PNM Resources, Inc. (PNM) has reported an 115.34 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $22.99 million, or $0.29 a share in the quarter, compared with $10.68 million, or $0.13 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $22.06 million, or $0.28 a share compared with $10.79 million or $0.13 a share, a year ago.

Revenue during the quarter grew 6.18 percent to $330.18 million from $310.96 million in the previous year period. Gross margin for the quarter contracted 143 basis points over the previous year period to 68.86 percent. Total expenses were 83.05 percent of quarterly revenues, down from 86.65 percent for the same period last year. This has led to an improvement of 360 basis points in operating margin to 16.95 percent.

Operating income for the quarter was $55.96 million, compared with $41.51 million in the previous year period.

"This agreement shows a sincere effort by the signatories to work together, ensuring that customers continue to receive affordable, reliable and environmentally responsible power," said Pat Vincent-Collawn, PNM Resources' chairman, president and chief executive officer. "I appreciate the willingness of the parties to work together to achieve an agreement early in the rate case process."

For financial year 2017, PNM Resources, Inc. forecasts diluted earnings per share to be in the range of $1.77 to $1.87 on adjusted basis.