PNM Resources has reported consolidated losses of $48.6 million, or $0.63 per diluted share, for the first quarter of 2008, compared to earnings of $29.7 million, or $0.38 per diluted share, for the same period of 2007.
For the first quarter of 2008, PNM Electric reported that ongoing losses were $14.4 million, or $0.19 per diluted share, compared to earnings of $12.3 million, or $0.16 per diluted share, in 2007. TNMP reported ongoing and GAAP earnings of $3.7 million, or $0.05 per diluted share, for the quarter, compared to earnings of $0.9 million, or $0.01 per diluted share, for the same period of 2007.
First Choice Power reported ongoing earnings of $2.2 million, or $0.03 per diluted share, for the first quarter of 2008, compared to earnings of $7.1 million, or $0.09 per diluted share, for the same period of 2007. EnergyCo reported PNM Resources’s equity in net ongoing losses of $0.2 million compared to losses of $0.4 million for the same period of 2007.
Corporate/Other segment reported ongoing losses of $7.1 million, or $0.09 per diluted share, for the first quarter of 2008, compared to losses of $6.2 million, or $0.08 per diluted share, for the same period of 2007. PNM Gas reported ongoing earnings of $19.3 million, or $0.25 per diluted share, compared to earnings of $14.6 million, or $0.19 per diluted share.
Jeff Sterba, chairman, president and CEO of PNM Resources, said: We expected reduced availability at our base load facilities, particularly San Juan Generating Station, where we continued the installation of environmental and plant upgrades, and the Four Corners Plant, where a major overhaul was started.