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Sep 30, 2020
Pinnacle West Q3 2020 Earnings Report
Pinnacle West's earnings improved due to record summer heat and strong customer growth.
Key Takeaways
Pinnacle West reported a consolidated net income attributable to common shareholders of $346.4 million, or $3.07 per diluted share, for the third quarter of 2020. This compares to $312.3 million, or $2.77 per share, for the same period last year. The increase was primarily driven by hotter-than-normal weather and strong customer growth of 2.3%.
Record summer heat drove quarter-over-quarter earnings improvement.
Strong customer growth of 2.3% underscores Arizona’s expanding economy.
Operating performance and reliability remained strong.
The company increased its 2020 consolidated earnings guidance to $4.95 to $5.15 per diluted share.
Revenue by Geographic Location
Forward Guidance
Given the impacts from significantly above-average weather year to date, the company increased its 2020 consolidated earnings guidance to $4.95 to $5.15 per diluted share from a previously disclosed range of $4.75 to $4.95 per share.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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