PNM Resources Q1 Earnings Rise, But Miss Estimates; Confirms Annual EPS View

(RTTNews) - PNM Resources (PNM) Friday reported a rise in net earnings as well as revenues for the first quarter. However, both earnings and revenues fell short of analysts' estimates. The company reiterated its earnings guidance for 2014.

For the first quarter, net earnings increased to $12.47 million or $0.16 per share, from $10.63 million or $0.13 per share a year earlier.

Excluding certain items, earnings were $14.16 million or $0.18 per share, compared with $14.74 million or $0.18 per share a year ago.

On average, 5 analysts polled by Thomson-Reuters estimated the company's earnings to be $0.20 for the quarter. Analysts' estimates typically exclude special items.

Revenues for the 3-month period grew to $328.89 million from $317.66 million a year earlier. Analysts had expected revenues of $331 million.

For 2014, the company confirmed its adjusted earnings guidance of $1.42 to $1.52 per share. Analysts expect yearly earnings of $1.47 per share.