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Pinnacle West Reports 2019 First-Quarter Earnings May 1, 2019
Colder-than-normal weather drives quarter-over-quarter earnings increase Customer growth a solid 1.9 percent as Arizona’s economy continues to expand Company enhances customer value by lowering monthly bills Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income attributable to common shareholders of $17.9 million, or $0.16 per diluted share of common stock, for the quarter ended March 31, 2019. This result compares with $3.2 million, or $0.03 per diluted share, for the same period in 2018. “The second coldest February in the past 40 years contributed to customers using more energy to heat their homes and businesses. The resulting increase in retail sales led to stronger financial results than the year-ago first quarter,” said Pinnacle West Chairman, President and Chief Executive Officer Don Brandt. The effects of weather positively impacted results by $0.14 per share compared to the year-ago period. As a result, the colder weather almost doubled the number of...
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