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PNMResources® INVESTOR News Release ALBUQUERQUE , N.M. October 28 , 2021 • PNM Resources Reports Third Quarter Results Continued Expectation for Merger to Close in 2021 2021 third quarter GAAP earnings of $ 1.32 per diluted share 2021 third quarter ongoing earnings of $ 1.37 per diluted share reflects increased earnings compared to the third quarter of 2020 , offset by the dilutive impact of additional shares PNM Resources ( In millions , except EPS ) Q3 2021 Q3 2020 YTD 2021 YTD 2020 GAAP net earnings attributable to PNM Resources $ 113.3 $ 121.8 $ 184.6 $ 164.0 GAAP diluted EPS $ 1.32 $ 1.52 $ 2.14 $ 2.05 Ongoing net earnings $ 118.0 $ 111.9 $ 193.3 $ 170.3 Ongoing diluted EPS $ 1.37 $ 1.40 $ 2.25 $ 2.13 PNM Resources ( NYSE : PNM ) today released its 2021 third quarter results . Additionally , based on the completion of the third quarter and the continued expectation for the pending merger with AVANGRID to close during the fourth quarter , ongoing earnings guidance for 2021 has been withdrawn . " Our third quarter financial results reflect continued growth in transmission demand to support grid reliability , " said Pat Vincent - Collawn , PNM Resources ' chairman , president and CEO . " As we await the final required regulatory approval on our merger with AVANGRID from the New Mexico Public Regulation Commission , we remain focused on meeting the needs of our customers and communities today and in the future . 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 , approved by shareholders in February 2021. 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 . The transaction is pending approval from the New Mexico Public Regulation Commission , which is expected to address the application in the coming weeks . The transaction has received regulatory approval from all other required federal and state agencies . 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 )