Txnm Energy (TXNM) Q4 FY2023 earnings: revenue $412 million, down 28.4% on the year

Txnm Energy Inc. (TXNM) reported revenue of $412 million for Q4 FY2023, the quarter ended 31 December 2023, down 28.4% on the same quarter a year earlier. Net income was -$50 million, and diluted earnings per share $-0.59. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue$412 milliondown 28.4%

Net income-$50 million

Diluted EPS$-0.59

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	412	506	n/a	n/a
Gross profit	110	177	n/a	n/a
Gross margin	26.8%	35.0%	n/a
Operating income	-46.7	86.7	n/a	n/a
Operating margin	-11.3%	17.1%	n/a
Interest expense	53.7	49.8	n/a	n/a
Pre-tax income	-74.8	37.6	n/a	n/a
Income tax	-29.1	-5.3	n/a	n/a
Effective tax rate	n/a	-14.0%	n/a
Net income	-50.2	37.7	n/a	n/a
Net margin	-12.2%	7.5%	n/a
Diluted EPS	-$0.59	$0.44	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	139	170	n/a	n/a
Capital expenditure	268	271	n/a	n/a
Free cash flow	-129	-101	n/a	n/a
Free cash flow margin	-31.4%	-19.9%	n/a
Cash from investing	-277	-282	n/a	n/a
Cash from financing	134	112	n/a	n/a
Depreciation and amortisation	91.1	88.7	n/a	n/a
Share-based compensation	1.3	1.5	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	31.7	31.7	n/a	n/a
Dividend per share	n/a	$0.37	n/a	n/a
Diluted shares, weighted	86m	86m	n/a	n/a
Shares outstanding at period end	86m	86m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	2,349	2,235	n/a	n/a
Non-controlling interest	50.0	51.2	n/a	n/a
Short-term borrowings	262	406	n/a	n/a
Debt	4,242	3,903	n/a	n/a
Operating lease liabilities	167	169	n/a	n/a
Other liabilities	3,183	3,287	n/a	n/a
Total liabilities and equity	10,253	10,051	n/a	n/a
Goodwill	278	278	n/a	n/a
Investments	444	421	n/a	n/a
Cash and equivalents	2.2	7.8	n/a	n/a
Receivables	126	175	n/a	n/a
Inventory	98.0	83.4	n/a	n/a
Other assets	9,303	9,085	n/a	n/a
Total assets	10,253	10,051	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	506	412	437	488	569	477	483	502	647	533	505	549
Gross profit	177	110	176	198	297	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Gross margin	35%	27%	40%	41%	52%	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating income	86.7	-46.7	80.6	106	191	76.1	71.9	72.7	203	93.7	77.0	123
Operating margin	17%	-11%	18%	22%	34%	16%	15%	14%	31%	18%	15%	22%
Interest expense	49.8	53.7	53.8	55.8	59.7	58.8	63.6	72.0	70.1	65.8	68.6	69.3
Pre-tax income	37.6	-74.8	37.8	60.9	160	21.7	13.8	27.3	155	-16.4	8.0	87.7
Tax rate	-14%	n/a	-33%	15%	15%	8%	7%	5%	12%	n/a	-0%	14%
Net income	37.7	-50.2	47.2	48.0	131	15.7	8.9	21.6	131	-9.8	3.7	71.3
Net margin	7%	-12%	11%	10%	23%	3%	2%	4%	20%	-2%	1%	13%
Diluted EPS	$0.44	-$0.59	$0.52	$0.53	$1.45	$0.17	$0.10	$0.22	$1.22	-$0.06	$0.03	$0.64
Operating cash flow	170	139	92.8	76.7	180	159	141	3.5	282	158	153	69.8
Capital expenditure	271	268	289	293	324	342	343	266	277	310	313	265
Free cash flow	-101	-129	-196	-216	-144	-183	-201	-263	4.7	-152	-160	-195
Buybacks	0.0	0.0	5.4	0.8	1.7	0.5	6.3	1.9	0.2	3.5	5.4	1.0
Dividends paid	31.7	31.7	35.1	35.1	35.1	35.1	37.9	37.9	43.1	44.5	46.2	46.9
Shares outstanding	86m	86m	90m	90m	90m	90m	93m	105m	109m	109m	111m	111m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 29 February 2024, accession 0001108426-24-000008: the filing on EDGAR. All of Txnm Energy Inc.'s filings: EDGAR company page.

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