The latest update is out from Pinnacle West Capital ( (PNW) ).
Pinnacle West Capital Corp. reported a significant increase in net income for 2024, with a consolidated net income of $608.8 million, up from $501.6 million in 2023. This growth was driven by new customer rates, increased customer usage, and a hot summer, despite higher operational costs. The company is focusing on expanding its energy capacity with plans to add 9,805 megawatts of renewable power, battery storage, and natural gas by 2028 to meet the growing demand from a diversified customer base. APS, its main subsidiary, saw a 2.1% customer growth in 2024 and expects continued growth due to new commercial and industrial developments, including semiconductor manufacturing and data centers.
More about Pinnacle West Capital
Pinnacle West Capital Corp., based in Phoenix, is an energy holding company with consolidated assets of approximately $26 billion and about 6,500 megawatts of generating capacity. Through its principal subsidiary, Arizona Public Service, it provides retail electricity service to around 1.4 million homes and businesses in Arizona.
YTD Price Performance: 9.79%
Average Trading Volume: 1,004,111
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $10.47B
See more data about PNW stock on TipRanks’ Stock Analysis page.