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Pinnacle West Reports Lower 2023 Second-Quarter Financial Results August 3, 2023
Mild weather and higher operating costs impact earnings APS supports customers through the summer season Company seeks flexible energy resources to serve Arizona’s growing energy needs Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income attributable to common shareholders of $106.7 million, or $0.94 per diluted share of common stock, for the quarter ended June 30, 2023. This result compares with consolidated net income of $164.3 million, or $1.45 per diluted share, for the same period in 2022. Weather was a major driver in the lower second-quarter results, with the Phoenix region experiencing the mildest June since 2009. Other factors included higher operations and maintenance expenses (including increases in non-nuclear generation operating costs and higher transmission, distribution and customer service costs), higher interest charges and lower pension and other postretirement non-service credits. These were partially offset by higher transmission revenue...
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