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Pinnacle West Reports 2020 First-Quarter Earnings May 8, 2020
Cost management helps results despite revenue declines Customer growth a solid 2.2% as Arizona’s economy continued to expand pre-pandemic Reliable service, customer relief, community support top priorities through coronavirus pandemic Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income attributable to common shareholders of $30.0 million, or $0.27 per diluted share of common stock, for the quarter ended March 31, 2020. This result compares with $17.9 million, or $0.16 per diluted share, for the same period in 2019. “Our first quarter results provided an encouraging start to 2020 largely due to how our employees operated and managed costs across our business,” said Pinnacle West Chairman, President and Chief Executive Officer Jeff Guldner. “While the coronavirus pandemic will impact future results, we are managing what we can directly control – helping to keep our employees and communities safe, and providing reliable electric service to our customers.” The...
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