PNM Resources, Inc. (NYSE:PNM) Q3 2022 Earnings Conference Call November 4, 2022 11:00 AM ET

Company Participants

Lisa Goodman - Executive Director of Investor Relations

Pat Vincent-Collawn - Chairman & Chief Executive Officer

Don Tarry - President & Chief Operating Officer

Lisa Eden - Senior Vice President & Chief Financial Officer

Conference Call Participants

Ryan Levine - Citi

Jonathan Reeder - Wells Fargo

Julien Dumoulin-Smith - Bank of America

Operator

Good day and welcome to the PNM Resources Third Quarter 2022 Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Lisa Goodman, Executive Director of Investor Relations. Lisa, please go ahead.

Lisa Goodman

Thank you, Melys and thank you, everyone, for joining us this morning for the PNM Resources third quarter 2022 earnings 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 and CEO, Pat Patricia Vincent-Collawn; President and Chief Operating Officer; Don Terry; and Senior Vice President and Chief Financial Officer, Lisa Eden.

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.

Pat Vincent-Collawn

Thank you, Lisa. Good morning, everyone and thank you for joining us today on both National Jersey Friday and National Candy day. We are all decked out in our jerseys today, eating our left over Halloween candy with, of course, the exception of our General Counsel. But since it's also a lobby lawyer day, we're going to let that slide.

On Slide 4, I'll start with our financial results. and ongoing earnings increased in the third quarter over the prior year, bringing year-to-date ongoing earnings to $2.54. As a result, we are raising our guidance for 2022 ongoing earnings to a range of $2.63 to $2.68. We are maintaining our guidance for 2023 at a range of $2.60 to $2.75 based on the continued strength at the utilities, offset by higher interest rates. Lisa will walk through these numbers in more detail.