PNM stock hits five-year low as '07 profit sags 37%; Sterba warns of difficult 2008

摘要

PNM Resources' common stock sank to a five-year low after it reported 2007 net income sagged 36.8% to $76.3 million. Even without one-time items, "ongoing" net slumped 32.8% to $84.2 million. Results in 2007 were "unacceptable," Chairman, President and CEO Jeff Sterba said during the February 11 earnings conference call. "It will take a little bit of time to right that ship. It will not be able to be righted in quick order just through one rate case. It will take a little longer than that."