Pinnacle West Capital Corporation (PNW - Free Report) reported adjusted earnings per share of $1.49 in the second quarter of 2017 surpassing the Zacks Consensus Estimate of $1.16. Quarterly earnings increased 38% year over year.
The year over year improvement in earnings was primarily due to higher electricity usage as a result of hotter weather.
Total Revenue
In the quarter under review, total revenue of $944.6 million increased from the year-ago figure of $915.4 million by 3.19%.
Operational Highlights
Lower operations and maintenance expenses increased results by 14 cents per share compared with the prior-year period. The lower expenses were largely due to less planned fossil maintenance in second-quarter 2017 compared to a year ago.
The effects of weather variations improved results by 2 cents per share compared with the year-ago period.
Total operating expense in second-quarter 2017 decreased 6.3% to $640.4 million, primarily owing to lower operation and maintenance expenses.
In the reported quarter, operating income increased 31.3% year over year to $304.2 million.
Interest expenses were up 5.5% to $50.1 million from $47.5 million a year ago.
Pinnacle West Capital Corporation Price, Consensus and EPS Surprise
Peer Releases
NiSource Inc. (NI - Free Report) reported second-quarter 2017 operating earnings of 10 cents per share, which was in line with the Zacks Consensus Estimate. Earnings also increased 25% year over year.
WEC Energy Group (WEC - Free Report) reported second-quarter 2017 adjusted earnings of 63 cents per share, beating the Zacks Consensus Estimate of 59 cents by 6.8% and the year-ago figure of 57 cents by 10.5%.
FirstEnergy Corp. (FE - Free Report) reported second-quarter 2017 operating earnings of 61 cents per share, in line with the Zacks Consensus Estimate. Quarterly earnings were also up 8.9% year over year.
Zacks Rank
Pinnacle West Capital currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Pinnacle West Capital Corporation (PNW - Free Report) reported adjusted earnings per share of $1.49 in the second quarter of 2017 surpassing the Zacks Consensus Estimate of $1.16. Quarterly earnings increased 38% year over year.
The year over year improvement in earnings was primarily due to higher electricity usage as a result of hotter weather.
Total Revenue
In the quarter under review, total revenue of $944.6 million increased from the year-ago figure of $915.4 million by 3.19%.
Operational Highlights
Lower operations and maintenance expenses increased results by 14 cents per share compared with the prior-year period. The lower expenses were largely due to less planned fossil maintenance in second-quarter 2017 compared to a year ago.
The effects of weather variations improved results by 2 cents per share compared with the year-ago period.
Total operating expense in second-quarter 2017 decreased 6.3% to $640.4 million, primarily owing to lower operation and maintenance expenses.
In the reported quarter, operating income increased 31.3% year over year to $304.2 million.
Interest expenses were up 5.5% to $50.1 million from $47.5 million a year ago.
Pinnacle West Capital Corporation Price, Consensus and EPS Surprise
Peer Releases
NiSource Inc. (NI - Free Report) reported second-quarter 2017 operating earnings of 10 cents per share, which was in line with the Zacks Consensus Estimate. Earnings also increased 25% year over year.
WEC Energy Group (WEC - Free Report) reported second-quarter 2017 adjusted earnings of 63 cents per share, beating the Zacks Consensus Estimate of 59 cents by 6.8% and the year-ago figure of 57 cents by 10.5%.
FirstEnergy Corp. (FE - Free Report) reported second-quarter 2017 operating earnings of 61 cents per share, in line with the Zacks Consensus Estimate. Quarterly earnings were also up 8.9% year over year.
Zacks Rank
Pinnacle West Capital currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
More Stock News: Tech Opportunity Worth $386 Billion in 2017
From driverless cars to artificial intelligence, we've seen an unsurpassed growth of high-tech products in recent months. Yesterday's science-fiction is becoming today's reality. Despite all the innovation, there is a single component no tech company can survive without. Demand for this critical device will reach $387 billion this year alone, and it's likely to grow even faster in the future.
Zacks has released a brand-new Special Report to help you take advantage of this exciting investment opportunity. Most importantly, it reveals 4 stocks with massive profit potential. See these stocks now>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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