Pinnacle West: 2Q Earnings Snapshot
PHOENIX (AP) _ Pinnacle West Capital Corp. (PNW) on Friday reported second-quarter profit of $166.7 million.
On a per-share basis, the Phoenix-based company said it had net income of $1.48.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.44 per share.
The power company posted revenue of $974.1 million in the period.
Pinnacle West expects full-year earnings to be $4.35 to $4.55 per share.
Pinnacle West shares have fallen 6 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed almost 6 percent. The stock has declined 8 percent in the last 12 months.