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.
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%.
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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.
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>>
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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