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PNMResources® INVESTOR News Release ALBUQUERQUE , N.M. July 30 , 2021 • • PNM Resources Reports Second Quarter Results 2021 Ongoing Earnings Guidance Affirmed 2021 second quarter GAAP earnings of $ 0.62 per diluted share 2021 second quarter ongoing earnings of $ 0.55 per diluted share reflects increased earnings compared to the second quarter of 2020 , offset by the dilutive impact of additional shares Affirmed 2021 ongoing earnings guidance range of $ 2.27 to $ 2.37 per diluted share PNM Resources ( In millions , except EPS ) Q2 2021 Q2 2020 YTD 2021 YTD 2020 GAAP net earnings attributable to PNM Resources $ 53.7 $ 57.5 $ 71.3 $ 42.2 GAAP diluted EPS $ 0.62 $ 0.72 $ 0.83 $ 0.53 Ongoing net earnings $ 47.5 $ 44.1 $ 75.3 $ 58.3 Ongoing diluted EPS $ 0.55 $ 0.55 $ 0.88 $ 0.73 PNM Resources ( NYSE : PNM ) today released its 2021 second quarter results . In addition , management affirmed its 2021 consolidated ongoing earnings guidance of $ 2.27 to $ 2.37 , with increased expectations for the top end of this range . Historically , third quarter earnings have accounted for over half of PNM Resources ' annual earnings . " Second quarter results reflect the continued recovery and improvement over last year's COVID - related load impacts and increased utilization of our transmission infrastructure in New Mexico , moving us towards the top of our guidance , " said Pat Vincent - Collawn , PNM Resources ' chairman , president and CEO . " Our merger process with Avangrid has received all of the necessary regulatory approvals with the exception of New Mexico , where hearings on a settlement agreement are scheduled to be held in August . We continue to expect the merger to close in 2021. " UPDATE ON MERGER AGREEMENT On October 21 , 2020 , PNM Resources announced an agreement to enter into a merger with AVANGRID . Under the terms of the proposed merger , PNM Resources shareholders will receive $ 50.30 in cash for each share of PNM Resources common stock held at closing . Shareholders approved the merger on February 12 , 2021. The transaction has received approval or clearance from each of the five required federal agencies : the Department of Justice under the Hart- Scott - Rodino Act , the Committee on Foreign Investment in the United States ( CFIUS ) , the Federal Communications Commission , the Federal Energy Regulatory Commission and the Nuclear Regulatory Commission . The Public Utility Commission of Texas approved a unanimous stipulation on the transaction in May 2021. The last remaining approval pending is from the New Mexico Public Regulation Commission , which is scheduled to hold hearings in August 2021 on a stipulation signed by 13 intervenors . PNM Resources continues to anticipate that the closing of the merger will occur in 2021 , subject to the satisfaction or waiver of the remaining customary conditions to closing . ( MORE )