ALBUQUERQUE, N.M. — Public Service Company of New Mexico reported a 59 percent jump in net income during the first quarter of 2019.
Earnings increased by $14 million compared with first-quarter 2018, from $7.7 million then to $19 million in the January-March period this year.
That growth helped boost net income for the utility’s parent firm, PNM Resources, which reported nearly 4 percent growth in earnings to $18.7 million, up from $15 million in first-quarter 2018.
Given PNM’s robust performance, the company raised its earnings guidance by 2 cents for 2019 to a range of $2.10 to $2.20 per share.
“First quarter financial results reflect continued growth in New Mexico that has increased our expectations for 2019 earnings,” said PNM Resources Chairman, President and CEO Pat Vincent-Collawn in a prepared statement.