Pinnacle West Reports 2023 Third-Quarter Results
November 2, 2023
Record-setting summer heat drives quarter-over-quarter earnings improvement Operating performance, reliability remain strong for customers APS recognized for distributed energy, safety and economic development innovation Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income attributable to common shareholders for the 2023 third quarter of $398.2 million, or $3.50 per diluted share. This result compares with net income of $326.3 million, or $2.88 per share, for the same period a year ago. Record-setting summer weather was the primary driver in the quarter-over-quarter improvement, increasing revenues, net of fuel and purchased power costs, by $57.4 million (after-tax), or $0.38 per share. Additionally, higher revenue during the quarter also resulted from Arizona Public Service’s (APS) Lost Fixed Cost Recovery (LFCR) adjustor mechanism and a new surcharge resulting from the outcome of the 2019 Rate Case appeal. These factors were partially offset by higher...
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