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Pinnacle West Reports 2020 Third-Quarter Earnings October 30, 2020
Record summer heat drives quarter-over-quarter earnings improvement Strong customer growth of 2.3% underscores Arizona’s expanding economy Operating performance, reliability remain strong Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income attributable to common shareholders for the 2020 third quarter of $346.4 million, or $3.07 per diluted share. This result compares with net income of $312.3 million, or $2.77 per share, for the same period a year ago. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201030005025/en/ Record heat contributed to the hottest summer on record in Arizona. As a result, APS customers used more energy to cool their homes and businesses than under normal weather conditions. The resulting increase in retail sales - taken together with 2.3% customer growth - led to stronger third-quarter financial results for Pinnacle West Capital. (Graphic: Business Wire) For a second...
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