Pinnacle West Q2 2020 Earnings Report
Key Takeaways
Pinnacle West reported a consolidated net income attributable to common shareholders of $193.6 million, or $1.71 per diluted share, for the quarter ended June 30, 2020, compared to $144.1 million, or $1.28 per share, in the same 2019 period. The increase was primarily driven by hotter-than-normal weather, which increased revenues, net of fuel and purchased power costs, and lower operations and maintenance expenses, which partially offset the impacts of the COVID-19 pandemic.
Triple-digit temperatures and record heat drove higher quarter-over-quarter earnings.
COVID-19 impact on sales was partially offset by Lean efforts and continued cost management.
Customer Support Fund was expanded to provide more relief to customers impacted by the pandemic.
Customers set an all-time record peak demand of 7,659 megawatts on July 30.
Pinnacle West
Pinnacle West
Forward Guidance
Pinnacle West continues to believe its 2020 consolidated earnings guidance of $4.75 to $4.95 per diluted share is still achievable.