PNM Resources Inc (PNM)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	71,995	176,207	279,631	242,553	196,188	188,564	182,670	228,223	228,939	226,226	230,204	229,828	193,411	217,666	195,526	15,017	52,080	-53,003	-64,542	97,567
Revenue (ttm)	US$ in thousands	1,939,198	2,102,903	2,326,940	2,349,514	2,249,555	2,107,811	1,932,474	1,859,284	1,779,873	1,705,074	1,622,988	1,554,097	1,523,012	1,507,880	1,469,001	1,441,580	1,457,603	1,457,215	1,446,295	1,468,380
Pretax margin		3.71%	8.38%	12.02%	10.32%	8.72%	8.95%	9.45%	12.27%	12.86%	13.27%	14.18%	14.79%	12.70%	14.44%	13.31%	1.04%	3.57%	-3.64%	-4.46%	6.64%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $71,995K ÷ $1,939,198K
= 3.71%

The pretax margin for PNM Resources Inc has shown some variation over the quarters analyzed. In Q2 2023, the pretax margin was the highest at 12.77%, signaling strong operational efficiency in generating profits before accounting for taxes. However, in Q4 2023, the pretax margin decreased to 4.67%, which is a notable decline from the previous quarter.

It is important to note that fluctuations in pretax margin can be influenced by various factors such as operating expenses, revenue generation, and tax impacts. Monitoring these changes over time can provide insight into the company's profitability and efficiency in managing costs. Overall, PNM Resources Inc should continue to assess and optimize its operational performance to maintain or improve its pretax margin in the future.