Pinnacle West Capital Corp

PNW

Equity

ISIN US7234841010 / Valor 962786

New York Stock Exchange, Inc (2024-12-26)

USD 85.44-0.20%

Pinnacle West Capital Corp
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About company

Pinnacle West Capital Corp, a publicly traded electric utility holding company based in Phoenix, Arizona, is known for its strong customer base, financial stability, and commitment to environmental, social, and governance principles. Through its subsidiary APS, the company provides safe, affordable, and reliable electricity to around 1.4 million homes and businesses in 11 counties in Arizona. Pinnacle West Capital Corp focuses on innovative energy solutions to adapt to the evolving needs of its customers, positioning itself as a leader in the electric utility industry.

Summarized from source with an LLMView SourceSector: Energy

Net Income

Pinnacle West Capital Corp. reported consolidated net income attributable to common shareholders for the third quarter of 2024 at $395.0 million, or $3.37 per diluted share. This represents a slight decrease compared to the same period in 2023, where net income was $398.2 million, or $3.50 per diluted share.

Revenue Drivers

The company experienced an increase in customer sales and usage during the third quarter of 2024, driven by record-setting summer heat. This increase in sales was a significant factor in the company's financial performance for the quarter.

Operating Expenses

Higher operations and maintenance expenses, along with increased depreciation and amortization due to more plant and intangible assets, contributed to the slight decrease in net income for Pinnacle West Capital Corp. in the third quarter of 2024.

Interest Charges

In the third quarter of 2024, Pinnacle West Capital Corp. faced higher interest charges, which also played a role in the reduced net income compared to the previous year.

Operational Performance

Despite the financial challenges, Pinnacle West Capital Corp. maintained strong operating performance and reliability for its customers. The company also implemented creative solutions to address monsoon outages and restore power efficiently during the quarter.

Summarized from source with an LLMView Source

Key figures

19.7%1Y

24.0%3Y

-3.95%5Y

Performance

19.3%1Y

21.4%3Y

27.9%5Y

Volatility