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Pinnacle West (PNW) Beats on Q3 Earnings, Ups 2020 EPS View
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Pinnacle West Capital Corporation’s (PNW - Free Report) adjusted earnings per share of $3.07 in the third quarter of 2020 beat the Zacks Consensus Estimate of $2.98 by 3%.
The bottom line also improved 10.8% from the year-ago quarter’s figure. The result reflects the favorable impact of hotter-than-normal weather, which boosted demand.
Total Revenues
In the quarter under review, total revenues of $1.25 billion improved 5.4% on a year-over-year basis. However, the top line missed the Zacks Consensus Estimate of $1.26 billion by 0.8%.
Pinnacle West Capital Corporation Price, Consensus and EPS Surprise
In the third quarter, total operating expenses were $799.5 million, down 1.5% from the year-ago quarter.
Operating income improved 12.8% year over year to $455 million.
Interest expenses were $56.8 million, up 5.3% year over year.
Financial Highlights
Cash and cash equivalents worth $181.9 million as of Sep 30, 2020 were up from $10.3 million on Dec 31, 2019.
Total long-term debt was $6,316.4 million as of Sep 30, 2020, higher than $4,832.6 million at 2019 end.
Net cash flow provided by operating activities for the first nine months of 2020 was $772 million compared with $834.8 million in the comparable year-ago period. For the first nine months of 2020, capital expenditure of the company was $971.1 million compared with $857.9 million in the corresponding quarter of last year.
Guidance
Management lifted 2020 EPS to the range $4.95-$5.15 from the previous outlook of $4.75-$4.95. The upper end is the current Zacks Consensus Estimate.
The company expects annual retail customer growth of 1.5-2.5% over 2020-2022 time period.
CMS Energy Corporation (CMS - Free Report) reported third-quarter 2020 adjusted earnings per share of 77 cents, which surpassed the Zacks Consensus Estimate of 68 cents by 13.2%.
Xcel Energy Inc. (XEL - Free Report) posted third-quarter 2020 operating earnings of $1.14 per share, surpassing the Zacks Consensus Estimate of $1.08 by 5.6%.
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2020 adjusted earnings of $2.66 per share, which beat the Zacks Consensus Estimate of $2.65 by 0.4%.
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Pinnacle West (PNW) Beats on Q3 Earnings, Ups 2020 EPS View
Pinnacle West Capital Corporation’s (PNW - Free Report) adjusted earnings per share of $3.07 in the third quarter of 2020 beat the Zacks Consensus Estimate of $2.98 by 3%.
The bottom line also improved 10.8% from the year-ago quarter’s figure. The result reflects the favorable impact of hotter-than-normal weather, which boosted demand.
Total Revenues
In the quarter under review, total revenues of $1.25 billion improved 5.4% on a year-over-year basis. However, the top line missed the Zacks Consensus Estimate of $1.26 billion by 0.8%.
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 $799.5 million, down 1.5% from the year-ago quarter.
Operating income improved 12.8% year over year to $455 million.
Interest expenses were $56.8 million, up 5.3% year over year.
Financial Highlights
Cash and cash equivalents worth $181.9 million as of Sep 30, 2020 were up from $10.3 million on Dec 31, 2019.
Total long-term debt was $6,316.4 million as of Sep 30, 2020, higher than $4,832.6 million at 2019 end.
Net cash flow provided by operating activities for the first nine months of 2020 was $772 million compared with $834.8 million in the comparable year-ago period. For the first nine months of 2020, capital expenditure of the company was $971.1 million compared with $857.9 million in the corresponding quarter of last year.
Guidance
Management lifted 2020 EPS to the range $4.95-$5.15 from the previous outlook of $4.75-$4.95. The upper end is the current Zacks Consensus Estimate.
The company expects annual retail customer growth of 1.5-2.5% over 2020-2022 time period.
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
CMS Energy Corporation (CMS - Free Report) reported third-quarter 2020 adjusted earnings per share of 77 cents, which surpassed the Zacks Consensus Estimate of 68 cents by 13.2%.
Xcel Energy Inc. (XEL - Free Report) posted third-quarter 2020 operating earnings of $1.14 per share, surpassing the Zacks Consensus Estimate of $1.08 by 5.6%.
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2020 adjusted earnings of $2.66 per share, which beat the Zacks Consensus Estimate of $2.65 by 0.4%.
Have You Seen Zacks’ 2020 Election Stock Report?
The upcoming election could be a massive buying opportunity for savvy investors. Trillions of dollars will shift into new market sectors after the election. The question is, which sectors will soar for each candidate? Zacks has put together a new special report to help readers like you target big profits.
The 2020 Election Stock Report reveals specific stocks you’ll want to own immediately after the results are announced – 6 if Trump wins, 6 if Biden wins. Past election reports have led investors to gains of +71%, +83%, even +185% in the following months. This year’s picks could be even more lucrative.
Check out Zacks’ 2020 Election Stock Report >>