PNM Resources' Profits Fall

Fourth-quarter revenue rises 58% from a year ago to $646.5 million.
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PNM Resources

(PNM) - Get Report

said its December-quarter profits were hurt by acquisition-related charges and fell 63% from a year ago.

The New Mexico-based utilities company earned $6.9 million, or 10 cents a share, compared with $18.6 million and 31 cents a share in the corresponding quarter the previous year.

Adjusted for acquisition costs and other nonrecurring charges of 32 cents a share, PNM would have earned 42 cents in the most recent quarter. Analysts surveyed by Thomson First Call were expecting a profit of 40 cents a share.

Fourth-quarter revenue rose 58% from a year ago to $646.5 million. Analysts were calling for revenue of $718.1 million.

PNM said its 2006 profit will be in the range of $1.65 to $1.90 a share, whereas Wall Street was looking for $1.88 a share.

The company's First Choice Power division reported operating revenue of $117.8 million. The segment had $29.6 million of gross profit during the fourth quarter, more than doubling the $12.2 million from the same period in 2004.

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