Pinnacle West Reports Lower 2022 Third-Quarter Results
November 3, 2022
Quarterly results buoyed by strong operational performance, warmer weather than a year ago Employees ensure reliable customer service despite damaging monsoon season APS among most improved utilities for residential and business customer satisfaction Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income attributable to common shareholders for the 2022 third quarter of $326.3 million, or $2.88 per diluted share. This result compares with net income of $339.8 million, or $3.00 per share, for the same period a year ago. Like the first two quarters of 2022, the company’s lower third-quarter results reflect the unfavorable outcome of the company’s prior rate case, which was implemented on Dec. 1, 2021. As a result of that rate decision, the Company is no longer deferring costs related to the Four Corners selective catalytic reduction (SCR) and Ocotillo modernization projects to a regulatory asset. These costs are now reflected in the income statement and result in...
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