ALBUQUERQUE, N.M. (AP) - The parent company of New Mexico’s largest electric provider is reporting a first-quarter loss of more than $15 million.
PNM Resources said Monday it posted a loss of 19 cents per share but that revenues for the quarter topped $333 million. For the year, the company is expecting earnings in the range of $2.16 to $2.26 per share.
The first-quarter results include the early stages of the effects of the coronavirus outbreak, the Albuquerque Journal reported. PNM officials expect increases in residential electric use and decreases in commercial use primarily as a result of stay-at-home orders in New Mexico.
The first quarter also reflected the significant market downturns at the end of March.
“This is a challenging time for our customers and communities, and our priority is to ensure our employees are safe and that we are able to safely maintain critical electricity service,” Pat Vincent-Collawn, PNM Resources’ chair, president and CEO, said in a statement.
She said the company will continue to monitor any changes and communicate any effects on the PNM Resources’ overall financial projections.
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