Albuquerque-based PNM Resources, holding company for Public Service Company of New Mexico, Thursday announced first-quarter earnings increased 22% over the same period last year, attributing the rise to a combination of smooth operating performance and “steady” growth in customers for both electricity and natural gas distribution services. First quarter net income was $30.5 million, an increase of $5.7 million over the first quarter of 2004, the company said. Diluted earnings-per-share increased 22% to 50 cents/share, the company said. Nonfuel operating and maintenance expenses declined by $2.2 million in the quarter; wholesale electricity profits jumped 57%, and electric and gas distribution utility loads increased about 2%, PNM said in announcing its first quarter results. CEO Jeff Sterba said PNM’s proposed acquisition of Texas-based TNP Enterprises and its subsidiaries remained “on track.”

©Copyright 2005Intelligence Press Inc. All rights reserved. The preceding news reportmay not be republished or redistributed, in whole or in part, in anyform, without prior written consent of Intelligence Press, Inc.