8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported)	October 30, 2015
	(October 30, 2015)

Commission	Name of Registrants, State of Incorporation,	I.R.S. Employer
File Number	Address and Telephone Number	Identification No.
001-32462	PNM Resources, Inc.	85-0468296
	(A New Mexico Corporation)
	414 Silver Ave. SW
	Albuquerque, New Mexico 87102-3289
	(505) 241-2700
001-06986	Public Service Company of New Mexico	85-0019030
	(A New Mexico Corporation)
	414 Silver Ave. SW
	Albuquerque, New Mexico 87102-3289
	(505) 241-2700
002-97230	Texas-New Mexico Power Company	75-0204070
	(A Texas Corporation)
	577 N. Garden Ridge Blvd.
	Lewisville, Texas 75067
	(972) 420-4189

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02Results of Operations and Financial Condition.

On October 30, 2015, PNM Resources, Inc., Public Service Company of New Mexico, and Texas-New Mexico Power Company (collectively, the “Company”) issued a press release announcing results of operations for the three and nine months ended September 30, 2015. The press release is furnished herewith as Exhibit 99.1 and incorporated by reference herein.

The Company's press release and other communications from time to time may include certain financial measures that are not determined in accordance with generally accepted accounting principles in the United States of America ("GAAP"). A “non-GAAP financial measure” is defined as a numerical measure of a company's financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in the company's financial statements.

Non-GAAP financial measures utilized by the Company include presentations, on an ongoing basis, of revenues, operating expenses, operating income, other income and deductions, earnings, and earnings per share. The Company uses ongoing earnings and ongoing earnings per diluted share (or ongoing diluted earnings per share) to evaluate the operations of the Company and to establish goals for management and employees. Certain non-GAAP financial measures utilized by the Company exclude the impact of net unrealized mark-to-market gains and losses on economic hedges, the net change in unrealized impairments on available-for-sale securities, and certain other non-recurring or infrequent items. The Company's management believes that these non-GAAP financial measures provide useful information to investors by removing the effect of variances in GAAP reported results of operations that are not indicative of fundamental changes in the earnings capacity of the Company's operations. Management also believes that the presentation of the non-GAAP financial measures is largely consistent with its past practice, as well as industry practice in general, and will enable investors and analysts to compare current non-GAAP measures with non-GAAP measures with respect to prior periods.

The non-GAAP financial measures used by the Company should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

The Company uses ongoing earnings guidance to provide investors with management's expectations of ongoing financial performance over the period presented. While the Company believes ongoing earnings guidance is an appropriate measure, it is not a measure presented in accordance with GAAP. The Company does not intend for ongoing earnings guidance to represent an expectation of net earnings as defined by GAAP. Management is generally not able to estimate the impact of the reconciling items between ongoing earnings guidance and forecasted GAAP earnings, nor their probable impact on GAAP earnings; therefore, management is generally not able to provide a corresponding GAAP equivalent for earnings guidance. Reconciling items may include revenues and expenses resulting from transactions that do not occur in the normal course of the Company's business operations, as well as net unrealized mark-to-market gains and losses on economic hedges and the net change in unrealized impairments on available-for-sale securities, as discussed above.

Limitation on Incorporation by Reference

In accordance with general instruction B.2 of Form 8-K, the information in this report, including exhibits, is furnished pursuant to Item 2.02 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section and not deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 9.01Financial Statements and Exhibits.

(d) Exhibits:

Exhibit NumberDescription

99.1        Press Release dated October 30, 2015.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

	PNM RESOURCES, INC.
	PUBLIC SERVICE COMPANY OF NEW MEXICO
	TEXAS-NEW MEXICO POWER COMPANY
	(Registrants)
Date: October 30, 2015	/s/ Joseph D. Tarry
	Joseph D. Tarry
	Vice President and Corporate Controller
	(Officer duly authorized to sign this report)

EX-99.1

Exhibit 99.1

For Immediate Release

October 30, 2015

PNM Resources Reports Third Quarter Results

2015 Earnings Guidance Narrowed, Conference call set for 11 a.m. Eastern today

PNM Resources (In millions, except EPS)

	Q3 2015	Q3 2014	YTD 2015	YTD 2014
GAAP net earnings	$61.0	$55.7	$107.1	$97.3
GAAP diluted EPS	$0.76	$0.69	$1.34	$1.21
Ongoing net earnings	$60.9	$54.5	$112.8	$100.1
Ongoing diluted EPS	$0.76	$0.68	$1.41	$1.25

(ALBUQUERQUE, N.M.)- PNM Resources (NYSE: PNM) today released the company’s 2015 third quarter earnings results. The Company also today narrowed the 2015 consolidated earnings guidance range to $1.56 to $1.61 per diluted share from the previously stated range of $1.50 to $1.62.

“Based on the solid financial results from the third quarter, we are narrowing our guidance range for the year,” said Pat Vincent-Collawn, PNM Resources’ chairman, president and CEO. “While making progress on key regulatory matters, we remain focused on meeting our customers’ day-to-day electricity demands with reliable, affordable and environmentally responsible power both today and in the future.”

SEGMENT REPORTING OF 2015 THIRD QUARTER AND YEAR TO DATE EARNINGS

PNM- a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.

PNM (In millions, except EPS)

	Q3 2015	Q3 2014	YTD 2015	YTD 2014
GAAP net earnings	$49.2	$45.2	$80.6	$73.0
GAAP diluted EPS	$0.61	$0.56	$1.01	$0.91
Ongoing net earnings	$48.0	$44.0	$84.2	$75.6
Ongoing diluted EPS	$0.60	$0.55	$1.05	$0.94

(MORE)

PNM Resources Reports Q3 Earnings10-30-15p. 2 of 3

• In the third quarter, PNM’s ongoing earnings benefitted from AFUDC, warmer weather, the half-priced Palo Verde Unit 1 leases, renewable rate relief, income from refined coal, and gains from the Palo Verde Nuclear Decommissioning Trust. These were partially offset by decreased load, plant outage costs, employee medical cost increases, depreciation and property tax expenses and higher interest expense.

TNMP - an electric transmission and distribution utility in Texas.

TNMP (In millions, except EPS)

	Q3 2015	Q3 2014	YTD 2015	YTD 2014
GAAP net earnings	$13.7	$12.4	$33.2	$28.7
GAAP diluted EPS	$0.17	$0.15	$0.41	$0.36
Ongoing net earnings	$13.7	$12.4	$33.2	$28.7
Ongoing diluted EPS	$0.17	$0.15	$0.41	$0.36

• In the third quarter, TNMP’s ongoing earnings benefitted from transmission rate relief, increased load, and warmer weather, which were partially offset by higher depreciation and property tax expenses resulting from additional capital investments.

Corporate and Other - a segment that reflects costs at the PNM Resources holding company, mainly comprised of interest expense related to debt.

Corporate and Other (In millions, except EPS)

	Q3 2015	Q3 2014	YTD 2015	YTD 2014
GAAP net earnings (loss)	$(1.9)	$(1.9)	$(6.8)	$(4.4)
GAAP diluted EPS	$(0.02)	$(0.02)	$(0.08)	$(0.05)
Ongoing net earnings (loss)	$(0.7)	$(1.9)	$(4.6)	$(4.2)
Ongoing diluted EPS	$(0.01)	$(0.02)	$(0.05)	$(0.05)

• Corporate and Other benefitted from a net improvement in interest expense related to the retirement of long-term debt in May 2015.

Financial materials are available at http://www.pnmresources.com/investors/results.cfm.

THIRD QUARTER CONFERENCE CALL: 11 AM EASTERN TODAY

PNM Resources will discuss third quarter earnings results during a live conference call and webcast today at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources chairman, president and CEO, and Chuck Eldred, PNM Resources executive vice president and CFO.

A live webcast of the call will be archived at http://www.pnmresources.com/investors/events.cfm.

Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software.

(MORE)

PNM Resources Reports Q3 Earnings10-30-15p. 3 of 3

Investors and analysts can participate in the live conference call by pre-registering using the following link to receive a special dial-in number and PIN: http://dpregister.com/10074419. Telephone participants who are unable to pre-register may participate in the live conference call by dialing (877) 276-8648 or (412) 317-5474 fifteen minutes prior to the event and referencing “the PNM Resources third quarter conference call.”

Supporting material for PNM Resources’ earnings announcements can be viewed and downloaded at http://www.pnmresources.com/investors/results.cfm.

Background:

PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2014 consolidated operating revenues of $1.4 billion. Through its regulated utilities, PNM and TNMP, PNM Resources has approximately 2,707 megawatts of generation capacity and provides electricity to more than 753,000 homes and businesses in New Mexico and Texas. For more information, visit the company's website at www.PNMResources.com.

CONTACTS:

AnalystsMedia

Jimmie BlotterPahl Shipley

(505) 241-2227(505) 241-2782

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements made in this news release that relate to future events or PNM Resources’ (“PNMR”), Public Service Company of New Mexico’s (“PNM”), or Texas-New Mexico Power Company’s (“TNMP”) (collectively, the “Company”) expectations, projections, estimates, intentions, goals, targets, and strategies are made pursuant to the Private Securities Litigation Reform Act of 1995. Readers are cautioned that all forward-looking statements are based upon current expectations and estimates. PNMR, PNM, and TNMP assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR, PNM, and TNMP caution readers not to place undue reliance on these statements. PNMR's, PNM's, and TNMP's business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond their control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. For a discussion of risk factors and other important factors affecting forward-looking statements, please see the Company’s Form 10-K and Form 10-Q filings with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.

Non-GAAP Financial Measures

The Company uses ongoing earnings and ongoing earnings per diluted share (or ongoing diluted earnings per share) to evaluate the operations of the Company and to establish goals for management and employees. While the Company believes these financial measures are appropriate and useful for investors, they are not measures presented in accordance with generally accepted accounting principles in the U.S. (“GAAP”). The Company does not intend for these measures, or any piece of these measures, to represent any financial measure as defined by GAAP. Furthermore, the Company’s calculations of these measures as presented may or may not be comparable to similarly titled measures used by other companies. The Company uses ongoing earnings guidance to provide investors with management's expectations of ongoing financial performance over the period presented. While the Company believes ongoing earnings guidance is an appropriate measure, it is not a measure presented in accordance with GAAP. The Company does not intend for ongoing earnings guidance to represent an expectation of net earnings as defined by GAAP. Management is generally not able to estimate the impact of the reconciling items between ongoing earnings guidance and forecasted GAAP net earnings, nor their probable impact on GAAP net earnings; therefore, management is generally not able to provide a corresponding GAAP equivalent for earnings guidance.

(END)

PNM Resources, Inc. and Subsidiaries

Schedule 1

Reconciliation of GAAP to Ongoing Earnings

(Preliminary and Unaudited)

	PNM			TNMP		Corporate and Other			Consolidated
	(in thousands)
Three Months Ended September 30, 2015
GAAP Net Earnings (Loss) Attributable to PNMR:	$	49,246		$	13,689	$	(1,890	)	$	61,045
Adjusting items, net of income tax effects
Mark-to-market impact of economic hedges1	(2,964		)	—		—			(2,964		)
Net change in unrealized impairments of available-for-sale securities2	1,488			—		—			1,488
State tax credit and NOL impairment5	233			—		1,143			1,376
Total Adjustments	(1,243		)	—		1,143			(100		)
Ongoing Earnings (Loss)	$	48,003		$	13,689	$	(747	)	$	60,945
Nine Months Ended September 30, 2015
GAAP Net Earnings (Loss) Attributable to PNMR:	$	80,618		$	33,248	$	(6,808	)	$	107,058
Adjusting items, net of income tax effects
Mark-to-market impact of economic hedges3	760			—		—			760
Net change in unrealized impairments of available-for-sale securities2	1,954			—		—			1,954
New Mexico corporate income tax rate change5	(470		)	—		(203		)	(673		)
Regulatory disallowances4	1,061			—		—			1,061
State tax credit and NOL impairment5	891			—		1,486			2,377
(Gain) loss related to previously disposed of activities6	(660		)	—		905			245
Total Adjustments	3,536			—		2,188			5,724
Ongoing Earnings (Loss)	$	84,154		$	33,248	$	(4,620	)	$	112,782
2015 income tax effects calculated using tax rates of 35.00% for TNMP and 39.19% for other segments.
The impacts of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows:
1Pre-tax7 impacts reflected as $4,719 thousand increase in "Electric Operating Revenues" and $158 thousand reduction in "Cost of energy"
2Pre-tax7 impact reflected in "Gains on available-for-sale securities"
3Pre-tax7 impacts reflected as $1,300 thousand reduction in "Electric Operating Revenues" and $49 thousand reduction in "Cost of energy"
4Pre-tax7 impact reflected in "Regulatory disallowances"
5Impact reflected in "Income Taxes"

⁶Pre-tax⁷ impacts reflected as $1,086 thousand increase in "Other income", $291 thousand increase in "Taxes other than income taxes", $74 thousand increase in "Interest charges", and $1,122 thousand increase in "Other deductions"

⁷Tax impacts reflected in "Income Taxes"

PNM Resources, Inc. and Subsidiaries

Schedule 2

Reconciliation of GAAP to Ongoing Earnings

(Preliminary and Unaudited)

	PNM			TNMP		Corporate and Other			Consolidated
	(in thousands)
Three Months Ended September 30, 2014
GAAP Net Earnings (Loss) Attributable to PNMR:	$	45,219		$	12,355	$	(1,921	)	$	55,653
Adjusting items, net of income tax effects
Mark-to-market impact of economic hedges1	(1,972		)	—		—			(1,972		)
Net change in unrealized impairments of available-for-sale securities2	791			—		—			791
Total Adjustments	(1,181		)	—		—			(1,181		)
Ongoing Earnings (Loss)	$	44,038		$	12,355	$	(1,921	)	$	54,472
Nine Months Ended September 30, 2014
GAAP Net Earnings (Loss) Attributable to PNMR:	$	72,976		$	28,691	$	(4,405	)	$	97,262
Adjusting items, net of income tax effects
Mark-to-market impact of economic hedges5	(41		)	—		—			(41		)
Net change in unrealized impairments of available-for-sale securities2	517			—		—			517
New Mexico corporate income tax rate change6	—			—		241			241
Process improvement initiatives3	1,115			34		—			1,149
San Juan Coal Company audit arbitration4	1,015			—		—			1,015
Total Adjustments	2,606			34		241			2,881
Ongoing Earnings (Loss)	$	75,582		$	28,725	$	(4,164	)	$	100,143
2014 income tax effects calculated using tax rates of 35.00% for TNMP and 39.42% for other segments.
The impacts of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows:
1Pre-tax7 impacts reflected as $3,227 thousand increase in "Electric Operating Revenues" and $28 thousand reduction in "Cost of energy"
2Pre-tax7 impact reflected in "Gains on available-for-sale securities"
3Pre-tax7 impact reflected in "Administrative and general"
4Pre-tax7 impact reflected in "Cost of energy"
5Pre-tax7 impacts reflected as $138 thousand reduction in "Electric Operating Revenues" and $205 thousand reduction in "Cost of energy"
6Impact reflected in "Income Taxes"
7Tax impacts reflected in "Income Taxes"

PNM Resources, Inc. and Subsidiaries

Schedule 3

Reconciliation of GAAP to Ongoing Earnings Per Diluted Share

(Preliminary and Unaudited)

	PNM			TNMP		Corporate and Other			Consolidated
	(per diluted share)
Three Months Ended September 30, 2015
GAAP Net Earnings (Loss) Attributable to PNMR:	$	0.61		$	0.17	$	(0.02	)	$	0.76
Adjusting items
Mark-to-market impact of economic hedges	(0.04		)	—		—			(0.04		)
Net change in unrealized impairments of available-for-sale securities	0.02			—		—			0.02
State tax credit and NOL impairment	0.01			—		0.01			0.02
Total Adjustments	(0.01		)	—		0.01			—
Ongoing Earnings (Loss)	$	0.60		$	0.17	$	(0.01	)	$	0.76
Average Diluted Shares Outstanding: 80,115,665
Nine Months Ended September 30, 2015
GAAP Net Earnings (Loss) Attributable to PNMR:	$	1.01		$	0.41	$	(0.08	)	$	1.34
Adjusting items
Mark-to-market impact of economic hedges	0.01			—		—			0.01
Net change in unrealized impairments of available-for-sale securities	0.02			—		—			0.02
New Mexico corporate income tax rate change	—			—		—			—
Regulatory disallowances	0.01			—		—			0.01
State tax credit and NOL impairment	0.01			—		0.02			0.03
(Gain) loss related to previously disposed of activities	(0.01		)	—		0.01			—
Total Adjustments	0.04			—		0.03			0.07
Ongoing Earnings (Loss)	$	1.05		$	0.41	$	(0.05	)	$	1.41
Average Diluted Shares Outstanding: 80,133,925

PNM Resources, Inc. and Subsidiaries

Schedule 4

Reconciliation of GAAP to Ongoing Earnings Per Diluted Share

(Preliminary and Unaudited)

	PNM			TNMP		Corporate and Other			Consolidated
	(per diluted share)
Three Months Ended September 30, 2014
GAAP Net Earnings (Loss) Attributable to PNMR:	$	0.56		$	0.15	$	(0.02	)	$	0.69
Adjusting items
Mark-to-market impact of economic hedges	(0.02		)	—		—			(0.02		)
Net change in unrealized impairments of available-for-sale securities	0.01			—		—			0.01
Total Adjustments	(0.01		)	—		—			(0.01		)
Ongoing Earnings (Loss)	$	0.55		$	0.15	$	(0.02	)	$	0.68
Average Diluted Shares Outstanding: 80,223,101
Nine Months Ended September 30, 2014
GAAP Net Earnings (Loss) Attributable to PNMR:	$	0.91		$	0.36	$	(0.05	)	$	1.21
Adjusting items
Mark-to-market impact of economic hedges	—			—		—			—
Net change in unrealized impairments of available-for-sale securities	0.01			—		—			0.01
New Mexico corporate income tax rate change	—			—		—			—
Process improvement initiatives	0.01			—		—			0.01
San Juan Coal Company audit arbitration	0.01			—		—			0.01
Total Adjustments	0.03			—		—			0.03
Ongoing Earnings (Loss)	$	0.94		$	0.36	$	(0.05	)	$	1.25
Average Diluted Shares Outstanding: 80,279,154
Tables may not appear visually accurate due to rounding.

PNM Resources, Inc. and Subsidiaries

Schedule 5

Condensed Consolidated Statement of Earnings

(Preliminary and Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
	(In thousands, except per share amounts)
Electric Operating Revenues	$	417,433		$	413,951		$	1,103,187		$	1,089,008
Operating Expenses:
Cost of energy	124,255			132,499			353,939			354,532
Administrative and general	46,375			42,190			130,161			131,283
Energy production costs	42,168			43,287			129,627			136,422
Regulatory disallowances	—			—			1,744			—
Depreciation and amortization	47,503			44,295			139,013			128,424
Transmission and distribution costs	16,768			16,884			50,123			49,857
Taxes other than income taxes	18,859			17,997			55,093			51,641
Total operating expenses	295,928			297,152			859,700			852,159
Operating income	121,505			116,799			243,487			236,849
Other Income and Deductions:
Interest income	1,151			2,084			4,842			6,241
Gains on available-for-sale securities	2,536			962			12,116			8,234
Other income	6,165			2,895			16,844			7,648
Other (deductions)	(3,222		)	(2,084		)	(10,591		)	(7,185		)
Net other income and deductions	6,630			3,857			23,211			14,938
Interest Charges	27,528			30,115			86,714			89,621
Earnings before Income Taxes	100,607			90,541			179,984			162,166
Income Taxes	35,752			31,055			61,621			53,368
Net Earnings	64,855			59,486			118,363			108,798
(Earnings) Attributable to Valencia Non-controlling Interest	(3,678		)	(3,701		)	(10,909		)	(11,140		)
Preferred Stock Dividend Requirements of Subsidiary	(132		)	(132		)	(396		)	(396		)
Net Earnings Attributable to PNMR	$	61,045		$	55,653		$	107,058		$	97,262

Net Earnings Attributable to PNMR per Common Share:
Basic	$	0.77	$	0.70	$	1.34	$	1.22
Diluted	$	0.76	$	0.69	$	1.34	$	1.21
Dividends Declared per Common Share	$	0.200	$	0.185	$	0.600	$	0.555