We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Pinnacle West (PNW) Q2 Earnings & Sales Beat Estimates
Read MoreHide Full Article
Pinnacle West Capital Corporation (PNW - Free Report) reported second-quarter 2024 earnings of $1.76 per share, which beat the Zacks Consensus Estimate of $1.31 by 34.4%. The bottom line also increased 87.2% from the year-ago quarter’s figure of 94 cents.
Total Revenues
Sales for the quarter totaled $1.31 billion, which surpassed the Zacks Consensus Estimate of $1.22 billion by 7.6%. The top line also increased 17% from $1.12 billion recorded in the year-ago quarter.
Pinnacle West Capital Corporation Price, Consensus and EPS Surprise
Total operating expenses were $995.2 million, up 6.1% year over year. This was due to higher fuel and purchased power and increased depreciation and amortization.
Total operational and maintenance expenses were $272.3 million, down 1.8% year over year.
Operating income totaled $313.7 million, up 71.1% from $183.3 million recorded in the year-ago quarter.
Total interest expenses were $108.9 million, up 16.1% from $93.8 million registered in the prior-year period.
Financial Highlights
Cash and cash equivalents totaled $4 million as of Jun 30, 2024, compared with $4.96 million as of Dec 31, 2023.
Long-term debt-less current maturities amounted to $8.06 billion as of Jun 30, 2024, compared with $7.54 billion as of Dec 31, 2023.
Net cash flow provided by operating activities in the first six months of 2024 totaled $537.1 million compared with $437.6 million recorded a year ago.
Guidance
PNW expects 2024 consolidated earnings to be in the range of $4.60-$4.80 per share. The Zacks Consensus Estimate for the same is pegged at $4.75, higher than the mid-point of the company’s guided range.
Pinnacle West plans to invest $6 billion in the 2024-2026 period to further strengthen its operations.
Management expects its retail customers to increase in the range of 1.5-2.5% in 2024 from the 2023 levels.
Zacks Rank
Pinnacle West currently has a Zacks Rank #4 (Sell).
ONE Gas, Inc. (OGS - Free Report) is slated to report second-quarter 2024 results on Aug 5, after market close. The Zacks Consensus Estimate for earnings is pegged at 49 cents per share.
OGS’ long-term (three to five years) earnings growth rate is 5%. It delivered an average earnings surprise of 0.9% in the past four quarters.
NiSource Inc. (NI - Free Report) is set to report second-quarter 2024 results on Aug 7, before market open. The Zacks Consensus Estimate for earnings is pegged at 15 cents per share.
NI’s long-term earnings growth rate is 6%. It delivered an average earnings surprise of 6.8% in the past four quarters.
NRG Energy, Inc. (NRG - Free Report) is scheduled to report second-quarter results on Aug 8, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.30 per share.
NRG delivered an average earnings surprise of 4.2% in the past four quarters. The Zacks Consensus Estimate for 2024 earnings is pinned at $6.61 per share.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Pinnacle West (PNW) Q2 Earnings & Sales Beat Estimates
Pinnacle West Capital Corporation (PNW - Free Report) reported second-quarter 2024 earnings of $1.76 per share, which beat the Zacks Consensus Estimate of $1.31 by 34.4%. The bottom line also increased 87.2% from the year-ago quarter’s figure of 94 cents.
Total Revenues
Sales for the quarter totaled $1.31 billion, which surpassed the Zacks Consensus Estimate of $1.22 billion by 7.6%. The top line also increased 17% from $1.12 billion recorded in the year-ago quarter.
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
Total operating expenses were $995.2 million, up 6.1% year over year. This was due to higher fuel and purchased power and increased depreciation and amortization.
Total operational and maintenance expenses were $272.3 million, down 1.8% year over year.
Operating income totaled $313.7 million, up 71.1% from $183.3 million recorded in the year-ago quarter.
Total interest expenses were $108.9 million, up 16.1% from $93.8 million registered in the prior-year period.
Financial Highlights
Cash and cash equivalents totaled $4 million as of Jun 30, 2024, compared with $4.96 million as of Dec 31, 2023.
Long-term debt-less current maturities amounted to $8.06 billion as of Jun 30, 2024, compared with $7.54 billion as of Dec 31, 2023.
Net cash flow provided by operating activities in the first six months of 2024 totaled $537.1 million compared with $437.6 million recorded a year ago.
Guidance
PNW expects 2024 consolidated earnings to be in the range of $4.60-$4.80 per share. The Zacks Consensus Estimate for the same is pegged at $4.75, higher than the mid-point of the company’s guided range.
Pinnacle West plans to invest $6 billion in the 2024-2026 period to further strengthen its operations.
Management expects its retail customers to increase in the range of 1.5-2.5% in 2024 from the 2023 levels.
Zacks Rank
Pinnacle West currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
ONE Gas, Inc. (OGS - Free Report) is slated to report second-quarter 2024 results on Aug 5, after market close. The Zacks Consensus Estimate for earnings is pegged at 49 cents per share.
OGS’ long-term (three to five years) earnings growth rate is 5%. It delivered an average earnings surprise of 0.9% in the past four quarters.
NiSource Inc. (NI - Free Report) is set to report second-quarter 2024 results on Aug 7, before market open. The Zacks Consensus Estimate for earnings is pegged at 15 cents per share.
NI’s long-term earnings growth rate is 6%. It delivered an average earnings surprise of 6.8% in the past four quarters.
NRG Energy, Inc. (NRG - Free Report) is scheduled to report second-quarter results on Aug 8, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.30 per share.
NRG delivered an average earnings surprise of 4.2% in the past four quarters. The Zacks Consensus Estimate for 2024 earnings is pinned at $6.61 per share.