Pinnacle West (PNW) Earnings Beat Estimates In Q4, Sales Down
Zacks Investment Research | Feb 21, 2020 02:53AM ET
Pinnacle West Capital Corporation (NYSE:PNW) delivered adjusted earnings per share (EPS) of 57 cents in the fourth quarter of 2019, which beat the Zacks Consensus Estimate of 47 cents by 21.3%. In the year-ago quarter, the company had reported adjusted earnings of 23 cents. The bottom-line reflects improved customer growth, infrastructure investments and cost management.
In 2019, Pinnacle West Capital generated earnings of $4.77 per share, up from $4.54 in 2018.
Total Revenues
In the quarter under review, total revenues of $670.4 million fell 11.4% on a year-over-year basis.
In 2019, the company delivered revenues of $3.47 billion, down 6% from $3.69 billion in 2018.
Operational Highlights
In fourth-quarter 2019, total operating expenses were $658.4 million, down 4.5% from the year-ago quarter’s tally.
Operating income plunged 82.1% year over year to $11.9 million.
Interest expenses declined to $59.6 million from $62.2 million in the year-ago quarter.
The company set a new goal to serve APS customers with 100% clean energy by 2050.
Guidance
Management reaffirmed 2020 EPS in the range of $4.75-$4.95, whose mid-point of $4.85 is in line with the current Zacks Consensus Estimate.
Zacks Rank
Pinnacle West currently carries a Zacks Rank #4 (Sell).
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