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Pinnacle West (PNW) Q4 Earnings Surpass Estimates, Sales Lag
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Pinnacle West Capital Corporation (PNW - Free Report) reported fourth-quarter 2023 break-even earnings. The Zacks Consensus Estimate was pegged at a loss of 10 cents per share. In the year-ago quarter, the company reported a loss of 21 cents.
In 2023, earnings were $4.41, up 3.52% from $4.26 reported in 2022.
Total Revenues
Sales for the quarter totaled $0.99 billion, which lagged the Zacks Consensus Estimate of $1.01 billion by 2.2%.
In 2023, total revenues were $4.69 billion, up 8.6% from $4.32 billion reported in 2022.
Pinnacle West Capital Corporation Price, Consensus and EPS Surprise
Total operating expenses were $917.2 million, down 5.7% year over year. This was due to a decline in fuel and power purchase costs, offset marginally by higher depreciation and amortization expenses.
Total operational and maintenance expenses were $281.4 million, up 3.6% year over year.
Operating income totaled $74.4 million, up 102.2% from $36.7 million recorded in the year-ago quarter.
Total interest expenses were $96.1 million, up 23.4% from $77.9 million registered in the prior-year period.
Financial Highlights
Cash and cash equivalents totaled $4.95 million as of Dec 31, 2023, compared with $4.8 million as of Dec 31, 2022.
Long-term debt less current maturities amounted to $7.54 billion as of Dec 31, 2023, lower than $7.74 billion recorded as of Dec 31, 2022.
Net cash flow provided by operating activities in 2023 totaled $1.2 billion compared with $1.24 billion a year ago.
Guidance
PNW expects 2024 consolidated earnings in the range of $4.60-$4.80 per share. The Zacks Consensus Estimate is pegged at $4.75, higher than the mid-point of the company’s guided range.
The company plans to invest $7.8 billion in 2023-2026 period to further strengthen its operations.
Management expects its retail customer will increase in the range of 1.5-2.5% in 2024 from 2023 levels.
Zacks Rank
Pinnacle West currently has a Zacks Rank #4 (Sell).
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2023 adjusted earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 49 cents by 6.1%.
The Zacks Consensus Estimate for NEE’s 2024 earnings is pinned at $3.44 per share, implying an improvement of 8.5% from the year-ago levels. The company’s long-term (three-to-five year) earnings growth rate is 8.18%.
Exelon Corporation’s (EXC - Free Report) fourth-quarter 2023 earnings of 60 cents per share surpassed the Zacks Consensus Estimate of 58 cents by 3.4%. Earnings increased 39.5% from the year-ago level of 43 cents.
The Zacks Consensus Estimate for EXC’s 2024 earnings is pinned at $2.42 per share, implying an improvement of 1.3% from the prior-year actuals. The company’s long-term earnings growth rate is 5.69%.
Dominion Energy Inc. (D - Free Report) delivered fourth-quarter 2023 operating earnings of 29 cents per share, which lagged the Zacks Consensus Estimate of 40 cents by 27.5%. Quarterly earnings were lower than the company’s guidance of 35 cents. Operating earnings were $1.06 in the year-ago quarter.
The Zacks Consensus Estimate for D’s 2024 earnings is pinned at $3.06 per share, implying an improvement of 53.8% from the year-earlier levels. The company’s long-term earnings growth rate is 7.9%.
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Pinnacle West (PNW) Q4 Earnings Surpass Estimates, Sales Lag
Pinnacle West Capital Corporation (PNW - Free Report) reported fourth-quarter 2023 break-even earnings. The Zacks Consensus Estimate was pegged at a loss of 10 cents per share. In the year-ago quarter, the company reported a loss of 21 cents.
In 2023, earnings were $4.41, up 3.52% from $4.26 reported in 2022.
Total Revenues
Sales for the quarter totaled $0.99 billion, which lagged the Zacks Consensus Estimate of $1.01 billion by 2.2%.
In 2023, total revenues were $4.69 billion, up 8.6% from $4.32 billion reported in 2022.
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
Total operating expenses were $917.2 million, down 5.7% year over year. This was due to a decline in fuel and power purchase costs, offset marginally by higher depreciation and amortization expenses.
Total operational and maintenance expenses were $281.4 million, up 3.6% year over year.
Operating income totaled $74.4 million, up 102.2% from $36.7 million recorded in the year-ago quarter.
Total interest expenses were $96.1 million, up 23.4% from $77.9 million registered in the prior-year period.
Financial Highlights
Cash and cash equivalents totaled $4.95 million as of Dec 31, 2023, compared with $4.8 million as of Dec 31, 2022.
Long-term debt less current maturities amounted to $7.54 billion as of Dec 31, 2023, lower than $7.74 billion recorded as of Dec 31, 2022.
Net cash flow provided by operating activities in 2023 totaled $1.2 billion compared with $1.24 billion a year ago.
Guidance
PNW expects 2024 consolidated earnings in the range of $4.60-$4.80 per share. The Zacks Consensus Estimate is pegged at $4.75, higher than the mid-point of the company’s guided range.
The company plans to invest $7.8 billion in 2023-2026 period to further strengthen its operations.
Management expects its retail customer will increase in the range of 1.5-2.5% in 2024 from 2023 levels.
Zacks Rank
Pinnacle West currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2023 adjusted earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 49 cents by 6.1%.
The Zacks Consensus Estimate for NEE’s 2024 earnings is pinned at $3.44 per share, implying an improvement of 8.5% from the year-ago levels. The company’s long-term (three-to-five year) earnings growth rate is 8.18%.
Exelon Corporation’s (EXC - Free Report) fourth-quarter 2023 earnings of 60 cents per share surpassed the Zacks Consensus Estimate of 58 cents by 3.4%. Earnings increased 39.5% from the year-ago level of 43 cents.
The Zacks Consensus Estimate for EXC’s 2024 earnings is pinned at $2.42 per share, implying an improvement of 1.3% from the prior-year actuals. The company’s long-term earnings growth rate is 5.69%.
Dominion Energy Inc. (D - Free Report) delivered fourth-quarter 2023 operating earnings of 29 cents per share, which lagged the Zacks Consensus Estimate of 40 cents by 27.5%. Quarterly earnings were lower than the company’s guidance of 35 cents. Operating earnings were $1.06 in the year-ago quarter.
The Zacks Consensus Estimate for D’s 2024 earnings is pinned at $3.06 per share, implying an improvement of 53.8% from the year-earlier levels. The company’s long-term earnings growth rate is 7.9%.