Pinnacle West Reports Lower 2022 Second-Quarter Results
August 3, 2022
Quarterly results consistent with expectations; full-year 2022 earnings guidance maintained Customer and sales growth continue to bolster the company’s underlying fundamentals EPA recognizes APS as 2022 ENERGY STAR® Partner of the Year Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income attributable to common shareholders of $164.3 million, or $1.45 per diluted share of common stock, for the quarter ended June 30, 2022. This result compares with earnings of $215.7 million, or $1.91 per share, in the same 2021 period. As with the 2022 first quarter, the company’s second-quarter results reflect the unfavorable outcome of the company’s recent general 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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