Pinnacle West Capital Earnings: Reversing to a Loss
S&P 500 (NYSE:SPY) component Pinnacle West Capital Corporation (NYSE:PNW) reported its results for the first quarter. Pinnacle West Capital, through its subsidiaries, provides retail and wholesale electric services.
Investing Insights: What’s the Future of Microsoft’s Stock?
Pinnacle West Capital Earnings Cheat Sheet for the First Quarter
Results: Loss narrowed to $8.3 million (loss of 8 cents per diluted share) from $15.1 million (loss of 14 cents per share) in the same quarter a year earlier.
Revenue: Rose 4.5% to $648.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Pinnacle West Capital Corporation reported an adjusted net loss of 7 cents per share. By that measure, the company fell in line with the mean analyst estimate of a loss of 7 cents per share. It fell short of the average revenue estimate of $666.3 million.
Quoting Management: “Our employees’ attention to operational efficiency and costs more than offset the effects of milder weather and slightly lower customer usage and helped produce first-quarter results that were in line with our expectations,” said Pinnacle West Chairman, President and Chief Executive Officer Don Brandt.
The company met estimates last quarter after toppling them in the two previous quarters. In the fourth quarter of the last fiscal year, it topped the mark by 6 cents, and in the third quarter of the last fiscal year, it was ahead by 14 cents.
PNW’s loss in the latest quarter breaks a three-quarter string of profits. The company reported a profit of $12.6 million in the fourth quarter of the last fiscal year, a profit of $255.4 million in the third quarter of the last fiscal year and $86.7 million in the second of the last fiscal year.
Looking Forward: For the next quarter, analysts are growing pessimistic about the company’s expected results. The average estimate for the second quarter is 98 cents per share, dropping from 99 cents a month ago. For the fiscal year, the average estimate has moved down from $3.36 a share to $3.35 over the last ninety days.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
Don’t Miss These Additional Hot Stories: