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Pinnacle West Reports 2023 Full-Year and Fourth-Quarter Results, Shares 2024 Financial Outlook February 27, 2024
Full-year financial results positively impacted by the effects of weather, robust customer growth and strong operational performance Constructive regulatory outcome achieved in 2022 rate case Company files Transmission System Plan to ensure reliability and meet Arizona’s substantial growth Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income attributable to common shareholders of $501.6 million, or $4.41 per diluted share, for full-year 2023. This result compares with net income of $483.6 million, or $4.26 per diluted share, in 2022. For the quarter ended Dec. 31, 2023, Pinnacle West reported a consolidated net loss attributable to common shareholders of $23,000, or $0.00 per diluted share, compared with a net loss of $24.0 million, or a loss of $0.21 per share, for the same period in 2022. The higher 2023 full-year results reflect an increase of approximately $18 million, primarily as a result of the effects of weather; higher revenue resulting from Arizona...
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