Pinnacle West Capital Corporation (PNW - Free Report) delivered adjusted earnings per share of 23 cents in the fourth quarter of 2018, beating the Zacks Consensus Estimate of 17 cents by 35.3%. In the year-ago quarter, the company had reported adjusted earnings of 19 cents. Impressive operational performance and favorable Arizona economy supported the quarterly numbers.
In 2018, Pinnacle West Capital generated earnings of $4.54 per share, up from $4.35 in 2017.
In the quarter under review, total revenues of $756.4 million fell 0.4% on a year-over-year basis.
In 2018, the company delivered revenues of $3.69 billion, up from $3.57 billion in 2017.
In fourth-quarter 2018, total Operating Expenses were $689.5 million, up 2.3% from the year-ago quarter’s tally.
Operating income declined 21.8% year over year to $66.9 million.
Interest expenses rose to $55.9 million from $50.6 million in the year-ago quarter.
Courtesy of the improving Arizona economy, customer volumes improved 1.7% year over year in 2018, resulting in an increase of 16 cents in the company’s earnings compared with 2017.
Management projects 2019 EPS in the range of $4.75-$4.95, whose mid-point of $4.85 is higher than the current Zacks Consensus Estimate of $4.84.
Pinnacle West currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
NextEra Energy, Inc. (NEE - Free Report) delivered fourth-quarter 2018 adjusted earnings of $1.49 per share, which lagged the Zacks Consensus Estimate of $1.51 by 1.3%.
American Electric Power Co., Inc. (AEP - Free Report) generated fourth-quarter 2018 operating EPS of 72 cents, in line with the Zacks Consensus Estimate.
Xcel Energy Inc. (XEL - Free Report) posted fourth-quarter 2018 operating earnings of 42 cents per share, in line with the Zacks Consensus Estimate.
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