PNM Resources and Public Service Company of New
Mexico Declare Quarterly Dividends
ALBUQUERQUE, N.M.,
Dec. 5,
2023 /PRNewswire/ -- The Board of Directors of PNM
Resources (NYSE: PNM) today voted to increase the company's annual
dividend payment by $0.08, a 5.4%
increase, to an indicated annual rate of $1.55 per share of common stock. The increase is
consistent with the company's targeted long-term ongoing earnings
per share growth rate of 5%.
The board has declared the resulting quarterly stock dividend of
$0.3875 per share, payable
February 16, 2024, to shareholders of
record at the close of business February 2,
2024.
Also today, the Board of Directors of Public Service Company of
New Mexico, a subsidiary of PNM
Resources, declared the regular quarterly dividend of $1.145 per share on the 4.58 percent series of
cumulative preferred stock. The preferred stock dividend is payable
January 15, 2024 to shareholders of
record at the close of business December 29,
2023.
Background:
PNM Resources (NYSE: PNM) is an energy
holding company based in Albuquerque,
N.M., with 2022 consolidated operating revenues of
$2.2 billion. Through its regulated
utilities, PNM and TNMP, PNM Resources provides electricity to more
than 800,000 homes and businesses in New
Mexico and Texas. PNM
serves its customers with a diverse mix of generation and purchased
power resources totaling 2.7 gigawatts of capacity, with a goal to
achieve 100% emissions-free energy by 2040. For more information,
visit the company's website at www.PNMResources.com.
CONTACTS:
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Analysts
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Media
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Lisa Goodman
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Ray Sandoval
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(505) 241-2160
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(505)
241-2782
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Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
Statements made in this news release for
PNM Resources, Inc. ("PNMR"), 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. PNMR, 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,
PNMR, PNM, and TNMP caution readers not to place undue reliance on
these statements. PNMR'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. Additionally, there are risks and
uncertainties in connection with the proposed acquisition of us by
AVANGRID which may adversely affect our business, future
opportunities, employees and common stock, including without
limitation, (i) the expected timing and likelihood of completion of
the pending Merger, including the timing, receipt and terms and
conditions of any remaining required governmental and regulatory
approvals of the pending Merger that could reduce anticipated
benefits or cause the parties to abandon the transaction, (ii) the
occurrence of any event, change or other circumstances that could
give rise to the termination of the Merger Agreement, (iii) the
risk that the parties may not be able to satisfy the conditions to
the proposed Merger in a timely manner or at all, and (iv) the risk
that the proposed transaction could have an adverse effect on the
ability of PNMR to retain and hire key personnel and maintain
relationships with its customers and suppliers, and on its
operating results and businesses generally. 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.
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SOURCE PNM Resources, Inc.