Pinnacle West Q3 2024 Earnings Report
Key Takeaways
Pinnacle West reported a slight decrease in net income for Q3 2024 compared to the previous year, primarily due to increased expenses. However, record-setting summer heat drove increased customer sales and usage, contributing to strong financial results.
Experienced record-setting summer heat that drove an increase in customer sales and usage.
Operating performance and reliability remained strong for customers.
Addressed monsoon outages and restored power using a creative approach.
Adjusted 2024 consolidated earnings guidance upward to a range of $5.00 to $5.20 per diluted share.
Pinnacle West
Pinnacle West
Forward Guidance
The company is adjusting its 2024 consolidated earnings guidance upward to a range of $5.00 to $5.20 per diluted share. Looking forward, the Company estimates its 2025 consolidated earnings will be within a range of $4.40 to $4.60 per diluted share on a weather-normalized basis.
Positive Outlook
- Positive impact of weather
- Customer growth
- Sales growth through the first three quarters of the year
- Adjusted 2024 consolidated earnings guidance upward to a range of $5.00 to $5.20 per diluted share
- Estimates its 2025 consolidated earnings will be within a range of $4.40 to $4.60 per diluted share on a weather-normalized basis.
Challenges Ahead
- Higher than previously forecasted operations and maintenance expenses
- Uncertainties associated with the current and future economic environment
- Volatile fuel and purchased power costs
- Potential shortfalls in insurance coverage
- Restrictions on dividends or other provisions in our credit agreements and Arizona Corporation Commission orders.