Albuquerque Journal (Albuquerque, NM)

Earnings Triple At PNM.(Business)

Byline: Rosalie Rayburn Journal Staff Writer

Utility Expects To Revise Forecast Upward

PNM is making more money from selling less electricity this year because of high power prices on the wholesale market.

For the first quarter, Public Service Company of New Mexico expects earnings for 2001 to range between $1.45 and $1.65 per diluted share.

The projected earnings are nearly three times as high as the 55 cents per diluted share a year ago.

A diluted share is based on investments in the company that can be converted to common stock.

The utility believes its early forecasts for full-year earnings of $2.60 to $2.70 per share are too low. …

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