S&P 500 (NYSE:SPY) component Pinnacle West Capital Corporation (NYSE:PNW) reported its results for the second quarter. Pinnacle West Capital Corporation, through its subsidiaries, provides retail and wholesale electric services.
Pinnacle West Capital Earnings Cheat Sheet for the Second Quarter
Results: Net income for the electric utilities company fell to $86.7 million (79 cents per share) vs. $114.8 million ($1.07 per share) a year earlier. This is a decline of 24.5% from the year earlier quarter.
Revenue: Fell 0.4% to $799.8 million from the year earlier quarter.
Actual vs. Wall St. Expectations: PNW reported adjusted net income of 78 cents per share. By that measure, the company fell short of mean estimate of 88 cents per share. Analysts were expecting revenue of $815 million.
Quoting Management: “Temperatures significantly below historical averages adversely impacted our second-quarter results, as well as our full-year earnings outlook,” said Pinnacle West Chairman, President and Chief Executive Officer Don Brandt. “This quarter’s extremely mild weather reduced retail sales, and the trend continued through most of July. Operationally, we remain committed to our strategies to create value for customers and investors by maintaining excellence in operations, investing in Arizona’s sustainable energy future, cultivating an improving regulatory framework and strengthening our financial profile.”
The company fell short of estimates last quarter after beating the mark the quarter before with net income of 2 cents versus a mean estimate of a loss of 2 cents per share.
Revenue fell last quarter after seeing a rise the quarter before. Revenue dropped 4.1% to $659.6 million in the first quarter from the year earlier.
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).
(Source: Xignite Financials)