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Sep 30, 2021
Pinnacle West Q3 2021 Earnings Report
Pinnacle West's Q3 2021 earnings decreased due to milder weather conditions, which were partially offset by strong operational performance and customer growth.
Key Takeaways
Pinnacle West reported a decrease in net income for the third quarter of 2021, primarily due to milder weather compared to the previous year's historic heatwave. This was partially offset by strong operational performance, customer growth, and disciplined cost management.
Lower quarterly revenue was driven by milder weather conditions.
Strong operational performance and increased sales and customer growth helped offset the weather impacts.
The company is pursuing legal challenges following a recent unfavorable rate case decision.
The Arizona Corporation Commission (ACC) voted on the APS 2019 rate case following multiple days of contentious deliberation, resulting in a distinctly unfavorable decision.
Forward Guidance
Following the recent conclusion of APS’s rate case, the company expects its 2021 full-year ongoing consolidated earnings will be within a range of $5.25 to $5.35 per diluted share on a weather-normalized basis. Looking ahead to 2022, the Company estimates its ongoing consolidated earnings will be within a range of $3.80 to $4.00 per diluted share.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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