The company reported fourth quarter GAAP diluted earnings per share of $0.23, down from $0.48 per diluted share in the fourth quarter of 2006. GAAP earnings for the year totaled $76.3 million, or $0.98 per diluted share in 2007, compared with $120.8 million, or $1.71 per diluted share, in 2006.
Jeff Sterba, chairman, president and CEO of PNM Resources, said: Our track record of providing strong total shareholder returns did not extend through to 2007. This is mainly due to rates in our New Mexico utility being well below the cost of providing service and absence of a fuel-adjustment clause, which would allow the recovery of substantially higher fuel and purchase power costs caused by rising fuel prices, increased loads and variability in base load generation availability.
