Pinnacle West Capital Corporation (NYSE:PNW) reported adjusted earnings per share of $2.46 in the third quarter of 2017, surpassing the Zacks Consensus Estimate of $2.33 by 5.6%. Quarterly earnings increased 4.7% year over year.
The year-over-year improvement was due to new electricity rates that became effective during the quarter and higher electricity usage due to increasing customer base.
Total Revenues
In the quarter under review, total revenues of $1,183.3 million increased from the year-ago figure of $1,166.9 million by 1.4%.
Operational Highlights
Higher operations and maintenance expenses adversely impacted earnings by 2 cents per share compared to the prior-year period. The increased expenses were largely due to higher employee benefit costs.
Peer Releases
Dominion Energy Inc. (NYSE:D) reported third-quarter 2017 operating earnings of $1.04 per share, beating the Zacks Consensus Estimate by a penny.
NextEra Energy, Inc. (NYSE:NEE) reported third-quarter 2017 adjusted earnings of $1.85 per share, beating the Zacks Consensus Estimate of $1.75 by 5.7%.
FirstEnergy Corporation (NYSE:FE) reported third-quarter 2017 operating earnings of 97 cents per share, beating the Zacks Consensus Estimate of 86 cents by 12.8%.
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Pinnacle West Capital Corporation (PNW): Free Stock Analysis Report
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