PNM Resources Management to Meet with Institutional Shareholders
2012 ongoing earnings guidance range affirmed during meetings
ALBUQUERQUE, N.M.--(BUSINESS WIRE)--
PNM Resources (NYSE: PNM) management will meet with institutional
shareholders this week during several meetings on the West Coast.
During the meetings, management will affirm the company's 2012
consolidated ongoing earnings guidance range of $1.20 to $1.32 per
diluted share.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in
Albuquerque, N.M., with 2011 consolidated operating revenues of $1.3
billion, excluding First Choice Power. Through its regulated utilities,
PNM and TNMP, PNM Resources has approximately 2,530 megawatts of
generation capacity and serves electricity to more than 735,000 homes
and businesses in New Mexico and Texas. For more information, visit the
company's Web site at www.PNMResources.com.
Safe Harbor Statement under the Private Securities Litigation Reform
Act of 1995
Statements made in this news release that relate to future events or PNM
Resources' ("PNMR"), Public Service Company of New Mexico's ("PNM"), or
Texas-New Mexico Power Company's ("TNMP") (collectively, the "Company")
expectations, projections, estimates, intentions, goals, targets, and
strategies 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. 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. These factors include: the ability of
PNM and TNMP to recover costs and earn allowed returns in regulated
jurisdictions; the ability of the Company to successfully forecast and
manage its operating and capital expenditures; state and federal
regulatory, legislative, and judicial decisions and actions on
ratemaking matters; state and federal regulation or legislation relating
to environmental matters, including the resultant impacts on the
operations and economic viability of PNM's generating plants; the risk
that recently enacted reliability standards regarding available
transmission capacity may negatively impact the operation of PNM's
transmission system; the performance of generating units, transmission
systems, and distribution systems, which could be negatively affected by
a number of significant operational issues; variability of prices and
volatility and liquidity in the wholesale power and natural gas markets;
changes in price and availability of fuel and water supplies;
uncertainties surrounding the mine fire incident at the mine supplying
coal to San Juan Generating Station; uncertainty surrounding the status
of PNM's participation in jointly-owned generation projects resulting
from the scheduled expiration of the operational documents for the
projects; the risks associated with completion of generation,
transmission, distribution, and other projects; regulatory, financial,
and operational risks inherent in the operation of nuclear facilities,
including spent fuel disposal uncertainties; uncertainty regarding the
requirements and related costs of decommissioning power plants and coal
mines supplying certain power plants, as well as the ability to recover
decommissioning costs from customers; the impacts on the electricity
usage of the Company's customers due to performance of state, regional,
and national economies and mandatory energy efficiency measures,
weather, seasonality, and other changes in supply and demand; the
Company's ability to access the financial markets, including disruptions
in the credit markets, actions by ratings agencies, and fluctuations in
interest rates; the potential unavailability of cash from PNMR's
subsidiaries due to regulatory, statutory, or contractual restrictions;
the impacts of decreases in the values of marketable equity securities
maintained to provide for nuclear decommissioning and pension and other
postretirement benefits; the effectiveness of risk management and
commodity risk transactions; the outcome of legal proceedings, including
the extent of insurance coverage; and changes in applicable accounting
principles.
Non-GAAP Financial Measures
The Company uses ongoing earnings, ongoing earnings per diluted share
(or ongoing diluted earnings per share) and return on retail rate base
to evaluate the operations of the Company and to establish goals 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 generally accepted accounting principles in
the U.S. (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. Management is generally not able to estimate the impact
of the reconciling items between ongoing earnings guidance and
forecasted GAAP earnings, nor their probable impact on GAAP earnings;
therefore, management is generally not able to provide a corresponding
GAAP equivalent for earnings guidance.
PNM Resources
Analysts
Lisa Eden, 505-241-2691
Media
Frederick
Bermudez, 505-241-4831
Source: PNM Resources
News Provided by Acquire Media
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