Pinnacle West Reports Improved 2024 Second-Quarter Financial Results
August 1, 2024
New customer rates, record heat positively impact quarter-over-quarter earnings Customer and sales growth continue to reflect a strong Arizona economy Expanded bill assistance, heat relief and energy efficiency programs provide greater support to customers Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income attributable to common shareholders of $203.8 million, or $1.76 per diluted share of common stock, for the quarter ended June 30, 2024. This result compares with consolidated net income of $106.7 million, or $0.94 per diluted share, for the same period in 2023. New customer rates, which took effect in March 2024, and record June heat were the primary drivers in the quarter-over-quarter improvement. Increases in customer usage and growth, and higher revenue from a surcharge resulting from the outcome of the utility’s 2019 Rate Case appeal, also contributed significantly to the company’s bottom line. These positive factors were partially offset by higher...
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