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Pinnacle West (PNW) Beats Q3 Earnings, Issues '18 Guidance
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Pinnacle West Capital Corporation (PNW - Free Report) 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
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.
Dominion Energy Inc. (D - Free Report) reported third-quarter 2017 operating earnings of $1.04 per share, beating the Zacks Consensus Estimate by a penny.
NextEra Energy, Inc.(NEE - Free Report) reported third-quarter 2017 adjusted earnings of $1.85 per share, beating the Zacks Consensus Estimate of $1.75 by 5.7%.
FirstEnergy Corporation (FE - Free Report) 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 (PNW) Beats Q3 Earnings, Issues '18 Guidance
Pinnacle West Capital Corporation (PNW - Free Report) 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.
Peer Releases
Dominion Energy Inc. (D - Free Report) reported third-quarter 2017 operating earnings of $1.04 per share, beating the Zacks Consensus Estimate by a penny.
NextEra Energy, Inc.(NEE - Free Report) reported third-quarter 2017 adjusted earnings of $1.85 per share, beating the Zacks Consensus Estimate of $1.75 by 5.7%.
FirstEnergy Corporation (FE - Free Report) 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>>