Pinnacle West Capital Corporation’s (PNW - Free Report) adjusted earnings of 16 cents per share in the first quarter of 2019 missed the Zacks Consensus Estimate of 18 cents by 11.1%. In the year-ago quarter, the company had reported adjusted earnings of 3 cents. The year-over-year improvement can be attributed to colder-than-normal weather that led to increase in retail sales.
Total revenues came in at $740.5 million, which improved 7% on a year-over-year basis.
In first-quarter 2019, total operating expenses of $680.4 million increased 2.8% from the year-ago quarter’s tally.
Operating income increased 91.7% year over year to $60 million.
Interest expenses rose 3.4% to $53.9 million from $52.2 million in the year-ago quarter.
Courtesy of the improving Arizona economy, customer volumes improved 1.9% year over year in the quarter under review.
Weather-normalized electricity sales increased 1% in the first quarter compared with 2018’s first quarter.
Management reaffirmed its 2019 EPS view in the range of $4.75-$4.95. The mid-point of $4.85 is in line with the current Zacks Consensus Estimate.
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
DTE Energy Company (DTE - Free Report) delivered first-quarter 2019 operating earnings of $2.05 per share, which outpaced the Zacks Consensus Estimate of $1.95 by 5.1%.
NextEra Energy, Inc’s (NEE - Free Report) first-quarter 2019 adjusted earnings came in at $2.20 per share surpassing the Zacks Consensus Estimate of $2.01 by 9.4%.
FirstEnergy Corporation (FE - Free Report) reported first-quarter 2019 operating earnings of 67 cents per share, which exceeded the Zacks Consensus Estimate of 66 cents by 1.52%.
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