PNM Q3 net plunges 80.7% to $8.4 million on charges, including plan to cut jobs 15%

摘要

PNM Resources' net income was $8.4 million — an 80.7% plunge from the third-quarter record of $43.5 million set in 2006. Earnings per share sagged 82,2% to 11 cents, on 77.56 million average diluted shares, up 9.6%.Also November 1, PNM announced a "multi-phase business improvement plan" whose costs cut third-quarter net by $7.6 million, mainly for severance costs. In the earnings release, Chairman, President and CEO Jeff Sterba said the company intends to "streamline internal processes and reduce the work force by 15% during the next year," starting with November 2 fob cuts of about 5% or 165 of the existing 3,300 positions.