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Pinnacle West (PNW) Q2 Earnings and Revenues Beat Estimates

Zacks Equity Research
·3 min read

Pinnacle West Capital Corporation PNW delivered adjusted earnings per share of $1.71 in the second quarter of 2020, which beat the Zacks Consensus Estimate of $1.48 by 15.6%.

The bottom line also improved from the year-ago quarter’s adjusted earnings of $1.28. The result reflects the impact of hotter-than-normal weather, which boosted demand.

Total Revenues

In the quarter under review, total revenues of $929.6 million improved 6.9% on a year-over-year basis. The top line also surpassed the Zacks Consensus Estimate of $902 million by 3.1%.

 

Pinnacle West Capital Corporation Price, Consensus and EPS Surprise

Pinnacle West Capital Corporation Price, Consensus and EPS Surprise
Pinnacle West Capital Corporation Price, Consensus and EPS Surprise

Pinnacle West Capital Corporation price-consensus-eps-surprise-chart | Pinnacle West Capital Corporation Quote

Operational Highlights

In the second quarter, total operating expenses were $661.7 million, down 1.7% from the year-ago quarter.

Operating income improved 33.2% year over year to $261.9 million.

Interest expenses were $62.7 million, up 9% year over year.

Financial Highlights

Cash and cash equivalents worth $6.7 million as of Jun 30, 2020 were down from $10.3 million on Dec 31, 2019.

Total long-term debt was $5,922.2 million as of Jun 30, 2020, higher than $4,832.6 million at 2019 end.

Cash flow from operating activities for first-half 2020 was $369 million compared with $345.9 million in the comparable year-ago period. For the first six months of 2020, capital expenditure of the company was $676.9 million compared with $541.4 million in the corresponding quarter of last year.

Guidance

Management reaffirmed 2020 EPS in the range of $4.75-$4.95, the midpoint of which is $4.85, higher than the current Zacks Consensus Estimate of $4.83.

The company is going to invest $4.7 billion in Arizona Public Service Company (APS) over the 2020-2022 time period. Pinnacle West Capital expects retail customer growth of 1.5-2% annually over the same time frame.

Zacks Rank

Pinnacle West Capital currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Releases

FirstEnergy Corporation FE delivered second-quarter 2020 operating earnings of 57 cents per share, which beat the Zacks Consensus Estimate of 55 cents by 3.64%.

CMS Energy Corporation CMS reported second-quarter 2020 adjusted earnings per share of 49 cents, which surpassed the Zacks Consensus Estimate of 45 cents by 8.9%.

NiSource Inc NI delivered operating earnings of 13 cents per share in second-quarter 2020, which topped the Zacks Consensus Estimate of 7 cents by 85.7%.

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