PNM Resources, Inc. (NYSE:PNM) Q3 2020 Earnings Conference Call - Final Transcript

Good morning and welcome to the PNM Resources Third Quarter 2020 Conference Call. [Operator Instructions] Please note that this event is being recorded.

I would now like to turn the conference over to Lisa Goodman, Director of Investor Relations. Please go ahead, ma'am.

Thank you, Chuck. And thank you, everyone, for joining us this morning for the PNM Resources third 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 other members of the senior management.

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.

These forward-looking statements also include statements regarding the potential business combination transaction between PNM Resources and AVANGRID. 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. Additional information with respect to the proposed business combination transaction can be found in the forthcoming proxy statement, which we will file with the SEC. Information regarding the interest of participants in the solicitation of proxies in connection with the proposed transaction will be included in the proxy statement and other relevant materials PNM Resources intends to file with the SEC.

So with that, I will turn the call over to Pat.

Thank you, Lisa. Good morning, everyone. And thanks to each of you for joining us today. And yes, it is the day before Halloween and I'm sure all of you are wondering what costumes we are in this year. We've been political characters, world leaders -- Chuck, who is here with us today, was an incredibly convincing Kim Jong-un and we were Western characters. One of our thoughts this year was posing for the parody Back to the Future poster showing Doc telling Marty, whatever happens, don't go to 2020. But we argued over who got to be Doc and who got to be Marty and who got to be Einstein. So this year, we ended up being the scariest characters we could think of. And yes, that is ourselves.

So now let's begin on Slide 4. Our GAAP earnings per share in the third quarter of 2020 are $1.52. Ongoing earnings per share are $1.40 compared to $1.31 in the third quarter of last year. Higher summer temperatures increased earnings again this quarter, including the hottest August in New Mexico in more than a century with sell-side portion of those earnings to fund additional customer