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Dec 31, 2022
Pinnacle West Q4 2022 Earnings Report
Pinnacle West's Q4 2022 earnings decreased due to an unfavorable rate case outcome, increased expenses, and an impairment charge, partially offset by weather, customer growth, and higher sales.
Key Takeaways
Pinnacle West reported a net loss of $24.0 million, or a loss of $0.21 per diluted share, for the quarter ended December 31, 2022, compared to a net income of $27.6 million, or $0.24 per share, for the same period in 2021. The lower results reflect the unfavorable outcome of the company’s prior rate case, higher expenses, and an impairment charge.
Pinnacle West reported lower full-year and fourth-quarter results due to the negative impact of the company’s prior rate case.
Full-year financial results were supported by higher customer usage, robust customer growth, and strong operational performance.
APS improved customer satisfaction ratings among residential and business customers.
The company continued progress on its Clean Energy Commitment.
Revenue by Geographic Location
Forward Guidance
For 2023, the company estimates its consolidated earnings guidance will be in the range of $3.95 to $4.15 per diluted share on a weather-normalized basis.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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