TXNM Energy (TXNM) Q2 2024 earnings summary

Executive summary

• Q2 2024 ongoing EPS reached $0.60, up from $0.55 year-over-year, exceeding expectations; GAAP EPS was $0.53.

• 2024 ongoing EPS guidance reaffirmed at $2.65–$2.75, with a long-term 6%-7% EPS growth target through 2028.

• Company rebranding as TXNM Energy, with new ticker TXNM effective August 5, 2024.

• Major weather events, including Hurricane Beryl and wildfires, tested system resiliency and emergency response.

• PNMR serves over 800,000 customers in New Mexico and Texas, focusing on reliable, affordable, and environmentally responsible power.

Financial highlights

• Q2 2024 ongoing net earnings were $54.3M, up from $47.4M; GAAP net earnings were $48.0M, up from $45.3M.

• YTD 2024 ongoing net earnings were $91.3M, down from $95.1M; GAAP net earnings were $95.2M, down from $100.3M.

• Electric operating revenues for Q2 2024 were $488.1M, up from $477.2M; six-month revenues were $924.98M.

• Q2 2024 dividends declared per share were $0.3875, up from $0.3675.

• TNMP and PNM both saw segment EPS growth, with TNMP Q2 EPS at $0.33 and PNM at $0.36 ongoing.

Outlook and guidance

• 2024 ongoing EPS guidance range reaffirmed at $2.65–$2.75 per share.

• Long-term 6%-7% EPS growth targeted through 2028, with 10% average rate base growth projected.

• PNM's 2025 rate request seeks a $174.3M retail revenue increase, phased base rate hikes, and a 10.45% ROE.

• TNMP and PNM plan further rate increases and grid modernization investments.

• PNMR projects $6.8B in consolidated capital requirements for 2024–2028.