Pinnacle West Q4 2023 Earnings Report

Pinnacle West's full-year financial results were positively impacted by weather, customer growth, and operational performance. The company achieved a constructive regulatory outcome in the 2022 rate case and filed a Transmission System Plan to ensure reliability and meet Arizona’s growth.

Key Takeaways

Pinnacle West Capital Corp. reported a consolidated net loss attributable to common shareholders of $23,000, or $0.00 per diluted share, for the quarter ended Dec. 31, 2023, compared with a net loss of $24.0 million, or a loss of $0.21 per share, for the same period in 2022. Full-year 2023 net income attributable to common shareholders was $501.6 million, or $4.41 per diluted share.

Full-year financial results positively impacted by weather, customer growth and strong operational performance

Constructive regulatory outcome achieved in 2022 rate case

Company files Transmission System Plan to ensure reliability and meet Arizona’s substantial growth

2024 earnings guidance estimated to be in the range of $4.60 to $4.80 per diluted share on a weather-normalized basis.

Total Revenue

$992M

Previous year: $1.01B

-1.8%

EPS

-$0.0002

Previous year: -$0.21

-99.9%