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As a result, management expects First Choice Power's earnings before interest, taxes, depreciation and amortization, or EBITDA, to finish the year in the range of $55 million to $60 million. The expected increase in EBITDA would translate to an incremental increase of $0.14 to $0.18 to PNM Resources' 2009 consolidated earnings per diluted share outlook. When the company issued its second-quarter financial results in late July, management indicated that First Choice Power's 2009 EBITDA would likely exceed $35 million, which was the high end of the previously announced EBITDA outlook range. At that time, management said it would not update First Choice Power's financial expectations until after the summer months. "First Choice Power continued to demonstrate strong performance in July and August, clearly indicating that our expectations will be exceeded," said Jeff Sterba, PNM Resources chairman and CEO. "We strongly caution that 2010 likely will not be as strong as this year. In addition, we see bad debt as a persistent problem negatively affecting First Choice Power's performance. This continues to be an issue that needs regulator intervention through change in market rules. Sterba said the company will revise its 2009 consolidated earnings outlook when third-quarter financial results are announced next month. PNM Resources further noted it plans to issue its 2009 third-quarter financial results on Thursday, Oct. 29, before the market opens. The earnings news release will be available on the company's web site at PNMResources.com. ((Comments on this story may be sent to newsdesk@closeupmedia.com)) For full details on Pnm Resources Inc (PNM) click here. Pnm Resources Inc (PNM) has Short Term PowerRatings of 6. Details on Pnm Resources Inc (PNM) Short Term PowerRatings is available at This Link.
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