S&P 500 (NYSE:SPY) component Pinnacle West Capital Corporation (NYSE:PNW) reported its results for the first quarter. Pinnacle West Capital Corporation, through its subsidiaries, provides retail and wholesale electric services.
Pinnacle West Capital Earnings Cheat Sheet for the First Quarter
Results: Loss widened to $15.1 million (14 cents/diluted share) from $6 million. That’s a change of 151.7% YoY.
Revenue: Rose 4.1% to $659.6 million YoY.
Actual vs. Wall St. Expectations: PNW was about in line with expectations as the mean analyst estimate was breaking even. Estimates ranged from a loss of 7 cents per share to a profit of 16 cents per share.
Quoting Management: “Our first-quarter results were in line with our expectations,” said Pinnacle West Chairman, President and Chief Executive Officer Don Brandt. “Retail electricity sales improved modestly over this time last year and appear to indicate stabilized economic conditions in Arizona. The associated revenue growth, however, was more than offset by the planned timing and level of maintenance at our fossil plants in preparation for our peak summer season.”
A year-over-year revenue increase last quarter snaps a streak of three consecutive quarters of revenue declines. Revenue 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.
PNW’s loss in the latest quarter follows profits in the previous three quarters. The company reported a profit of $7.3 million in the fourth quarter of the last fiscal year, a profit of $233.9 million in the third quarter of the last fiscal year and $114.8 million in the second 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).
Today’s Performance: Shares of PNW closed up 1%.