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Pinnacle West's (PNW) Q3 Earnings & Revenues Surpass Mark
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Pinnacle West Capital Corporation (PNW - Free Report) posts earnings of $3 per share for the third quarter of 2021, outperforming the Zacks Consensus Estimate of $2.79 by 7.5%. However, the bottom line declined 2.3% from the prior-year quarter’s earnings of $3.07 per share due to milder weather.
Total Revenues
In the quarter under review, total revenues of $1,308.3 million improved 4.3% on a year-over-year basis. Also, the top line beat the Zacks Consensus Estimate of $1,192 billion by 9.8%.
Pinnacle West Capital Corporation Price, Consensus and EPS Surprise
In the third quarter, total operating expenses were $878.9 million, up 9.9% from the year-ago quarter’s level.
Operating income fell 5.6% year over year to $429.4 million.
Interest expenses were $58.8 million, up 3.4% year over year.
The company recorded 2.3% year-over-year customer growth in third-quarter 2021.
Financial Highlights
Cash and cash equivalents were $19.3 million as of Sep 30, 2021 compared with $57.3 million on Dec 31, 2020.
Long-term debt less current maturities was $6,763.1 million as of Sep 30, 2021, higher than $6,314.3 million at 2020 end.
Net cash flow provided by operating activities in the first nine months of 2021 was $660.5 million compared with $772 million in the comparable period of 2020.
Guidance
The company expects its 2021 earnings in the range of $5.25-$5.35 per share (on a weather normalized basis). The same for 2022 is expected in the range of $3.80-$4 per share.
During the ongoing year, the utility expects retail customer growth in the 1.5-2.5% range. The utility plans to invest $6,200 million during the 2021-2024 forecast period with the current-year expectation being $1,500 million.
It expects the rate base to grow annually at nearly 5-6% through 2024.
FirstEnergy Corporation (FE - Free Report) came up with third-quarter 2021 operating earnings of 82 cents per share, surpassing the Zacks Consensus Estimate of 81 cents by 1.2%.
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2021 adjusted earnings of 75 cents per share, which beat the Zacks Consensus Estimate of 72 cents by 4.2%.
DTE Energy Company (DTE - Free Report) reported a third-quarter 2021 operating EPS of $1.72, which missed the Zacks Consensus Estimate of $1.83 by 6%.
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Pinnacle West's (PNW) Q3 Earnings & Revenues Surpass Mark
Pinnacle West Capital Corporation (PNW - Free Report) posts earnings of $3 per share for the third quarter of 2021, outperforming the Zacks Consensus Estimate of $2.79 by 7.5%. However, the bottom line declined 2.3% from the prior-year quarter’s earnings of $3.07 per share due to milder weather.
Total Revenues
In the quarter under review, total revenues of $1,308.3 million improved 4.3% on a year-over-year basis. Also, the top line beat the Zacks Consensus Estimate of $1,192 billion by 9.8%.
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 third quarter, total operating expenses were $878.9 million, up 9.9% from the year-ago quarter’s level.
Operating income fell 5.6% year over year to $429.4 million.
Interest expenses were $58.8 million, up 3.4% year over year.
The company recorded 2.3% year-over-year customer growth in third-quarter 2021.
Financial Highlights
Cash and cash equivalents were $19.3 million as of Sep 30, 2021 compared with $57.3 million on Dec 31, 2020.
Long-term debt less current maturities was $6,763.1 million as of Sep 30, 2021, higher than $6,314.3 million at 2020 end.
Net cash flow provided by operating activities in the first nine months of 2021 was $660.5 million compared with $772 million in the comparable period of 2020.
Guidance
The company expects its 2021 earnings in the range of $5.25-$5.35 per share (on a weather normalized basis). The same for 2022 is expected in the range of $3.80-$4 per share.
During the ongoing year, the utility expects retail customer growth in the 1.5-2.5% range. The utility plans to invest $6,200 million during the 2021-2024 forecast period with the current-year expectation being $1,500 million.
It expects the rate base to grow annually at nearly 5-6% through 2024.
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) came up with third-quarter 2021 operating earnings of 82 cents per share, surpassing the Zacks Consensus Estimate of 81 cents by 1.2%.
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2021 adjusted earnings of 75 cents per share, which beat the Zacks Consensus Estimate of 72 cents by 4.2%.
DTE Energy Company (DTE - Free Report) reported a third-quarter 2021 operating EPS of $1.72, which missed the Zacks Consensus Estimate of $1.83 by 6%.