PNM earnings improve, dividend raised

PNM Resources on Friday reported 2012 ongoing earnings of $105.6 million, or $1.31 per diluted share, compared with $96.6 million, or $1.08 per diluted share, in 2011.

“The steady year-over-year improvement in ongoing earnings is a reflection of our continued focus on running our business well,” said Pat Vincent-Collawn, PNM Resources chairman, president and CEO.

“That has required efforts to rigorously manage our costs while maintaining high levels of reliability and expanding services available for our customers. It also has required consistent follow-through on regulatory strategies to ensure we earn our authorized returns,” she said.

In related news, the PNM Resources Board of Directors unanimously voted Thursday to increase the company’s dividend payment by 14 percent to an indicated annual rate of $0.66 per share of common stock.

As a result, the board has declared the quarterly common stock dividend of $0.165 per share, payable May 15, 2013, to shareholders of record at the close of business April 19, 2013. “The dividend increase reflects the company’s and the board’s long-term confidence in the regulated businesses and the ability to focus on the basics of managing the business well,” said Vincent-Collawn. “It’s consistent with our expectations to deliver above-average dividend growth.”