Pinnacle West Capital Corp. (PNW) Thursday announced an increase in third-quarter profit, supported by higher revenues. Further, the company confirmed its full-year outlook, on a weather-normalised basis.
The quarterly earnings were $398.21 million, up from $326.33 million in the prior year. On a per-share basis, earnings were $3.50 per share, compared to $2.88 per share last year.
On average, 7 analysts polled by Thomson Reuters expected the company to earn $3.32 per share. Analysts estimates usually exclude special items.
Revenue for the quarter increased to $516.26 million, from $417.57 million in the prior year. Wall Street expected $1.54 billion.
The Phoenix-based energy holding company noted that the historically hot weather and higher energy usage led to stronger financial results.
Looking ahead to the full year 2023, the company continues to project its consolidated earnings guidance in the range of $4.10 to $4.30 per share on a weather-normalized basis. Street estimates is for $4.22 per share on revenue of $4.5 billion.
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