Pinnacle West (PNW) Q3 Earnings Lag Estimates, Sales Drop Y/Y
Pinnacle West Capital Corporation’s PNW adjusted earnings of $2.77 per share in the third quarter of 2019 missed the Zacks Consensus Estimate of $3.03 by 8.6%. The bottom line declined 1.1% from the year-ago-quarter’s earnings of $2.80 due to unfavorable weather conditions.
Total revenues came in at $1,190.8 million, down 6% on a year-over-year basis.
Pinnacle West Capital Corporation Price, Consensus and EPS Surprise
In third-quarter 2019, total operating expenses of $784.3 million fell 3.7% from $814.4 in the year-ago quarter.
Operating income fell 6.9% year over year to $403.3 million.
Interest expenses declined 3% to $54 million from $55.7 million in the year-ago quarter.
Pinnacle West had cash and cash equivalents of $29.8 million as of Sep 30, 2019, compared with $5.8 million as of Dec 31, 2018.
Net cash flow provided by operating activities in the first nine months of 2019 was $834.8 million, lower than $959.8 million in the comparable period of 2018.
The company expects 2019 consolidated earnings will not reach the lower end of its previously reported guidance range of $4.75 to $4.95 per diluted share. The mid-point of the guidance, $4.85 is higher than the current Zacks Consensus Estimate of $4.75.
For 2020, the company predicts earnings in the range of $4.75 to $4.95 per diluted 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.
American Electric Power AEP reported third-quarter 2019 earnings of $1.46 per share, which surpassed the Zacks Consensus Estimate of $1.33 by 9.8%.
NextEra Energy NEE reported third-quarter 2019 earnings of $2.39 per share, which beat the Zacks Consensus Estimate of $2.27 by 5.3%.
Avangrid AGR reported third-quarter 2019 earnings of 40 cents, which missed the Zacks Consensus Estimate of 51 cents by 21.6%.
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