Pinnacle West Capital Corporation (PNW - Free Report) reported adjusted earnings per share of $2.80 in the third quarter of 2018, beating the Zacks Consensus Estimate of $2.75 by 1.8%. In the year-ago quarter, the company had reported adjusted earnings of $2.46. The quarterly earnings were driven by the second hottest September on record in Arizona lead to increase in retail sales.
Total Revenues
In the quarter under review, total revenues of $1,268 million improved 7.2% on a year-over-year basis.
Operational Highlights
In third-quarter 2018, total Operating Expenses were $834.7 million, up 15.3% than the year-ago quarter.
Operating income declined 5.7% year over year to $433.3 million.
Interest expenses rose to $61.6 million from $55.6 million in the year-ago quarter.
Financial Condition
Pinnacle West Capital had cash and cash equivalents of $65 million as of Sep 30, 2018, up from $13.9 million as of Dec 31, 2017.
Long-term debt as of Sep 30, 2018 was $4,487.4 million, down from $4,789.7 million as of Dec 31, 2017.
Net cash flow from operating activities was $959.7 million in the first nine months of 2018 higher than $771.9 million in the prior year comparable period.
Guidance
Pinnacle West reaffirmed 2018 earnings guidance in the range of $4.35-$4.55 per share. The company expects 2019 earnings guidance in the range of $4.75-$4.95 per share.
Zacks Rank
Pinnacle West currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Utility Releases
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DTE Energy Company (DTE - Free Report) reported third-quarter 2018 operating earnings per share of $2.13, which outpaced the Zacks Consensus Estimate of $1.74 by 22.4%.
FirstEnergy Corporation (FE - Free Report) reported third-quarter 2018 operating earnings of 80 cents per share, beating the Zacks Consensus Estimate of 73 cents by 9.59%.
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Pinnacle West Capital Corporation (PNW - Free Report) reported adjusted earnings per share of $2.80 in the third quarter of 2018, beating the Zacks Consensus Estimate of $2.75 by 1.8%. In the year-ago quarter, the company had reported adjusted earnings of $2.46. The quarterly earnings were driven by the second hottest September on record in Arizona lead to increase in retail sales.
Total Revenues
In the quarter under review, total revenues of $1,268 million improved 7.2% on a year-over-year basis.
Operational Highlights
In third-quarter 2018, total Operating Expenses were $834.7 million, up 15.3% than the year-ago quarter.
Operating income declined 5.7% year over year to $433.3 million.
Interest expenses rose to $61.6 million from $55.6 million in the year-ago quarter.
Financial Condition
Pinnacle West Capital had cash and cash equivalents of $65 million as of Sep 30, 2018, up from $13.9 million as of Dec 31, 2017.
Long-term debt as of Sep 30, 2018 was $4,487.4 million, down from $4,789.7 million as of Dec 31, 2017.
Net cash flow from operating activities was $959.7 million in the first nine months of 2018 higher than $771.9 million in the prior year comparable period.
Guidance
Pinnacle West reaffirmed 2018 earnings guidance in the range of $4.35-$4.55 per share. The company expects 2019 earnings guidance in the range of $4.75-$4.95 per share.
Zacks Rank
Pinnacle West currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Utility Releases
NextEra Energy (NEE - Free Report) reported third-quarter 2018 adjusted earnings of $2.18 per share, beating the Zacks Consensus Estimate of $2.17 by 0.46%.
DTE Energy Company (DTE - Free Report) reported third-quarter 2018 operating earnings per share of $2.13, which outpaced the Zacks Consensus Estimate of $1.74 by 22.4%.
FirstEnergy Corporation (FE - Free Report) reported third-quarter 2018 operating earnings of 80 cents per share, beating the Zacks Consensus Estimate of 73 cents by 9.59%.
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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