Business Context and Reporting Period
This Form 8-K, dated May 1, 2015, is filed by PNM Resources, Inc., Public Service Company of New Mexico, and Texas-New Mexico Power Company (collectively, the "Company"). The filing reports the results of operations for the three-month period ended March 31, 2015, via a press release incorporated by reference as Exhibit 99.1.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It references a press release containing these figures but does not reproduce the data within the body of this 8-K document.
Material Changes and Non-GAAP Measures
The Company utilizes non-GAAP financial measures, specifically "ongoing earnings" and "ongoing diluted earnings per share," to evaluate operations. These measures exclude:
- Net unrealized mark-to-market gains and losses on economic hedges.
- Net changes in unrealized impairments on available-for-sale securities.
- Certain other non-recurring or infrequent items.
Management states these measures remove variances not indicative of fundamental changes in earnings capacity. The filing does not detail specific material changes in financial condition compared to prior periods within the text provided.
Guidance, Outlook, and Risks
The Company provides "ongoing earnings guidance" to reflect management's expectations of financial performance. However, the filing explicitly states:
- Ongoing earnings guidance is not a GAAP measure and does not represent an expectation of net earnings as defined by GAAP.
- Management is generally unable to estimate the impact of reconciling items between ongoing earnings guidance and forecasted GAAP earnings.
- Consequently, a corresponding GAAP equivalent for earnings guidance is generally not provided.
The filing includes a limitation on incorporation by reference, noting that the information is furnished pursuant to Item 2.02 and is not deemed "filed" under Section 18 of the Securities Exchange Act of 1934.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release dated May 1, 2015) for specific revenue, earnings, and cash flow figures for the quarter ended March 31, 2015.
- Verify the reconciliation between GAAP and non-GAAP "ongoing earnings" metrics in the referenced press release.
- Confirm the specific impact of unrealized mark-to-market gains/losses and security impairments on reported results.
- Check for any updates to the Company's ongoing earnings guidance in the press release.