PNM Resources' Profit Rises

Diversified utility company PNM Resources(PNM Quote) said third-quarter earnings rose 54% from a year ago, helped by improved performance at baseload power plants and a new acquisition.

The New Mexico-based company earned $43.8 million, or 62 cents a share, compared with $28.5 million, or 41 cents a share, a year ago. Adjusted for items, earnings were 63 cents a share. Analysts polled by Thomson First Call were expecting earnings of 62 cents a share in the most recent quarter.

Third-quarter revenue rose 9% from a year ago to $650.2 million.

The company reaffirmed the full-year ongoing earnings guidance of $1.65 a share to $1.90 a share as compared with analysts' expectations of $1.75 a share. ...