Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

Pinnacle West (PNW) Beats Q3 Earnings, Issues '18 Guidance

Published 11/02/2017, 10:04 PM
Updated 07/09/2023, 06:31 AM

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.

Pinnacle West Capital Corporation Price, Consensus and EPS Surprise

Pinnacle West Capital Corporation Price, Consensus and EPS Surprise | Pinnacle West Capital Corporation Quote

Despite slightly milder-than-normal overall temperatures, effects of weather variations positively impacted earnings by 2 cents per share compared to the year-ago period.

Total operating expenses in the third quarter increased 0.2% to $717.2 million, primarily owing to higher operation and maintenance expenses.

In the reported quarter, operating income increased 3.3% year over year to $466.1 million.

Interest expenses were up 8.4% to $55.6 million from $51.3 million a year ago.

Guidance

Pinnacle West Capital maintained its 2017 earnings guidance in the range of $4.15 to $4.30 per share.

The company initiated 2018 earnings guidance in the range of $4.25 to $4.45 per share.

Zacks Rank

Pinnacle West Capital currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

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%.

Looking for Stocks with Skyrocketing Upside?

Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.

Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.

See the pot trades we're targeting>>



Pinnacle West Capital Corporation (PNW): Free Stock Analysis Report

NextEra Energy, Inc. (NEE): Free Stock Analysis Report

FirstEnergy Corporation (FE): Free Stock Analysis Report

Dominion Energy Inc. (D): Free Stock Analysis Report

Original post

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.