Pinnacle West Capital Corporation’s (PNW - Free Report) adjusted earnings of $1.28 per share in the second quarter of 2019 missed the Zacks Consensus Estimate of $1.43 by 10.5%. In the year-ago quarter, the company had reported adjusted earnings of $1.48. Unfavorable weather adversely impacted earnings in the second quarter.
Total revenues came in at $869.5 million, which declined 10.7% on a year-over-year basis.
In second-quarter 2019, total operating expenses of $672.9 million fell 8% from $731.9 in the year-ago quarter.
Operating income fell 18.8% year over year to $196.6 million.
Interest expenses declined 5.3% to $57.5 million from $60.7 million in the year-ago quarter.
Courtesy of the improving Arizona economy, customer volumes improved 1.8% year over year in the quarter under review.
Pinnacle West had cash and cash equivalents of $1.6 million as of Jun 30, 2019 compared with $5.8 million as of Dec 31, 2018.
Net cash provided by continuing operations activities in the first six months of 2019 was $345.9 million, lower than $395.8 million in the first six months of 2018.
The company expects 2019 consolidated earnings to be at the lower end of the range of $4.75-$4.95. The mid-point of $4.85 is higher than the current Zacks Consensus Estimate of $4.80.
Pinnacle West currently carries a Zacks Rank #4 (Sell).
American Electric Power Co., Inc (AEP - Free Report) reported second-quarter 2019 adjusted earnings per share (EPS) of $1.00, which surpassed the Zacks Consensus Estimate of 98 cents by 2%. It carries a Zacks Rank #3 (Hold).
NextEra Energy (NEE - Free Report) reported second-quarter 2019 adjusted earnings of $2.35 per share, which beat the Zacks Consensus Estimate of $2.28 by 3.1%. It carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
PPL Corporation (PPL - Free Report) reported second-quarter 2019 adjusted EPS of 58 cents, which beat the Zacks Consensus Estimate of 56 cents by 3.6%. It carries a Zacks Rank #3.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 7 stocks to watch. The report is only available for a limited time.
See 7 breakthrough stocks now>>