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Pinnacle West's (PNW) Q3 Earnings & Revenues Surpass Mark

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·3 min read
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  • PNW
  • FE
  • DTY
  • NEE

Pinnacle West Capital Corporation PNW posts earnings of $3 per share for the third quarter of 2021, outperforming the Zacks Consensus Estimate of $2.79 by 7.5%. However, the bottom line declined 2.3% from the prior-year quarter’s earnings of $3.07 per share due to milder weather.

Total Revenues

In the quarter under review, total revenues of $1,308.3 million improved 4.3% on a year-over-year basis. Also, the top line beat the Zacks Consensus Estimate of $1,192 billion by 9.8%.

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 third quarter, total operating expenses were $878.9 million, up 9.9% from the year-ago quarter’s level.

Operating income fell 5.6% year over year to $429.4 million.

Interest expenses were $58.8 million, up 3.4% year over year.

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

Financial Highlights

Cash and cash equivalents were $19.3 million as of Sep 30, 2021 compared with $57.3 million on Dec 31, 2020.

Long-term debt less current maturities was $6,763.1 million as of Sep 30, 2021, higher than $6,314.3 million at 2020 end.

Net cash flow provided by operating activities in the first nine months of 2021 was $660.5 million compared with $772 million in the comparable period of 2020.

Guidance

The company expects its 2021 earnings in the range of $5.25-$5.35 per share (on a weather normalized basis). The same for 2022 is expected in the range of $3.80-$4 per share.

During the ongoing year, the utility expects retail customer growth in the 1.5-2.5% range. The utility plans to invest $6,200 million during the 2021-2024 forecast period with the current-year expectation being $1,500 million.

It expects the rate base to grow annually at nearly 5-6% through 2024.

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 came up with third-quarter 2021 operating earnings of 82 cents per share, surpassing the Zacks Consensus Estimate of 81 cents by 1.2%.

NextEra Energy, Inc. NEE reported third-quarter 2021 adjusted earnings of 75 cents per share, which beat the Zacks Consensus Estimate of 72 cents by 4.2%.

DTE Energy Company DTE reported a third-quarter 2021 operating EPS of $1.72, which missed the Zacks Consensus Estimate of $1.83 by 6%.


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