Pinnacle West Reports 2021 Third-Quarter Results, Shares Long-Term Financial Outlook
November 5, 2021
Lower quarterly revenue driven by the effects of milder weather Strong operational performance, increased sales and customer growth help offset weather impacts Company to pursue legal challenges following recent rate case decision Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income attributable to common shareholders for the 2021 third quarter of $339.8 million, or $3.00 per diluted share. This result compares with net income of $346.4 million, or $3.07 per share, for the same period a year ago. The lower third-quarter 2021 results were largely impacted by weather that was less intense than the same period a year ago, when a historic heatwave and record temperatures helped push revenues upward. Other factors affecting the recent quarter include higher depreciation expense, partially offset by higher customer usage, 2.3% customer growth, increased transmission revenue, higher pension and other post-retirement non-service credits, and lower operations...
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