Yahoo Finance Pinnacle West's (PNW) Q1 Earnings & Revenues Beat Estimates
Pinnacle West Capital Corporation PNW posts earnings of 32 cents per share for the first quarter of 2021, outperforming the Zacks Consensus Estimate of 25 cents by 28%. Also, the bottom line improved 18.5% from the prior-year quarter’s earnings of 27 cents per share owing to favorable weather and higher transmission revenues.
Total Revenues
In the quarter under review, total revenues of $696.5 million improved 5.2% on a year-over-year basis. Also, the top line beat the Zacks Consensus Estimate of $686 million by 1.5%.
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 first quarter, total operating expenses were $648.9 million, up 4.4% from the year-ago quarter.
Operating income improved 17.6% year over year to $47.5 million.
Interest expenses were $56.9 million, up 3.2% year over year.
The company recorded 2.1% year-over-year customer growth in first-quarter 2021.
Financial Highlights
Cash and cash equivalents were $17.2 million as of Mar 31, 2021 compared with $60 million on Dec 31, 2020.
Total long-term debt was $6,465 million as of Mar 31, 2021, higher than $6,314.3 million at 2020 end.
Net cash flow provided by operating activities in the first three months of 2021 was $202 million compared with $183.6 million in the comparable period of 2020. For the reported quarter, capital expenditure of the company was $363.8 million compared with $340 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.
Moreover, 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
American Electric Power Co., Inc. AEP reported first-quarter 2021 adjusted earnings per share of $1.15, which missed the Zacks Consensus Estimate of $1.23 by 6.5%.
NextEra Energy, Inc. NEE reported first-quarter 2021 adjusted earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 60 cents by 11.7%.
FirstEnergy Corporation FE delivered first-quarter 2021 operating earnings of 69 cents per share, which beat the Zacks Consensus Estimate of 68 cents by 1.5%.
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