PNM Resources, Inc. (NYSE:PNM) Q2 2020 Earnings Conference Call - Final Transcript
Jul 31, 2020 • 11:00 am ET
Good day, and welcome to the PNM Resources Second Quarter 2020 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference over to Lisa Goodman, Director of Investor Relations. Please go ahead.
Thank you, Cal [Phonetic], and thank you, everyone, for joining us this morning for the PNM Resources second quarter 2020 conference call. Please note that the presentation for this conference call and other supporting documents are available on our website at pnmresources.com.
Joining me today are PNM Resources Chairman, President and CEO, Pat Vincent-Collawn; and Don Tarry, our Senior Vice President and Chief Financial Officer, along with a special guest, Chuck Eldred, Executive Vice President of Corporate Development and Finance.
Before I turn the call over to Pat, I need to remind you that some of the information provided this morning should be considered forward-looking statements pursuant to the Private Securities Litigation Reform Act of 1995. We caution you that all of the forward-looking statements are based upon current expectations and estimates and that PNM Resources assumes no obligation to update this information. For a detailed discussion of factors affecting PNM Resources' results, please refer to our current and future annual reports on Form 10-K, quarterly reports on Form 10-Q, as well as reports on Form 8-K filed with the SEC.
With that, I will turn the call over to Pat.
Patricia K. Collawn
Thank you, Lisa. Good morning, and thanks to each of you for joining us today. It's been a few months since we've actually seen you all and we miss you. We hope that you continue to be as healthy and safe as we are.
It's July 31 today, which means, not only is it National Avocado Day, it's the two-year anniversary of Chuck's favorite joke. He didn't quite nail at the first time, so we've set him up for success this time and given him the punch line. Chuck, what do you call an avocado that's been blessed by the Pope?
Pat, I had a similar comment when I heard the Commission make a decision on San Juan. And the answer to this question is holy guacamole.
Patricia K. Collawn
Thank you, Chuck. Great. Well done.
Before I get started, I want to thank our teams across New Mexico and Texas for all of their continued efforts to support our customers, while also supporting their own families and communities. In the face of COVID-19, they are continuing to rise to the occasion, and I am extremely proud to be part of their team.
On today's call, after I walk through earnings and other key updates, I am going to highlight our ESG commitments and describe some examples of how these environmental, social and governance principles are a key part of our business priorities.
So, let's begin on Slide 4. Our GAAP earnings per share in the second quarter of 2020 are $0.72. Ongoing earnings per share are $0.55, compared to $0.38 in the second quarter of last year. Higher summer temperatures