Txnm Energy (TXNM) Q2 FY2024 earnings: revenue $488 million, up 2.3% on the year

Txnm Energy Inc. (TXNM) reported revenue of $488 million for Q2 FY2024, the quarter ended 30 June 2024, up 2.3% on the same quarter a year earlier. Net income was $48 million, up 6.1% on the year, and diluted earnings per share $0.53. The figures are the company's own, from the 10-Q it filed with the SEC on 2 August 2024.

Revenue$488 millionup 2.3%

Net income$48 millionup 6.1%

Diluted EPS$0.53

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	488	437	n/a	n/a
Gross profit	198	176	n/a	n/a
Gross margin	40.7%	40.3%	n/a
Operating income	106	80.6	n/a	n/a
Operating margin	21.7%	18.4%	n/a
Interest expense	55.8	53.8	n/a	n/a
Pre-tax income	60.9	37.8	n/a	n/a
Income tax	9.0	-12.6	n/a	n/a
Effective tax rate	14.7%	-33.3%	n/a
Net income	48.0	47.2	n/a	n/a
Net margin	9.8%	10.8%	n/a
Diluted EPS	$0.53	$0.52	n/a	n/a

$ million except per share.

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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	76.7	92.8	n/a	n/a
Capital expenditure	293	289	n/a	n/a
Free cash flow	-216	-196	n/a	n/a
Free cash flow margin	-44.3%	-44.9%	n/a
Cash from investing	-295	-184	n/a	n/a
Cash from financing	227	99.5	n/a	n/a
Depreciation and amortisation	103	103	n/a	n/a
Share-based compensation	2.1	4.6	n/a	n/a
Buybacks	0.8	5.4	n/a	n/a
Dividends paid	35.1	35.1	n/a	n/a
Dividend per share	$0.39	$0.39	n/a	n/a
Diluted shares, weighted	91m	91m	n/a	n/a
Shares outstanding at period end	90m	90m	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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	2,403	2,356	n/a	n/a
Non-controlling interest	48.9	49.0	n/a	n/a
Short-term borrowings	326	244	n/a	n/a
Debt	4,597	4,355	n/a	n/a
Operating lease liabilities	160	166	n/a	n/a
Other liabilities	3,049	3,088	n/a	n/a
Total liabilities and equity	10,583	10,258	n/a	n/a
Goodwill	278	278	n/a	n/a
Investments	n/a	448	n/a	n/a
Cash and equivalents	3.2	3.0	n/a	n/a
Receivables	122	105	n/a	n/a
Inventory	115	104	n/a	n/a
Other assets	10,065	9,319	n/a	n/a
Total assets	10,583	10,258	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-Q for the period ended 30 June 2024, filed 2 August 2024, accession 0001108426-24-000068: the filing on EDGAR. All of Txnm Energy Inc.'s filings: EDGAR company page.

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