Pinnacle West Capital Corp. PNW reported adjusted earnings per share of 14 cents in the first quarter of 2015, missing the Zacks Consensus Estimate of 18 cents by 22.2%.
Earnings were in line with the year-ago figure.
Total Revenue
Quarterly revenues were $671.3 million, down 2.2% from the year-earlier period.
Operational Highlights
Total electricity sold in the quarter decreased 1.9% to 6,727 Gigawatt-hours (GWh) from 6,859 GWh in the year-ago quarter. However, the company registered 1.2% growth in the customer count in the reported quarter.
Of the total generation in first-quarter 2015, nuclear-based units contributed 43.4%, followed by coal-based gas, and oil and other units with 39.4% and 17.2% share respectively.
Operating income decreased 11.9% year over year to $61.3 million in the reported quarter.
Financial Condition
As of Mar 31, 2015, Pinnacle West’s cash and cash equivalents were $6.1 million compared with $4.5 million as of Dec 31, 2014.
Long-term debt as of Mar 31, 2015, was $3.16 billion compared with $2.96 billion as of Dec 31, 2014.
Pinnacle West generated $144 million in cash from operations during first-quarter 2015, down 42.2% year over year.
Guidance
The company reaffirmed its earnings expectation for 2015 in the range of $3.75 to $3.95 per share.
Other Utility Company Releases
CMS Energy Corp. CMS reported first-quarter 2015 adjusted earnings per share of 73 cents, outpacing the Zacks Consensus Estimate of 66 cents by 10.6%.
American Electric Power Company Inc. AEP reported first-quarter 2015 operating earnings of $1.28 per share, beating the Zacks Consensus Estimate of $1.11 by 15.3%.
DTE Energy Company DTE reported first-quarter 2015 operating earnings per share of $1.65, beating the Zacks Consensus Estimate of $1.49 by 10.7%.
Zacks Rank
Pinnacle West presently carries a Zacks Rank #3 (Hold).
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