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Pinnacle West Reports Third-Quarter Earnings November 8, 2018
Weather positively impacts quarterly results Retail sales and customer growth deliver bottom-line results Federal tax reform benefits both customers and the company Arizona voters reject ill-conceived Proposition 127 that would have amended Arizona’s State Constitution Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income attributable to common shareholders for the 2018 third quarter of $315.0 million, or $2.80 per diluted share. This result compares with net income of $276.1 million, or $2.46 per share, for the same period a year ago. “Driven by the second hottest September on record, Arizona’s summer heat and the resulting increase in retail sales contributed to a solid quarter and sound financial results,” said Pinnacle West Chairman, President and Chief Executive Officer Don Brandt. “In addition, our employees continued to do what they do best: maintain reliable electric service for our 1.2 million customers. Our power plants operated well, and our...
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