TXNM Energy reports 2024 earnings, increases investment plan and earnings growth targets
PR Newswire
ALBUQUERQUE, N.M., Feb. 21, 2025
-- 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 $(TXNM)$ 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 21(st) 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
$(505.SI)$ 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
Corporate
PNM TNMP 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
securities(2a) 13,486 -- -- 13,486
Regulatory
disallowances(2b) (1,621) -- -- (1,621)
FERC refunds(2c) (4,037) -- -- (4,037)
Pension expense
related to
previously
disposed of gas
distribution
business(2d) 433 -- -- 433
Process improvement
initiatives(2e) 523 1,046 2,137 3,706
Merger related
costs(2f) 40 13 860 913
----------- ----------- ----------- ----------------
Total adjustments
before income
tax effects 8,824 1,059 2,997 12,880
----------- ----------- ----------- ----------------
Income tax impact
of above
adjustments(1) (2,241) (222) (761) (3,224)
Income tax
valuation
allowance(3) -- -- 1,346 1,346
Income tax impact
of non-deductible
merger related
costs(3) 289 179 -- 468
Total income tax
impacts(5) (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
securities(2a) (2,718) -- -- (2,718)
Regulatory
disallowances(2b) 9,226 -- -- 9,226
FERC refunds(2c) (4,037) -- -- (4,037)
Pension expense
related to
previously
disposed of gas
distribution
business(2d) 1,732 -- -- 1,732
Process improvement
initiatives(2e) 523 1,046 2,137 3,706
Merger related
costs(2f) 174 (8) 2,988 3,154
Sale of NMRD(4) -- -- 15,097 15,097
----------- ----------- ----------- ----------------
Total adjustments
before income
tax effects 4,900 1,038 20,222 26,160
----------- ----------- ----------- ----------------
Income tax impact
of above
adjustments(1) (1,244) (218) (5,135) (6,597)
Sale of NMRD(4) -- -- (15,712) (15,712)
Income tax
valuation
allowance(3) -- -- 1,346 1,346
Income tax impact
of non-deductible
merger related
costs(3) 289 179 -- 468
Total income tax
impacts(5) (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
Corporate
PNM TNMP 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
securities(2a) (26,840) -- -- (26,840)
Regulatory
disallowances(2b) 117,238 1,173 -- 118,411
Pension expense
related to
previously
disposed of gas
distribution
business(2c) 678 -- -- 678
Merger related
costs(2d) 671 301 302 1,274
------------ ----------- ----------- ----------------
Total adjustments
before income
tax effects 91,747 1,474 302 93,523
------------ ----------- ----------- ----------------
Income tax impact
of above
adjustments(1) (23,304) (310) (76) (23,690)
SJGS retirement
income tax
adjustments(3) (1,199) -- -- (1,199)
Income tax impact
of non-deductible
merger related
costs(3) (46) 3 (2,428) (2,471)
Timing of statutory
and effective tax
rates on
non-recurring
items(4) (240) (51) (144) (435)
Total income tax
impacts(5) (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
securities(2a) (33,278) -- -- (33,278)
Regulatory
disallowances(2b) 240,840 1,173 -- 242,013
Pension expense
related to
previously
disposed of gas
distribution
business(2c) 2,716 -- -- 2,716
Merger related
costs(2d) 730 303 953 1,986
------------ ----------- ----------- ----------------
Total adjustments
before income
tax effects 211,008 1,476 953 213,437
------------ ----------- ----------- ----------------
Income tax impacts
of above
adjustments(1) (53,596) (310) (242) (54,148)
SJGS retirement
income tax
adjustments(3) (1,199) -- -- (1,199)
Income tax impact
of non-deductible
merger related
costs(3) (40) 3 (2,334) (2,371)
Total income tax
impacts(5) (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
Corporate
PNM TNMP 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
Corporate
PNM TNMP 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.
(END) Dow Jones Newswires
February 21, 2025 06:30 ET (11:30 GMT)
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