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Mar 31, 2024
Pinnacle West Q1 2024 Earnings Report
Pinnacle West's Q1 2024 results were improved due to customer growth, increased sales, and new rates.
Key Takeaways
Pinnacle West Capital Corp. reported a consolidated net income attributable to common shareholders of $16.9 million, or $0.15 per diluted share, for the quarter ended March 31, 2024, compared to a net loss of $3.3 million, or a loss of $0.03 per diluted share, for the same period in 2023. The improved results reflect new retail base rates, customer growth, increased usage, and higher revenue from the Lost Fixed Cost Recovery (LFCR) adjustor mechanism.
Improved quarterly results were impacted by customer growth, increased sales, and new rates.
APS employees are focused on summer preparedness, reliability, and resilience.
The company reaffirms its full-year 2024 guidance.
Customer base grew 1.8% year-over-year, and weather-normalized sales grew 5.9%.
Revenue by Geographic Location
Forward Guidance
The company continues to estimate its consolidated earnings guidance will be in the range of $4.60 to $4.80 per diluted share on a weather-normalized basis for 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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