Shares of PNM Resources Inc. /zigman2/quotes/202534367/composite PNM +0.20% were indicated down nearly 3% in premarket trading Friday, after the electric utilities company cut its profit guidance for the second quarter and the full year, citing "substantially milder temperatures" in New Mexico. PNM lowered its Q2 earnings-per-share estimate to 36 cents to 38 cents from 57 cents to 59 cents, well below the FactSet consensus of 62 cents. The 2019 EPS guidance range was lowered to $2.05 to $2.11 from $2.10 to $2.20, versus the FactSet consensus of $2.15. "The PNM service territory experienced its mildest second quarter over the last 19 years, resulting in 37% lower cooling degree-days and lower expectations for second quarter ongoing earnings," the company said in a statement. PNM's stock has rallied 22.7% year to date through Thursday, while the SPDR Utilities Select Sector ETF /zigman2/quotes/206645117/composite XLU +0.54% has climbed 15.3% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.18% has advanced 19.7%.