Pinnacle West Capital Corporation’s (NYSE:PNW) adjusted earnings of 16 cents per share in the first quarter of 2019 missed the Zacks Consensus Estimate of 18 cents by 11.1%. In the year-ago quarter, the company had reported adjusted earnings of 3 cents. The year-over-year improvement can be attributed to colder-than-normal weather that led to increase in retail sales.
Total Revenues
Total revenues came in at $740.5 million, which improved 7% on a year-over-year basis.
Operational Highlights
In first-quarter 2019, total operating expenses of $680.4 million increased 2.8% from the year-ago quarter’s tally.
Operating income increased 91.7% year over year to $60 million.
Interest expenses rose 3.4% to $53.9 million from $52.2 million in the year-ago quarter.
Courtesy of the improving Arizona economy, customer volumes improved 1.9% year over year in the quarter under review.
Weather-normalized electricity sales increased 1% in the first quarter compared with 2018’s first quarter.
Guidance
Management reaffirmed its 2019 EPS view in the range of $4.75-$4.95. The mid-point of $4.85 is in line with the current Zacks Consensus Estimate.
Zacks Rank
Pinnacle West currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
DTE Energy Company (NYSE:DTE) delivered first-quarter 2019 operating earnings of $2.05 per share, which outpaced the Zacks Consensus Estimate of $1.95 by 5.1%.
NextEra Energy, Inc’s (NYSE:NEE) first-quarter 2019 adjusted earnings came in at $2.20 per share surpassing the Zacks Consensus Estimate of $2.01 by 9.4%.
FirstEnergy Corporation (NYSE:FE) reported first-quarter 2019 operating earnings of 67 cents per share, which exceeded the Zacks Consensus Estimate of 66 cents by 1.52%.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft (NASDAQ:MSFT) in the 1990s. Zacks’ just-released special report reveals 7 stocks to watch. The report is only available for a limited time.
See 7 breakthrough stocks now>>
FirstEnergy Corporation (FE): Free Stock Analysis Report
DTE Energy Company (DTE): Free Stock Analysis Report
Pinnacle West Capital Corporation (PNW): Free Stock Analysis Report
NextEra Energy, Inc. (NEE): Free Stock Analysis Report
Original post