We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Pinnacle West (PNW) Q2 Earnings and Revenues Beat Estimates
Read MoreHide Full Article
Pinnacle West Capital Corporation (PNW - Free Report) delivered adjusted earnings per share of $1.71 in the second quarter of 2020, which beat the Zacks Consensus Estimate of $1.48 by 15.6%.
The bottom line also improved from the year-ago quarter’s adjusted earnings of $1.28. The result reflects the impact of hotter-than-normal weather, which boosted demand.
Total Revenues
In the quarter under review, total revenues of $929.6 million improved 6.9% on a year-over-year basis. The top line also surpassed the Zacks Consensus Estimate of $902 million by 3.1%.
Pinnacle West Capital Corporation Price, Consensus and EPS Surprise
In the second quarter, total operating expenses were $661.7 million, down 1.7% from the year-ago quarter.
Operating income improved 33.2% year over year to $261.9 million.
Interest expenses were $62.7 million, up 9% year over year.
Financial Highlights
Cash and cash equivalents worth $6.7 million as of Jun 30, 2020 were down from $10.3 million on Dec 31, 2019.
Total long-term debt was $5,922.2 million as of Jun 30, 2020, higher than $4,832.6 million at 2019 end.
Cash flow from operating activities for first-half 2020 was $369 million compared with $345.9 million in the comparable year-ago period. For the first six months of 2020, capital expenditure of the company was $676.9 million compared with $541.4 million in the corresponding quarter of last year.
Guidance
Management reaffirmed 2020 EPS in the range of $4.75-$4.95, the midpoint of which is $4.85, higher than the current Zacks Consensus Estimate of $4.83.
The company is going to invest $4.7 billion in Arizona Public Service Company (APS) over the 2020-2022 time period. Pinnacle West Capital expects retail customer growth of 1.5-2% annually over the same time frame.
FirstEnergy Corporation (FE - Free Report) delivered second-quarter 2020 operating earnings of 57 cents per share, which beat the Zacks Consensus Estimate of 55 cents by 3.64%.
CMS Energy Corporation (CMS - Free Report) reported second-quarter 2020 adjusted earnings per share of 49 cents, which surpassed the Zacks Consensus Estimate of 45 cents by 8.9%.
NiSource Inc (NI - Free Report) delivered operating earnings of 13 cents per share in second-quarter 2020, which topped the Zacks Consensus Estimate of 7 cents by 85.7%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.
Image: Bigstock
Pinnacle West (PNW) Q2 Earnings and Revenues Beat Estimates
Pinnacle West Capital Corporation (PNW - Free Report) delivered adjusted earnings per share of $1.71 in the second quarter of 2020, which beat the Zacks Consensus Estimate of $1.48 by 15.6%.
The bottom line also improved from the year-ago quarter’s adjusted earnings of $1.28. The result reflects the impact of hotter-than-normal weather, which boosted demand.
Total Revenues
In the quarter under review, total revenues of $929.6 million improved 6.9% on a year-over-year basis. The top line also surpassed the Zacks Consensus Estimate of $902 million by 3.1%.
Pinnacle West Capital Corporation Price, Consensus and EPS Surprise
Pinnacle West Capital Corporation price-consensus-eps-surprise-chart | Pinnacle West Capital Corporation Quote
Operational Highlights
In the second quarter, total operating expenses were $661.7 million, down 1.7% from the year-ago quarter.
Operating income improved 33.2% year over year to $261.9 million.
Interest expenses were $62.7 million, up 9% year over year.
Financial Highlights
Cash and cash equivalents worth $6.7 million as of Jun 30, 2020 were down from $10.3 million on Dec 31, 2019.
Total long-term debt was $5,922.2 million as of Jun 30, 2020, higher than $4,832.6 million at 2019 end.
Cash flow from operating activities for first-half 2020 was $369 million compared with $345.9 million in the comparable year-ago period. For the first six months of 2020, capital expenditure of the company was $676.9 million compared with $541.4 million in the corresponding quarter of last year.
Guidance
Management reaffirmed 2020 EPS in the range of $4.75-$4.95, the midpoint of which is $4.85, higher than the current Zacks Consensus Estimate of $4.83.
The company is going to invest $4.7 billion in Arizona Public Service Company (APS) over the 2020-2022 time period. Pinnacle West Capital expects retail customer growth of 1.5-2% annually over the same time frame.
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.
Other Releases
FirstEnergy Corporation (FE - Free Report) delivered second-quarter 2020 operating earnings of 57 cents per share, which beat the Zacks Consensus Estimate of 55 cents by 3.64%.
CMS Energy Corporation (CMS - Free Report) reported second-quarter 2020 adjusted earnings per share of 49 cents, which surpassed the Zacks Consensus Estimate of 45 cents by 8.9%.
NiSource Inc (NI - Free Report) delivered operating earnings of 13 cents per share in second-quarter 2020, which topped the Zacks Consensus Estimate of 7 cents by 85.7%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.
Click here for the 6 trades >>