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What's in Store for Pinnacle West Capital (PNW) in Q1 Earnings?
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Pinnacle West Capital Corporation (PNW - Free Report) is scheduled to release first-quarter 2024 results on May 2, before market open. The company delivered an earnings surprise of 100% in the last reported quarter.
Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.
Factors to Consider
During first-quarter 2024, Arizona Corporation Commission approved a rate adjustment for Arizona Public Service (“APS”). In addition to recovering expenditures incurred for upgrading and maintaining the electric system, this will enable APS to keep up with growing consumer demands and make investments in infrastructure. The rate adjustment is expected to have had a positive impact on PNW’s overall performance in the to-be-reported quarter.
Pinnacle West Capital’s first-quarter revenues are expected to have benefited from retail customer growth and an increase in electricity sales, owing to strong growth in the Arizona region.
However, the planned outage in the to-be-reported quarter might have resulted in higher operations and maintenance expenses. Increased depreciation, amortization and property taxes must have offset some positives.
Q1 Expectations
The Zacks Consensus Estimate for earnings is pegged at 3 cents per share, indicating a year-over-year improvement of 200%.
The Zacks Consensus Estimate for revenues is pinned at $954.2 million, implying a year-over-year increase of 0.98%.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for Pinnacle West Capital this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here as you will see below.
Pinnacle West Capital Corporation Price and EPS Surprise
Earnings ESP: The company’s Earnings ESP is 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Investors may consider the following players from the same industry as these have the right combination of elements to post an earnings beat this reporting cycle.
AES Corporation (AES - Free Report) is likely to come up with an earnings beat when it reports first-quarter earnings on May 2. It has an Earnings ESP of +6.67% and a Zacks Rank #3 at present.
The Zacks Consensus Estimate for first-quarter earnings has increased 7.1% in the past 60 days. The Zacks Consensus Estimate for sales is pinned at $3.24 billion.
Ameren Corporation (AEE - Free Report) is likely to come up with an earnings beat when it reports first-quarter earnings on May 2. It has an Earnings ESP of +0.30% and a Zacks Rank #3 at present.
AEE’s long-term (three to five years) earnings growth rate is 6.5%. The Zacks Consensus Estimate for first-quarter earnings has decreased 0.9% in the past 60 days.
NiSource (NI - Free Report) is likely to come up with an earnings beat when it reports first-quarter 2024 earnings on May 8. It has an Earnings ESP of +1.24% and a Zacks Rank #3 at present.
NI’s long-term earnings growth rate is 6%. The Zacks Consensus Estimate for first-quarter earnings has increased 1.3% in the past 60 days.
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What's in Store for Pinnacle West Capital (PNW) in Q1 Earnings?
Pinnacle West Capital Corporation (PNW - Free Report) is scheduled to release first-quarter 2024 results on May 2, before market open. The company delivered an earnings surprise of 100% in the last reported quarter.
Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.
Factors to Consider
During first-quarter 2024, Arizona Corporation Commission approved a rate adjustment for Arizona Public Service (“APS”). In addition to recovering expenditures incurred for upgrading and maintaining the electric system, this will enable APS to keep up with growing consumer demands and make investments in infrastructure. The rate adjustment is expected to have had a positive impact on PNW’s overall performance in the to-be-reported quarter.
Pinnacle West Capital’s first-quarter revenues are expected to have benefited from retail customer growth and an increase in electricity sales, owing to strong growth in the Arizona region.
However, the planned outage in the to-be-reported quarter might have resulted in higher operations and maintenance expenses. Increased depreciation, amortization and property taxes must have offset some positives.
Q1 Expectations
The Zacks Consensus Estimate for earnings is pegged at 3 cents per share, indicating a year-over-year improvement of 200%.
The Zacks Consensus Estimate for revenues is pinned at $954.2 million, implying a year-over-year increase of 0.98%.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for Pinnacle West Capital this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here as you will see below.
Pinnacle West Capital Corporation Price and EPS Surprise
Pinnacle West Capital Corporation price-eps-surprise | Pinnacle West Capital Corporation Quote
Earnings ESP: The company’s Earnings ESP is 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Currently, Pinnacle West Capital carries a Zacks Rank #2. You can see the complete list of today's Zacks #1 Rank stocks here.
Stocks to Consider
Investors may consider the following players from the same industry as these have the right combination of elements to post an earnings beat this reporting cycle.
AES Corporation (AES - Free Report) is likely to come up with an earnings beat when it reports first-quarter earnings on May 2. It has an Earnings ESP of +6.67% and a Zacks Rank #3 at present.
The Zacks Consensus Estimate for first-quarter earnings has increased 7.1% in the past 60 days. The Zacks Consensus Estimate for sales is pinned at $3.24 billion.
Ameren Corporation (AEE - Free Report) is likely to come up with an earnings beat when it reports first-quarter earnings on May 2. It has an Earnings ESP of +0.30% and a Zacks Rank #3 at present.
AEE’s long-term (three to five years) earnings growth rate is 6.5%. The Zacks Consensus Estimate for first-quarter earnings has decreased 0.9% in the past 60 days.
NiSource (NI - Free Report) is likely to come up with an earnings beat when it reports first-quarter 2024 earnings on May 8. It has an Earnings ESP of +1.24% and a Zacks Rank #3 at present.
NI’s long-term earnings growth rate is 6%. The Zacks Consensus Estimate for first-quarter earnings has increased 1.3% in the past 60 days.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.