Pinnacle West Capital Corp. ( PNW ) reported adjusted earnings per share of 5 cents in the fourth quarter of 2014, missing the Zacks Consensus Estimate of 17 cents by 70.6%. Earnings were 77.3% lower than the year-ago earnings of 22 cents per share.
The plunge was primarily due to planned fossil fuel plant outages.
Pinnacle West's 2014 operating earnings were $3.58 per share, down 2.2% from $3.66 per share in 2013. Earnings were lower than the Zacks Consensus Estimate of $3.71 by 3.5%.
Quarterly revenues were $726 million, up 3.8% from the year-earlier period. Revenues also beat the Zacks Consensus Estimate by 0.3%.
In 2014, total revenues of $3,491 million were up 1% from $3,454.7 million in 2013. However, revenues for the year missed the Zacks Consensus Estimate marginally by 0.4%.
Total electricity sold in the quarter increased 7.5% to 7,264 Gigawatt-hours (GWh) from 6,758 GWh in the year-ago quarter. The company registered 1.4% growth in the customer count in the reported quarter.
Retail electricity sales increased 3.4% to 6,072 GWh. The rise was due to higher electricity consumption by business as well as residential customers.
Of the total generation in 2014, coal-based units contributed nearly 33.5%, followed by nuclear and gas, and oil and other, with 27.2% and 16.2% share respectively.
Operating income decreased 28.3% year over year to $60.2 million in the reported quarter.
As of Dec 31, 2014, Pinnacle West's cash and cash equivalents were $7.6 million compared with $9.5 million as of Dec 31, 2013.
Long-term debt as of Dec 31, 2014, was $3.03 billion compared with $2.79 billion as of Dec 31, 2013.
Pinnacle West generated $1,100 million in cash from operations during 2014, down 4.6% year over year.
Capital expenditure in 2014 was $910.6 million, down 10.4% year over year.
Pinnacle West reaffirmed its earnings expectation for 2014 in the range of $3.75 to $3.95 per share.
Other Utility Company Releases
American Electric Power Co., Inc.'s ( AEP ) earnings per share of 48 cents in the fourth quarter 2014 lagged the Zacks Consensus Estimate of 52 cents by 7.7%.
CMS Energy Corp. ( CMS ) reported fourth-quarter earnings of 35 cents per share, missing the Zacks Consensus Estimate of 36 cents by 2.8%
DTE Energy Co. ( DTE ) reported fourth-quarter 2014 operating earnings per share of $1.17, beating the Zacks Consensus Estimate of $1.04 by 12.5%.
Pinnacle West presently carries a Zacks Rank #3 (Hold).