Pinnacle West Capital CorporationPNW reported adjusted earnings per share of $1.48 in the second quarter of 2018, beating the Zacks Consensus Estimate of $1.44 by 2.8%. In the year-ago quarter, the company had reported adjusted earnings of $1.49. The effects of federal corporate tax cuts positively impacted earnings by 10 cents per share.
In the quarter under review, total revenues of $974.1 million improved 3.1% on a year-over-year basis.
In second-quarter 2018, higher operations and maintenance expenses adversely impacted earnings by 23 cents per share. Operations and maintenance expenses increased due to higher planned fossil plant outages and other operating costs. Adverse weather conditions affected earnings by 8 cents.
Operating income declined 18.5% year over year to $242.2 million.
Interest expenses rose 8.8% to $54.4 million from $50 million in the year-ago quarter.
Pinnacle West Capital Corporation Price, Consensus and EPS Surprise
Pinnacle West Capital had cash and cash equivalents of $3.8 million as of Jun 30, 2018, up from $13.9 million as of Dec 31, 2017.
Long-term debt as of Jun 30, 2018 was $4,191.5 million, down from $4,789.7 million as of Dec 31, 2017.
Net cash flow from operating activities was $395.8 million in the first half of 2018 higher than $290.5 million in the prior year comparable period.
Pinnacle West reaffirmed 2018 earnings guidance in the range of $4.35-$4.55 per share.
Pinnacle West currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
DTE Energy DTE reported second-quarter 2018 operating EPS of $1.36, which outpaced the Zacks Consensus Estimate of $1.11 by 22.5%.
American Electric Power AEP reported second-quarter 2018 adjusted EPS of $1.01, beating the Zacks Consensus Estimate of 88 cents by 14.8%.
NextEra Energy NEE reported second-quarter 2018 adjusted earnings of $2.11, beating the Zacks Consensus Estimate of $2.07 by 1.93%
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