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Pinnacle West (PNW) Posts Loss in Q4, Beats on Revenues
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Pinnacle West Capital Corporation (PNW - Free Report) incurred a loss of 17 cents per share in the fourth quarter of 2020. The Zacks Consensus Estimate was of earnings of 4 cents per share. The bottom line also compares unfavorably with earnings of 57 cents per share.
Total Revenues
In the quarter under review, total revenues of $741 million improved 10.5% on a year-over-year basis. Also, the top line beat the Zacks Consensus Estimate of $673 million by 10.1%.
Operational Highlights
In the fourth quarter, total operating expenses were $710.1 million, up 7.9% from the year-ago quarter.
Operating income improved 157.1% year over year to $30.8 million.
Interest expenses were $64.1 million, up 7.4% year over year.
The company recorded annual retail customer growth of 2.3% in 2020.
Pinnacle West Capital Corporation Price, Consensus and EPS Surprise
Cash and cash equivalents worth $60 million as of Dec 31, 2020 were up from $10.3 million on Dec 31, 2019.
Total long-term debt was $6,314.3 million as of Dec 31, 2020, higher than $4,832.6 million at 2019 end.
Net cash flow provided by operating activities in 2020 was $966.4 million compared with $956.7 million in 2019. For 2020, capital expenditure of the company was $1,326.6 million compared with $1,191.5 million in 2019.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2020 adjusted earnings of 40 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 2.6%.
Xcel Energy Inc. (XEL - Free Report) posted fourth-quarter 2020 operating earnings of 54 cents per share, inline with the Zacks Consensus Estimate.
WEC Energy Group (WEC - Free Report) delivered fourth-quarter 2020 earnings per share of 76 cents, which surpassed the Zacks Consensus Estimate of 74 cents by 2.7%.
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Pinnacle West (PNW) Posts Loss in Q4, Beats on Revenues
Pinnacle West Capital Corporation (PNW - Free Report) incurred a loss of 17 cents per share in the fourth quarter of 2020. The Zacks Consensus Estimate was of earnings of 4 cents per share. The bottom line also compares unfavorably with earnings of 57 cents per share.
Total Revenues
In the quarter under review, total revenues of $741 million improved 10.5% on a year-over-year basis. Also, the top line beat the Zacks Consensus Estimate of $673 million by 10.1%.
Operational Highlights
In the fourth quarter, total operating expenses were $710.1 million, up 7.9% from the year-ago quarter.
Operating income improved 157.1% year over year to $30.8 million.
Interest expenses were $64.1 million, up 7.4% year over year.
The company recorded annual retail customer growth of 2.3% in 2020.
Pinnacle West Capital Corporation Price, Consensus and EPS Surprise
Pinnacle West Capital Corporation price-consensus-eps-surprise-chart | Pinnacle West Capital Corporation Quote
Financial Highlights
Cash and cash equivalents worth $60 million as of Dec 31, 2020 were up from $10.3 million on Dec 31, 2019.
Total long-term debt was $6,314.3 million as of Dec 31, 2020, higher than $4,832.6 million at 2019 end.
Net cash flow provided by operating activities in 2020 was $966.4 million compared with $956.7 million in 2019. For 2020, capital expenditure of the company was $1,326.6 million compared with $1,191.5 million in 2019.
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
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2020 adjusted earnings of 40 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 2.6%.
Xcel Energy Inc. (XEL - Free Report) posted fourth-quarter 2020 operating earnings of 54 cents per share, inline with the Zacks Consensus Estimate.
WEC Energy Group (WEC - Free Report) delivered fourth-quarter 2020 earnings per share of 76 cents, which surpassed the Zacks Consensus Estimate of 74 cents by 2.7%.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>