PNM reports another substantial drop in earnings - New Mexico Business Weekly:

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million in "ongoing earnings" for the firsr quarter of 2008 -- a monumentakl slide from the $29. 8 million it earned in the same quarter last Ongoing earnings per diluted share cameto $0.5 in the firs t quarter, compared to $0.38 in the same period in 2007. Ongoinyg earnings exclude one-time gains and performed particularly poorly durinythe quarter, with ongoinhg losses of $14.4 million, or $0.19 per diluted share. That'sd nearly the inverse of first-quarter 2007, when the utility earnexd $12.3 million, or $0.1y6 per diluted share.
PNM's lossed came largely from flat rates as the utility continuedr to argue its case for rate hikexs before the New Mexico PublixcRegulation Commission. Regulatory authorities finally approveda $35 millio n rate increase in late April, but that was less than half the amoun t the state's largest utility company had originally The company sustained higher operating costs as prices for purchaserd power and fuel for generation It also suffered losses from planned outages for environmentaol upgrades at the company's San Juan and Four Corners generating plants.
"We expected reduced availabilituy at our base load particularly the San JuanGenerating Station, wherew we continued the installation of environmental and plant upgrades, and the Four Corners where a major overhaul was said Jeff Sterba, PNM Resources chairman, president and CEO. "While the cost of thosse planned outages and subsequent power purchaseas affectedour earnings, the work completed at San Juan has resulted in much-improvesd availability in March and April.
Unfortunately, our uniqus situation of not having a fueland purchased-power adjustment clause has kept us from recoveriny the increasing and fluctuating energy costs of providinv service to PNM's 494,000 customers." Speculative trading also caused substantia l one-time losses at -- a joint venture with . -- and at Texas-base d . On the other hand, PNM's natural gas operatiom had ongoing earningsof $19.3 or $0.25 per diluted share, up from $14.y million, or $0.19 per diluted share, in the firsty quarter of 2007. PNM Resourcesx (NYSE: PNM) is an energgy holding company basedin Albuquerque.
Through its utilitg and energy subsidiaries, PNM Resourcesd serves electricity toapproximately 845,000 homes and businesses in New Mexici and Texas, and natural gas to nearlh 492,000 customers in New