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Pinnacle West's (PNW) Q2 Earnings & Revenues Beat Estimates

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·3 min read
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Pinnacle West Capital Corporation PNW posts earnings of $1.91 per share for the second quarter of 2021, outperforming the Zacks Consensus Estimate of $1.63 by 17.2%. Also, the bottom line improved 11.7% from the prior-year quarter’s earnings of $1.71 per share owing to improvement in sales amid the reopening of economy along with strong customer growth and warmer-than-normal temperatures in June.

Total Revenues

In the quarter under review, total revenues of $1 billion improved 7.6% on a year-over-year basis. Also, the top line beat the Zacks Consensus Estimate of $0.9 billion by 11.1%.

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 $721.9 million, up 8.1% from the year-ago quarter’s level.

Operating income improved 6.3% year over year to $278.4 million.

Interest expenses were $57.6 million, down 0.6% year over year.

The company recorded 2.3% year-over-year customer growth in second-quarter 2021.

Financial Highlights

Cash and cash equivalents were $14.1 million as of Jun 30, 2021 compared with $60 million on Dec 31, 2020.

Total long-term debt was $6,315.9 million as of Jun 30, 2021, higher than $6,314.3 million at 2020 end.

Net cash flow provided by operating activities in the first six months of 2021 was $312.4 million compared with $369 million in the comparable period of 2020. For the reported quarter, capital expenditure of the company was $681.1 million compared with $677 million in the prior-year quarter.

Guidance

During the 2021-2023 forecast period, the utility expects retail customer growth in the 1.5-2.5% range. The utility plans to invest $4,500 million during the same time period.

It expects rate base to grow annually at nearly 6% in the long term.

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 Utility Releases

NextEra Energy, Inc. NEE reported second-quarter 2021 adjusted earnings of 71 cents per share, which beat the Zacks Consensus Estimate of 67 cents by 5.6%.

FirstEnergy Corporation FE delivered second-quarter 2021 operating earnings of 59 cents per share, in line with the Zacks Consensus Estimate.

DTE Energy Company DTE reported second-quarter 2021 operating earnings per share of $1.70, which beat the Zacks Consensus Estimate of $1.44 by 18.1%.


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