Pinnacle West Capital Corporation (PNW - Free Report) delivered adjusted earnings per share (EPS) of 57 cents in the fourth quarter of 2019, which beat the Zacks Consensus Estimate of 47 cents by 21.3%. In the year-ago quarter, the company had reported adjusted earnings of 23 cents. The bottom-line reflects improved customer growth, infrastructure investments and cost management.
In 2019, Pinnacle West Capital generated earnings of $4.77 per share, up from $4.54 in 2018.
In the quarter under review, total revenues of $670.4 million fell 11.4% on a year-over-year basis.
In 2019, the company delivered revenues of $3.47 billion, down 6% from $3.69 billion in 2018.
In fourth-quarter 2019, total operating expenses were $658.4 million, down 4.5% from the year-ago quarter’s tally.
Operating income plunged 82.1% year over year to $11.9 million.
Interest expenses declined to $59.6 million from $62.2 million in the year-ago quarter.
The company set a new goal to serve APS customers with 100% clean energy by 2050.
Management reaffirmed 2020 EPS in the range of $4.75-$4.95, whose mid-point of $4.85 is in line with the current Zacks Consensus Estimate.
Pinnacle West currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
Xcel Energy (XEL - Free Report) posted fourth-quarter 2019 operating earnings of 56 cents per share, which beat the Zacks Consensus Estimate of 53 cents by 5.6%.
NextEra Energy (NEE - Free Report) reported fourth-quarter 2019 adjusted earnings of $1.44 per share, which lagged the Zacks Consensus Estimate of $1.54 by 6.5%.
CMS Energy Corp. (CMS - Free Report) reported fourth-quarter 2019 adjusted earnings of 68 cents, which missed the Zacks Consensus Estimate of 69 cents.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>