Quarterly Operating Results (Unaudited)

12 Months Ended

Dec. 31, 2020

Unaudited operating results by quarters for 2020 and 2019 are presented below. In the opinion of management of the Company, all adjustments (consisting of normal recurring accruals) necessary for a fair statement of the results of operations for such periods have been included. The annual results of basic and diluted earnings per share shown below may be impacted by rounding.


	Quarter Ended
	March 31		June 30		September 30		December 31
	(In thousands, except per share amounts)
PNMR
2020
Operating revenues	$	333,622	$	357,649	$	472,465	$	359,276
Operating income	47,738		71,150		147,805		18,588
Net earnings (loss)	(11,399)		61,561		125,453		11,701
Net earnings (loss) attributable to PNMR	(15,260)		57,489		121,768		8,778
Net earnings (loss) attributable to PNMR per common share:
Basic	(0.19)		0.72		1.52		0.11
Diluted	(0.19)		0.72		1.52		0.10
2019									(1)
Operating revenues	$	349,645	$	330,228	$	433,586	$	344,144
Operating income (loss)	36,723		(93,615)		140,540		60,552
Net earnings (loss)	21,662		(72,283)		106,763		35,989
Net earnings (loss) attributable to PNMR	18,700		(75,914)		102,771		31,805
Net earnings attributable to PNMR per common share:
Basic	0.23		(0.95)		1.29		0.40
Diluted	0.23		(0.95)		1.28		0.40
PNM
2020
Operating revenues	$	248,133	$	260,788	$	364,504	$	266,409
Operating income	33,605		49,584		116,540		15,168
Net earnings (loss)	(12,196)		49,612		103,004		19,594
Net earnings (loss) attributable to PNM	(15,925)		45,672		99,451		16,803
2019									(1)
Operating revenues	$	269,318	$	238,219	$	331,113	$	255,172
Operating income (loss)	24,293		(115,977)		108,453		44,299
Net earnings (loss)	21,974		(83,313)		84,721		32,040
Net earnings (loss) attributable to PNM	19,144		(86,812)		80,861		27,988
TNMP
2020
Operating revenues	$	85,489	$	96,861	$	107,961	$	92,867
Operating income	14,345		23,175		31,779		19,154
Net earnings	7,092		16,174		23,921		11,398
2019
Operating revenues	$	80,327	$	92,009	$	102,473	$	88,972
Operating income	12,585		22,578		32,596		18,055
Net earnings	4,098		15,267		25,087		11,347

(1) 2019 reflects pre-tax impairments of $150.6 million offset by $45.7 million of related tax impacts resulting from the NM Supreme Court’s ruling on the appeals in the NM 2015 Rate Case. See Note 17.