Business Services Industry
Public Service Company of New Mexico Posts $24.8 Million in Quarterly Earnings.
Knight Ridder/Tribune Business News, April, 2004
By Rosalie Rayburn, Albuquerque Journal, N.M. Knight Ridder/Tribune Business News
Apr. 27--ALBUQUERQUE, N.M. -- A colder winter this year and a healthy wholesale power market gave Public Service Company of New Mexico respectable earnings in the first quarter, the company said Monday.
The utility reported net earnings of $24.8 million or 61 cents per share of common stock for the quarter that ended March 31. That figure is about half the $48.2 million or $1.22 per common share that the company reported in the first quarter of 2003. But those numbers only came in that high because of a federally mandated change in accounting procedures. In the first quarter of 2003, PNM changed the way it accounted for the cost of investment in its power plants,...
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