PNM Resources (PNM) Reports Mixed Q2 Earnings; Guides FY08/FY09; Cuts Qtr. Dividend 45% to $0.125/Share

August 12, 2008 7:43 AM EDT
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Price: $49.50 --0%

EPS Growth %: 0.0%

Financial Fact:
Other income: 4.88M

Today's EPS Names:
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PNM Resources (NYSE: PNM) reports a Q2 loss of $0.09, 9 cents lower than the analyst estimate of $0.00. Revenues for the quarter were $580.31 million, versus the consensus of $503.64 million.

Sees FY08 EPS in the range of $0.13-$0.28, versus the consensus of $0.58. FY09 EPS are expected to be $0.45-$0.75, versus the consensus of $0.98.

PNM's Board announced that it has cut its quarterly dividend from $0.23 to $0.125 per common share, payable on August 28 to shareholders of record on August 21. The payout reduction is designed to improve the company's liquidity and better align the dividend yield with industry averages.

PNM Resources, Inc. and its subsidiaries operate in energy and energy-related businesses.

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