Pinnacle West Capital Q3 Net Income Declines

(RTTNews) - Pinnacle West Capital Corp. (PNW) reported consolidated net income attributable to common shareholders for the third quarter of $395.0 million, or $3.37 per share compared with $398.2 million, or $3.50 per share, a year ago. On average, 13 analysts polled by Thomson Reuters expected the company to report profit per share of $3.49, for the quarter. Analysts' estimates typically exclude special items.

Third quarter operating revenues increased to $1.77 billion from $1.64 billion, prior year. Analysts on average had estimated $1.87 billion in revenue.

The company adjusted 2024 consolidated earnings guidance upward to a range of $5.00 to $5.20 per share. Looking forward, the company estimates 2025 consolidated earnings will be within a range of $4.40 to $4.60 per share on a weather-normalized basis.

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