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Mar 31, 2023
Pinnacle West Q1 2023 Earnings Report
Pinnacle West's first-quarter results were reported, showing a net loss attributable to common shareholders, but were in line with company expectations due to favorable weather and customer growth offsetting higher expenses.
Key Takeaways
Pinnacle West reported a consolidated net loss of $3.3 million, or a loss of $0.03 per diluted share, for Q1 2023, compared to a net income of $17.0 million, or $0.15 per diluted share, for the same period in 2022. The results were influenced by increased operations and maintenance expenses, lower pension credits, higher interest charges, and increased depreciation and amortization, which were partially offset by higher revenue from weather effects, customer growth, and lower income taxes. The company affirms its full-year 2023 guidance.
Lower quarterly results were in line with company’s expectations.
Favorable weather, strong sales and customer growth helped offset higher operations and maintenance costs.
APS employees are focusing on summer preparedness, reliability, and resilience.
Company affirms full-year 2023 guidance.
Revenue by Geographic Location
Forward Guidance
The company continues to project its consolidated earnings guidance will be in the range of $3.95 to $4.15 per diluted share on a weather-normalized basis for 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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