PNM Resources Inc. Q1 Profit Drops 35%

(RTTNews) - PNM Resources Inc. (PNM) announced earnings for first quarter that lost ground compared to the same period last year.

The company said its bottom line dropped to $10.79 million, or $0.13 per share. This was down from $16.48 million, or $0.21 per share, in last year's first quarter.

Analysts had expected the company to earn $0.14 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 6.6% to $310.96 million. This was down from $332.87 million last year.

PNM Resources Inc. earnings at a glance:

-Earnings (Q1): $10.79 Mln. vs. $16.48 Mln. last year. -Earnings Decline (Y-o-Y): -34.5% -EPS (Q1): $0.13 vs. $0.21 last year. -EPS Decline (Y-o-Y): -38.1% -Analysts Estimate: $0.14 -Revenue (Q1): $310.96 Mln vs. $332.87 Mln last year. -Revenue Change (Y-o-Y): -6.6%