Pinnacle West reports Q1 EPS 27c, consensus 1c

Reports Q1 revenue $1.15B, consensus $1.08B. The results reflect an increase of approximately $38M, primarily as a result of higher transmission revenues; lower operations and maintenance expenses; the effects of weather; and customer growth, usage and related pricing. These positive factors were partially offset by higher interest charges; higher income taxes; and higher depreciation and amortization expenses. “Phoenix and much of Arizona just went through its warmest winter on record, and the heat didn’t let up as we moved into spring,” said Pinnacle West (PNW) Chairman, President and CEO Ted Geisler. “As a result, our first-quarter results exceeded expectations, with our retail customers using much more energy than they typically would under normal weather conditions.”