Pinnacle West Capital Corp. (PNW) announced that its consolidated net income for the third quarter, attributable to common shareholders, totaled $395.0 million, or $3.37 per share. This is a slight decrease from the previous year's figures of $398.2 million, or $3.50 per share. A survey of 13 analysts conducted by Thomson Reuters had forecasted earnings per share for the quarter at $3.49, excluding any special items typically not accounted for in analysts' estimates.
In terms of revenue, the company experienced an increase, with third-quarter operating revenues rising to $1.77 billion from $1.64 billion in the previous year. However, this was below analysts’ expectations, who had projected revenues to be around $1.87 billion.
Looking ahead, Pinnacle West has adjusted its consolidated earnings guidance for 2024 upwards, now anticipating earnings to range between $5.00 and $5.20 per share. For 2025, the company projects consolidated earnings to lie within the $4.40 to $4.60 per share range, based on a weather-normalized basis.
