Pinnacle West Capital Corporation (PNW - Free Report) delivered adjusted earnings per share (EPS) of 27 cents in the first quarter of 2020, which beat the Zacks Consensus Estimate of 16 cents by 68.7%. In the year-ago quarter, the company had reported adjusted earnings of 16 cents. The bottom line reflects the impact of improved customer growth and cost management.
In the quarter under review, total revenues of $661.9 million fell 10.6% on a year-over-year basis. The figure missed the Zacks Consensus Estimate of $748 million by 11.5%.
In first-quarter 2020, total operating expenses were $621.5 million, down 8.6% from the year-ago quarter’s tally.
Operating income declined 32.7% year over year to $40.4 million.
Interest expenses declined to $59.2 million from $60.6 million in the year-ago quarter.
Management reaffirmed 2020 EPS in the range of $4.75-$4.95, whose mid-point of $4.85 is higher than the current Zacks Consensus Estimate of $4.68.
Pinnacle West currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2020 operating earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 3.13%.
NextEra Energy (NEE - Free Report) reported first-quarter 2020 adjusted earnings of $2.38 per share, which surpassed the Zacks Consensus Estimate of $2.21 by 7.7%.
CMS Energy Corporation (CMS - Free Report) reported first-quarter 2020 adjusted EPS of 86 cents, which surpassed the Zacks Consensus Estimate of 77 cents by 11.7%.
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