Albuquerque

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.”