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Pinnacle West (PNW) Misses on Q2 Earnings, Offers Outlook
Pinnacle West Capital Corp. (PNW - Free Report) reported adjusted earnings per share of $1.08 in the second quarter of 2016, lagging the Zacks Consensus Estimate of $1.14 by 5.3%. Reported earnings also dipped 1.8% year over year.
Total Revenue
In the quarter under review, total revenue of $915.4 million beat the Zacks Consensus Estimates of $906 million by 1%. Reported revenues were also higher than the year-ago figure of $890.6 million by 2.8%.
Above-average temperatures in June and solid customer growth aided the top line.
Operational Highlights
Total operating expenses in second-quarter 2016 rose 3.8% to $683.6 million due to higher fossil fuel plant maintenance cost.
In the reported quarter, operating income was almost flat year over year at $231.7 million.
Interest expenses increased 8% to $47.5 million from $44 million a year ago.
PINNACLE WEST Price, Consensus and EPS Surprise
PINNACLE WEST Price, Consensus and EPS Surprise | PINNACLE WEST Quote
Financial Update
Cash & cash equivalents were $43 million as of Jun 30, 2016, up from $39.5 million as of Dec 31, 2015.
Long-term debt was $3,898 million as of Jun 30, 2016, up from $3,462.4 millionas of Dec 31, 2015.
Cash from operating activities in the first six months of 2016 stood at $422.5 million, up from $394.3 million in the prior-year period.
Guidance
For 2016, Pinnacle West Capital reiterated its earnings guidance in the range of $3.90–$4.10 per diluted share.
The company expects operating & maintenance expenditure in the range of $825–$845 millions.
Capital expenditure is projected to be $1,205 million, $1,307 million and $1,124 million for 2016, 2017 and 2018, respectively.
Other Utility Releases
CMS Energy Corp. (CMS - Free Report) reported second-quarter 2016 adjusted earnings per share of 45 cents, beating the Zacks Consensus Estimate of 35 cents by 28.6%.
NextEra Energy, Inc.(NEE - Free Report) reported second-quarter 2016 adjusted earnings of $1.67 per share, outpacing the Zacks Consensus Estimate of $1.58 by 5.7%.
FirstEnergy Corp. (FE - Free Report) announced second-quarter 2016 operating earnings of 56 cents per share, higher than both the Zacks Consensus Estimate and the prior-year figure of 53 cents by 5.7%.
Zacks Rank
Pinnacle West presently carries a Zacks Rank #3 (Hold).
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