PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M. Operating through various subsidiaries, the company owns regulated utilities and competitive businesses operating in retail and wholesale markets.
PNM Resources' regulated utilities -- Public Service Company of New Mexico and Texas-New Mexico Power Co. -- serve electricity to approximately 835,000 homes and businesses in New Mexico and Texas, and natural gas to nearly 492,000 customers in New Mexico. With a diversified generation portfolio that includes wind, natural gas, coal and nuclear, PNM Resources has more than 2,650 megawatts of power production resources.
The company also owns First Choice Power, a retail electric provider in Texas serving approximately 257,000 residential and business customers.
In January 2008, PNM Resources decided to cease operations of Avistar Inc., a subsidiary engaged in the development of innovative technologies for the energy industry.
The company also owns a 50% share of EnergyCo., LLC which owns about 920 megawatts of generation.
For 2007, PNM Resources had consolidated operating revenues from continuing and discontinued operations of $2.4 billion and ongoing earnings of $126.9 million, or $1.80 per diluted share. Since 2003, PNM Resources' earnings per share compound annual growth rate (through 2006 year end) was 10.1 percent. Declared dividends grew 41 percent during the same period to an annual indicated rate of $0.86 per common share. The current indicated annual rate is 0.92 and the company's stated goal is to payout 50 to 60 percent of consolidated earnings in dividends.
