Pinnacle West Q2 2024 Earnings Report
Key Takeaways
Pinnacle West reported a consolidated net income attributable to common shareholders of $203.8 million, or $1.76 per diluted share, for the quarter ended June 30, 2024. This is an improvement compared to the consolidated net income of $106.7 million, or $0.94 per diluted share, for the same period in 2023. The increase was primarily driven by new customer rates and record heat in June.
New customer rates and record heat positively impacted quarter-over-quarter earnings.
Customer and sales growth continue to reflect a strong Arizona economy.
Expanded bill assistance, heat relief, and energy efficiency programs provide greater support to customers.
Weather variations spurred an increase in energy consumption.
Pinnacle West
Pinnacle West
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.