Pinnacle West Capital Corp Second Quarter Earnings Sneak Peek

S&P 500 (NYSE:SPY) component Pinnacle West Capital Corp (NYSE:PNW) will unveil its latest earnings on Tuesday, August 2, 2011. Pinnacle West Capital Corporation, through its subsidiaries, provides retail and wholesale electric services.

Pinnacle West Capital Corp Earnings Preview Cheat Sheet

Wall St. Earnings Expectations: The average estimate of analysts is for net income of 88 cents per share, a rise of 6% from the company’s actual earnings for the same quarter a year ago. During the past three months, the average estimate has moved down from 94 cents. Between one and three months ago, the average estimate moved up, but has dropped from 96 cents during the last month. For the year, analysts are projecting profit of $3.07 per share, a decline of 2.5% from last year.

Past Earnings Performance: The company topped estimates last quarter after missing forecasts the quarter prior. In the first quarter, it reported net income of 2 cents per share against a mean estimate of a loss of 2 cents per share. In the fourth quarter of the last fiscal year, it missed forecasts by one cent.

Get more Earnings Cheat Sheets with our in depth coverage of earnings season >>

Wall St. Revenue Expectations: On average, analysts predict $815 million in revenue this quarter, a decline of 0.7% from the year ago quarter. Analysts are forecasting total revenue of $3.32 billion for the year, a rise of 1.8% from last year’s revenue of $3.26 billion.

Analyst Ratings: Analysts seem relatively indifferent about Pinnacle West Capital with 11 of 14 analysts surveyed maintaining a hold rating.

Key Stats:

A year-over-year revenue increase in the first quarter snaps a streak of three consecutive quarters of revenue declines. Revenue rose 4.1% in the first quarter and fell 0.6% in the fourth quarter of the last fiscal year, 0.3% in the third quarter of the last fiscal year and 2.3% in the second quarter of the last fiscal year.

Pinnacle West Capital’s loss in the latest quarter follows profits in the previous three quarters. The company reported a loss of of $15.1 million in the first quarter, a profit of $7.3 million in the fourth quarter of the last fiscal year, a profit of $233.9 million in the third of the last fiscal year and a profit of $114.8 million in the second quarter of the last fiscal year.

Competitors to Watch: UniSource Energy Corp. (NYSE:UNS), IDACORP, Inc. (NYSE:IDA), PNM Resources, Inc. (NYSE:PNM), NV Energy, Inc. (NYSE:NVE), Edison International (NYSE:EIX), The Southern Company (NYSE:SO), Cleco Corporation (NYSE:CNL), Hawaiian Electric Industries, Inc. (NYSE:HE), Portland General Electric Co. (NYSE:POR), and Northeast Utilities System (NYSE:NU).

Stock Price Performance: During May 31, 2011 to July 27, 2011, the stock price had fallen $2.02 (-4.5%) from $45.26 to $43.24. The stock price saw one of its best stretches over the last year between April 21, 2011 and May 3, 2011 when shares rose for eight-straight days, rising 4.7% (+$1.97) over that span. It saw one of its worst periods between November 4, 2010 and November 12, 2010 when shares fell for seven-straight days, falling 3.2% (-$1.32) over that span. Shares are up $2.80 (+6.9%) year to date.

(Source: Xignite Financials)

Get more Earnings Cheat Sheets with our in depth coverage of earnings season >>