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Pinnacle West (PNW) Q1 Earnings & Sales Surpass Estimates
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Pinnacle West Capital Corporation (PNW - Free Report) reported first-quarter 2024 earnings of 15 cents per share, which beat the Zacks Consensus Estimate of a loss of 2 cents by 850%. In the year-ago quarter, the company reported a loss of 3 cents per share.
Total Revenues
Sales for the quarter totaled $951.7 million, which surpassed the Zacks Consensus Estimate of $937 million by 1.6%. The top line also increased 0.7% from $945 million recorded in the year-ago quarter.
Pinnacle West Capital Corporation Price, Consensus and EPS Surprise
Total operating expenses were $884.9 million, down 1% year over year. This was due to a decline in fuel and power purchase costs.
Total operational and maintenance expenses were $257.6 million, up 3% year over year.
Operating income totaled $66.8 million, up 31.8% from $50.7 million recorded in the year-ago quarter.
Total interest expenses were $99.8 million, up 13.3% from $88.1 million registered in the prior-year period.
Financial Highlights
Cash and cash equivalents totaled $9.63 million as of Mar 31, 2024, compared with $4.95 million as of Dec 31, 2023.
Long-term debt less current maturities amounted to $7.542 billion as of Mar 31, 2024, compared with $7.541 billion as of Dec 31, 2023.
Net cash flow provided by operating activities in the first three months of 2024 totaled $347.3 million compared with $211.6 million recorded a year ago.
Guidance
PNW expects 2024 consolidated earnings in the range of $4.60-$4.80 per share. The Zacks Consensus Estimate for the same is pegged at $4.76, higher than the mid-point of the company’s guided range.
The company plans to invest $7.8 billion in the 2023-2026 period to further strengthen its operations.
Management expects its retail customers to increase in the range of 1.5-2.5% in 2024 from 2023 levels.
NRG Energy, Inc. (NRG - Free Report) is scheduled to report first-quarter results on May 7, before market open. The Zacks Consensus Estimate for earnings is pegged at 51 cents per share.
NRG delivered an average earnings surprise of 6.4% in the last four quarters. The Zacks Consensus Estimate for 2024 earnings is pinned at $5.36 per share.
ONE Gas, Inc. (OGS - Free Report) is slated to report first-quarter 2024 results on May 6, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.78 per share.
OGS’ long-term (three to five years) earnings growth rate is 5%. It delivered an average earnings surprise of 1.2% in the last four quarters.
Atmos Energy Corporation (ATO - Free Report) is slated to report second-quarter fiscal 2024 results on May 8, after market close. The Zacks Consensus Estimate for earnings is pegged at $2.62 per share.
ATO’s long-term earnings growth rate is 7%. It delivered an average earnings surprise of 1.2% in the last four quarters.
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Pinnacle West (PNW) Q1 Earnings & Sales Surpass Estimates
Pinnacle West Capital Corporation (PNW - Free Report) reported first-quarter 2024 earnings of 15 cents per share, which beat the Zacks Consensus Estimate of a loss of 2 cents by 850%. In the year-ago quarter, the company reported a loss of 3 cents per share.
Total Revenues
Sales for the quarter totaled $951.7 million, which surpassed the Zacks Consensus Estimate of $937 million by 1.6%. The top line also increased 0.7% from $945 million recorded in the year-ago quarter.
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 $884.9 million, down 1% year over year. This was due to a decline in fuel and power purchase costs.
Total operational and maintenance expenses were $257.6 million, up 3% year over year.
Operating income totaled $66.8 million, up 31.8% from $50.7 million recorded in the year-ago quarter.
Total interest expenses were $99.8 million, up 13.3% from $88.1 million registered in the prior-year period.
Financial Highlights
Cash and cash equivalents totaled $9.63 million as of Mar 31, 2024, compared with $4.95 million as of Dec 31, 2023.
Long-term debt less current maturities amounted to $7.542 billion as of Mar 31, 2024, compared with $7.541 billion as of Dec 31, 2023.
Net cash flow provided by operating activities in the first three months of 2024 totaled $347.3 million compared with $211.6 million recorded a year ago.
Guidance
PNW expects 2024 consolidated earnings in the range of $4.60-$4.80 per share. The Zacks Consensus Estimate for the same is pegged at $4.76, higher than the mid-point of the company’s guided range.
The company plans to invest $7.8 billion in the 2023-2026 period to further strengthen its operations.
Management expects its retail customers to increase in the range of 1.5-2.5% in 2024 from 2023 levels.
Zacks Rank
Pinnacle West currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
NRG Energy, Inc. (NRG - Free Report) is scheduled to report first-quarter results on May 7, before market open. The Zacks Consensus Estimate for earnings is pegged at 51 cents per share.
NRG delivered an average earnings surprise of 6.4% in the last four quarters. The Zacks Consensus Estimate for 2024 earnings is pinned at $5.36 per share.
ONE Gas, Inc. (OGS - Free Report) is slated to report first-quarter 2024 results on May 6, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.78 per share.
OGS’ long-term (three to five years) earnings growth rate is 5%. It delivered an average earnings surprise of 1.2% in the last four quarters.
Atmos Energy Corporation (ATO - Free Report) is slated to report second-quarter fiscal 2024 results on May 8, after market close. The Zacks Consensus Estimate for earnings is pegged at $2.62 per share.
ATO’s long-term earnings growth rate is 7%. It delivered an average earnings surprise of 1.2% in the last four quarters.