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Mar 31, 2022
Pinnacle West Q1 2022 Earnings Report
Pinnacle West's Q1 2022 earnings decreased due to an unfavorable rate case decision, but were partially offset by customer growth and increased transmission revenue.
Key Takeaways
Pinnacle West reported a decrease in net income for Q1 2022, primarily due to an unfavorable rate case decision implemented on December 1, 2021. This was partially offset by customer growth and increased transmission revenue. The company reaffirms its 2022 consolidated earnings guidance of $3.90 to $4.10 per diluted share on a weather-normalized basis.
Q1 2022 net income attributable to common shareholders was $17.0 million, or $0.15 per diluted share, compared to $35.6 million, or $0.32 per diluted share, for the same period in 2021.
The unfavorable rate case decision was the primary driver for the lower quarter-over-quarter results, mainly due to the discontinuation of the Four Corners and Ocotillo cost deferrals.
Customer growth was a robust 2.2%, and sales growth was stronger than projected at 4.4%.
The company continues to expect its consolidated earnings guidance will be in the range of $3.90 to $4.10 per diluted share on a weather-normalized basis for 2022.
Revenue by Geographic Location
Forward Guidance
For 2022, the company continues to expect its consolidated earnings guidance will be in the range of $3.90 to $4.10 per diluted share on a weather-normalized basis.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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