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Pinnacle West (PNW) Q2 Earnings Beat Estimates, Sales Up Y/Y

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Phoenix, AZ-based Pinnacle West Capital Corporation (PNW - Free Report) , together with its subsidiaries, provides electricity services in the state of Arizona.

The effects of federal corporate tax cuts positively impacted results by $0.10 per share.

Higher operations and maintenance expenses and Interest expenses adversely impacted the earnings.

Estimate Trend & Surprise History

Investors should note that the second-quarter Zacks Consensus Estimate for earnings of $1.44 per share has decreased by 2.7% in the last 30 days.

Coming to the earnings surprise, Pinnacle West has surpassed the Zacks Consensus Estimate in three of the last four quarters, resulting in an average positive surprise is 13.51%

Zacks Rank: Pinnacle West has a Zacks Rank #3 (Hold) but that could change following its second-quarter 2018 earnings report which has just released.  You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

We have highlighted some of the key details from the just-released announcement below:

Earnings: Pinnacle West reported adjusted earnings per share of $1.48 per share in the second quarter of 2018, beating the Zacks Consensus Estimate of $1.44 per share by 2.8%.

Revenue: Pinnacle West’s total revenues of $974.1 million reflected year-over-year growth of 3.1%.

Market Reaction: Pinnacle West’s shares gained 0.9% in the pre-market trading session following release of the second quarter quarterly numbers. It would be interesting to see how the market reacts to the earnings beat during the trading session today.

Check back later for our full write up on this PNW earnings report later.

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