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PNM Resources Cuts Outlook Amid Service Territory Weakness

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PNM Resources (NYSE: PNM) revised its second-quarter consolidated ongoing earnings guidance (a non-GAAP financial measure) due to milder temperatures in New Mexico.

The company commented, “The PNM service territory experienced its mildest second quarter over the last 19 years, resulting in 37% lower cooling degree-days and lower expectations for second quarter ongoing earnings.”

PNM Resources is an energy holding company based in Albuquerque, New Mexico. In 2018, consolidated operating revenues of $1.4 billion.

PNM Resources shares were trading down 0.85% at $49.97 in Friday’s pre-market session. The stock has a 52-week high of $52.10 and a 52-week low of $37.17.

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