Pinnacle West Capital Corporation PNW delivered adjusted earnings per share of $1.71 in the second quarter of 2020, which beat the Zacks Consensus Estimate of $1.48 by 15.6%.
The bottom line also improved from the year-ago quarter’s adjusted earnings of $1.28. The result reflects the impact of hotter-than-normal weather, which boosted demand.
In the quarter under review, total revenues of $929.6 million improved 6.9% on a year-over-year basis. The top line also surpassed the Zacks Consensus Estimate of $902 million by 3.1%.
Pinnacle West Capital Corporation Price, Consensus and EPS Surprise
Pinnacle West Capital Corporation price-consensus-eps-surprise-chart | Pinnacle West Capital Corporation Quote
In the second quarter, total operating expenses were $661.7 million, down 1.7% from the year-ago quarter.
Operating income improved 33.2% year over year to $261.9 million.
Interest expenses were $62.7 million, up 9% year over year.
Cash and cash equivalents worth $6.7 million as of Jun 30, 2020 were down from $10.3 million on Dec 31, 2019.
Total long-term debt was $5,922.2 million as of Jun 30, 2020, higher than $4,832.6 million at 2019 end.
Cash flow from operating activities for first-half 2020 was $369 million compared with $345.9 million in the comparable year-ago period. For the first six months of 2020, capital expenditure of the company was $676.9 million compared with $541.4 million in the corresponding quarter of last year.
Management reaffirmed 2020 EPS in the range of $4.75-$4.95, the midpoint of which is $4.85, higher than the current Zacks Consensus Estimate of $4.83.
The company is going to invest $4.7 billion in Arizona Public Service Company (APS) over the 2020-2022 time period. Pinnacle West Capital expects retail customer growth of 1.5-2% annually over the same time frame.
Pinnacle West Capital currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
FirstEnergy Corporation FE delivered second-quarter 2020 operating earnings of 57 cents per share, which beat the Zacks Consensus Estimate of 55 cents by 3.64%.
CMS Energy Corporation CMS reported second-quarter 2020 adjusted earnings per share of 49 cents, which surpassed the Zacks Consensus Estimate of 45 cents by 8.9%.
NiSource Inc NI delivered operating earnings of 13 cents per share in second-quarter 2020, which topped the Zacks Consensus Estimate of 7 cents by 85.7%.
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