Pinnacle West Q3 2023 Earnings Report
Key Takeaways
Pinnacle West reported a consolidated net income attributable to common shareholders of $398.2 million, or $3.50 per diluted share, for the third quarter of 2023, compared to $326.3 million, or $2.88 per share, for the same period a year ago. The increase was primarily driven by record-setting summer weather, which increased revenues, net of fuel and purchased power costs.
Record-setting summer heat drove quarter-over-quarter earnings improvement.
Operating performance and reliability remained strong for customers.
APS was recognized for distributed energy, safety, and economic development innovation.
Customer growth was robust at 2% for the quarter.
Pinnacle West
Pinnacle West
Forward Guidance
The company continues to project its consolidated earnings guidance will be in the range of $4.10 to $4.30 per diluted share on a weather-normalized basis for 2023.