and Subsidiaries
Schedule 2
Reconciliation of
GAAP to Ongoing Earnings
|
|
|
|
PNM
|
|
TNMP
|
|
Corporate
and Other
|
|
Consolidated
|
|
|
(in
thousands)
|
|
Quarter Ended
December 31, 2023
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to TXNM:
|
|
$
(58,179)
|
|
$ 20,768
|
|
$
(12,815)
|
|
$
(50,226)
|
|
Adjusting items before
income tax effects
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment
securities2a
|
|
(26,840)
|
|
—
|
|
—
|
|
(26,840)
|
|
Regulatory
disallowances2b
|
|
117,238
|
|
1,173
|
|
—
|
|
118,411
|
|
Pension expense
related to previously disposed of gas distribution
business2c
|
|
678
|
|
—
|
|
—
|
|
678
|
|
Merger related
costs2d
|
|
671
|
|
301
|
|
302
|
|
1,274
|
|
Total adjustments
before income tax effects
|
|
91,747
|
|
1,474
|
|
302
|
|
93,523
|
|
Income tax impact of
above adjustments1
|
|
(23,304)
|
|
(310)
|
|
(76)
|
|
(23,690)
|
|
SJGS retirement income
tax adjustments3
|
|
(1,199)
|
|
—
|
|
—
|
|
(1,199)
|
|
Income tax impact of
non-deductible merger related costs3
|
|
(46)
|
|
3
|
|
(2,428)
|
|
(2,471)
|
|
Timing of statutory
and effective tax rates on non-recurring
items4
|
|
(240)
|
|
(51)
|
|
(144)
|
|
(435)
|
|
Total income tax
impacts5
|
|
(24,789)
|
|
(358)
|
|
(2,648)
|
|
(27,795)
|
|
Adjusting items, net
of income taxes
|
|
66,958
|
|
1,116
|
|
(2,346)
|
|
65,728
|
|
Ongoing Earnings
(Loss)
|
|
$
8,779
|
|
$ 21,884
|
|
$
(15,161)
|
|
$
15,502
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 2023
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to TXNM:
|
|
$ 35,657
|
|
$ 94,937
|
|
$
(42,776)
|
|
$
87,818
|
|
Adjusting items before
income tax effects
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment
securities2a
|
|
(33,278)
|
|
—
|
|
—
|
|
(33,278)
|
|
Regulatory
disallowances2b
|
|
240,840
|
|
1,173
|
|
—
|
|
242,013
|
|
Pension expense
related to previously disposed of gas distribution
business2c
|
|
2,716
|
|
—
|
|
—
|
|
2,716
|
|
Merger related
costs2d
|
|
730
|
|
303
|
|
953
|
|
1,986
|
|
Total adjustments
before income tax effects
|
|
211,008
|
|
1,476
|
|
953
|
|
213,437
|
|
Income tax impacts of
above adjustments1
|
|
(53,596)
|
|
(310)
|
|
(242)
|
|
(54,148)
|
|
SJGS retirement income
tax adjustments3
|
|
(1,199)
|
|
—
|
|
—
|
|
(1,199)
|
|
Income tax impact of
non-deductible merger related costs3
|
|
(40)
|
|
3
|
|
(2,334)
|
|
(2,371)
|
|
Total income tax
impacts5
|
|
(54,835)
|
|
(307)
|
|
(2,576)
|
|
(57,718)
|
|
Adjusting items, net
of income taxes
|
|
156,173
|
|
1,169
|
|
(1,623)
|
|
155,719
|
|
Ongoing Earnings
(Loss)
|
|
$
191,830
|
|
$ 96,106
|
|
$
(44,399)
|
|
$
243,537
|
|
|
|
|
|
|
|
|
|
|
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 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 Revenues" of $52.2 million and $169.8
million for the three and twelve months ended December 31,
2023, increases in "Regulatory disallowances"
of $65.9 million and $71.9 million for the three and twelve months
ended December
31, 2023, and increases in "Interest charges"
of $0.3 million for the three and twelve months ended December 31,
2023
|
|
c Increases
in "Other (deductions)"
|
|
d Increases
in "Administrative and general"
|
|
3 Increases
(decreases) 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 23.7% for TXNM,
and the GAAP anticipated effective tax rates of 18.6% for PNM,
15.0% for TNMP, and
15.6% for TXNM, which reversed by year
end
|
|
5 Income tax
impacts reflected in "Income Taxes"
|
|
TXNM Energy, Inc.
and Subsidiaries
Schedule 3
Reconciliation of
GAAP to Ongoing Earnings Per Diluted Share
|
|
|
|
PNM
|
|
TNMP
|
|
Corporate
and Other
|
|
Consolidated
|
|
|
(per diluted
share)
|
|
Quarter Ended
December 31, 2024
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to TXNM:
|
|
$
0.11
|
|
$
0.26
|
|
$
(0.20)
|
|
$
0.17
|
|
Adjusting items, net
of income tax effects
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment securities
|
|
0.12
|
|
—
|
|
—
|
|
0.12
|
|
Regulatory
disallowances
|
|
(0.01)
|
|
—
|
|
—
|
|
(0.01)
|
|
FERC
refunds
|
|
(0.03)
|
|
—
|
|
—
|
|
(0.03)
|
|
Process improvement
initiatives
|
|
—
|
|
0.01
|
|
0.02
|
|
0.03
|
|
Income tax valuation
allowance
|
|
—
|
|
—
|
|
0.01
|
|
0.01
|
|
Merger related
costs
|
|
—
|
|
—
|
|
0.01
|
|
0.01
|
|
Total
Adjustments
|
|
0.08
|
|
0.01
|
|
0.04
|
|
0.13
|
|
Ongoing Earnings
(Loss)
|
|
$
0.19
|
|
$
0.27
|
|
$
(0.16)
|
|
$
0.30
|
|
Average Diluted Shares
Outstanding: 90,998,879
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 2024
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to TXNM:
|
|
$
2.12
|
|
$
1.14
|
|
$
(0.59)
|
|
$
2.67
|
|
Adjusting items, net of
income tax effects
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment securities
|
|
(0.02)
|
|
—
|
|
—
|
|
(0.02)
|
|
Regulatory
disallowances
|
|
0.08
|
|
—
|
|
—
|
|
0.08
|
|
FERC
refunds
|
|
(0.03)
|
|
—
|
|
—
|
|
(0.03)
|
|
Pension expense
related to previously disposed of gas distribution
business
|
|
0.01
|
|
—
|
|
—
|
|
0.01
|
|
Process improvement
initiatives
|
|
—
|
|
0.01
|
|
0.02
|
|
0.03
|
|
Income tax valuation
allowance
|
|
—
|
|
—
|
|
0.02
|
|
0.02
|
|
Merger related
costs
|
|
—
|
|
—
|
|
0.03
|
|
0.03
|
|
Sale of
NMRD
|
|
—
|
|
—
|
|
(0.05)
|
|
(0.05)
|
|
Total
Adjustments
|
|
0.04
|
|
0.01
|
|
0.02
|
|
0.07
|
|
Ongoing Earnings
(Loss)
|
|
$
2.16
|
|
$
1.15
|
|
$
(0.57)
|
|
$
2.74
|
|
Average Diluted Shares
Outstanding: 90,590,573
|
|
|
|
|
|
|
TXNM Energy, Inc.
and Subsidiaries
Schedule 4
Reconciliation of
GAAP to Ongoing Earnings Per Diluted Share
|
|
|
|
PNM
|
|
TNMP
|
|
Corporate
and Other
|
|
Consolidated
|
|
|
(per diluted
share)
|
|
Quarter Ended
December 31, 2023
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to TXNM:
|
|
$
(0.67)
|
|
$
0.24
|
|
$
(0.15)
|
|
$
(0.58)
|
|
Adjusting items, net
of income tax effects
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment securities
|
|
(0.23)
|
|
—
|
|
—
|
|
(0.23)
|
|
Regulatory
disallowances
|
|
1.01
|
|
0.01
|
|
—
|
|
1.02
|
|
Merger related
costs
|
|
—
|
|
—
|
|
(0.02)
|
|
(0.02)
|
|
SJGS retirement income
tax adjustments
|
|
(0.01)
|
|
—
|
|
—
|
|
(0.01)
|
|
Total
Adjustments
|
|
0.77
|
|
0.01
|
|
(0.02)
|
|
0.76
|
|
Ongoing Earnings
(Loss)
|
|
$
0.10
|
|
$
0.25
|
|
$
(0.17)
|
|
$
0.18
|
|
Average Diluted Shares
Outstanding: 86,932,542
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 2023
|
|
|
|
|
|
|
|
|
|
GAAP Net Earnings
(Loss) Attributable to TXNM:
|
|
$
0.41
|
|
$
1.10
|
|
$
(0.49)
|
|
$
1.02
|
|
Adjusting items, net of
income tax effects
|
|
|
|
|
|
|
|
|
|
Net change in
unrealized (gains) and losses on investment securities
|
|
(0.29)
|
|
—
|
|
—
|
|
(0.29)
|
|
Regulatory
disallowances
|
|
2.08
|
|
0.01
|
|
—
|
|
2.09
|
|
Pension expense
related to previously disposed of gas distribution
business
|
|
0.02
|
|
—
|
|
—
|
|
0.02
|
|
Merger related
costs
|
|
0.01
|
|
—
|
|
(0.02)
|
|
(0.01)
|
|
SJGS retirement income
tax adjustments
|
|
(0.01)
|
|
—
|
|
—
|
|
(0.01)
|
|
Total
Adjustments
|
|
1.81
|
|
0.01
|
|
(0.02)
|
|
1.80
|
|
Ongoing Earnings
(Loss)
|
|
$
2.22
|
|
$
1.11
|
|
$
(0.51)
|
|
$
2.82
|
|
Average Diluted Shares
Outstanding: 86,368,999
|
|
|
|
|
|
|
TXNM Energy, Inc.
and Subsidiaries
Schedule 5
Consolidated
Statements of Earnings
|
|
|
Year Ended
December 31,
|
|
2024
|
|
2023
|
|
2022
|
|
(In thousands, except per share amounts)
|
|
Electric Operating
Revenues
|
$ 1,971,199
|
|
$ 1,939,198
|
|
$ 2,249,555
|
|
Operating
Expenses:
|
|
|
|
|
|
|
Cost of
energy
|
583,984
|
|
802,261
|
|
987,941
|
|
Administrative and
general
|
247,116
|
|
227,900
|
|
227,149
|
|
Energy production
costs
|
93,748
|
|
91,610
|
|
147,347
|
|
Regulatory
disallowances
|
8,980
|
|
71,923
|
|
832
|
|
Depreciation and
amortization
|
384,925
|
|
319,503
|
|
304,853
|
|
Transmission and
distribution costs
|
98,380
|
|
98,721
|
|
94,684
|
|
Taxes other than
income taxes
|
100,580
|
|
95,940
|
|
92,989
|
|
Total operating
expenses
|
1,517,713
|
|
1,707,858
|
|
1,855,795
|
|
Operating
income
|
453,486
|
|
231,340
|
|
393,760
|
|
Other Income and
Deductions:
|
|
|
|
|
|
|
Interest
income
|
23,537
|
|
21,963
|
|
16,095
|
|
Gains (losses) on
investment securities
|
26,851
|
|
19,246
|
|
(78,357)
|
|
Other
income
|
28,621
|
|
24,204
|
|
21,601
|
|
Other
(deductions)
|
(24,189)
|
|
(15,869)
|
|
(13,881)
|
|
Net other income and
(deductions)
|
54,820
|
|
49,544
|
|
(54,542)
|
|
Interest
Charges
|
228,066
|
|
190,355
|
|
127,908
|
|
Earnings before
Income Taxes
|
280,240
|
|
90,529
|
|
211,310
|
|
Income Taxes
(Benefits)
|
21,518
|
|
(16,350)
|
|
26,130
|
|
Net
Earnings
|
258,722
|
|
106,879
|
|
185,180
|
|
(Earnings)
Attributable to Valencia Non-controlling Interest
|
(16,040)
|
|
(18,533)
|
|
(15,122)
|
|
Preferred Stock
Dividend Requirements of Subsidiary
|
(528)
|
|
(528)
|
|
(528)
|
|
Net Earnings
Attributable to TXNM
|
$
242,154
|
|
$
87,818
|
|
$
169,530
|
|
Net Earnings
Attributable to TXNM per Common Share:
|
|
|
|
|
|
|
Basic
|
$
2.67
|
|
$
1.02
|
|
$
1.97
|
|
Diluted
|
$
2.67
|
|
$
1.02
|
|
$
1.97
|
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SOURCE TXNM Energy, Inc.
