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Pinnacle West (PNW) Q3 Earnings Lag Estimates, Sales Drop Y/Y

Zacks Equity Research

Pinnacle West Capital Corporation’s PNW adjusted earnings of $2.77 per share in the third quarter of 2019 missed the Zacks Consensus Estimate of $3.03 by 8.6%. The bottom line declined 1.1% from the year-ago-quarter’s earnings of $2.80 due to unfavorable weather conditions.

Total Revenues

Total revenues came in at $1,190.8 million, down 6% on a year-over-year basis.

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 third-quarter 2019, total operating expenses of $784.3 million fell 3.7% from $814.4 in the year-ago quarter.

Operating income fell 6.9% year over year to $403.3 million.

Interest expenses declined 3% to $54 million from $55.7 million in the year-ago quarter.

Financial Highlights

Pinnacle West had cash and cash equivalents of $29.8 million as of Sep 30, 2019, compared with $5.8 million as of Dec 31, 2018.

Net cash flow provided by operating activities in the first nine months of 2019 was $834.8 million, lower than $959.8 million in the comparable period of 2018.

Guidance

The company expects 2019 consolidated earnings will not reach the lower end of its previously reported guidance range of $4.75 to $4.95 per diluted share. The mid-point of the guidance, $4.85 is higher than the current Zacks Consensus Estimate of $4.75.

For 2020, the company predicts earnings in the range of $4.75 to $4.95 per diluted share.

Zacks Rank

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

Utility Releases

American Electric Power AEP reported third-quarter 2019 earnings of $1.46 per share, which surpassed the Zacks Consensus Estimate of $1.33 by 9.8%.

NextEra Energy NEE reported third-quarter 2019 earnings of $2.39 per share, which beat the Zacks Consensus Estimate of $2.27 by 5.3%.

Avangrid AGR reported third-quarter 2019 earnings of 40 cents, which missed the Zacks Consensus Estimate of 51 cents by 21.6%.

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American Electric Power Company, Inc. (AEP) : Free Stock Analysis Report
 
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Avangrid, Inc. (AGR) : Free Stock Analysis Report
 
NextEra Energy, Inc. (NEE) : Free Stock Analysis Report
 
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Zacks Investment Research