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Mild temperatures drag Pinnacle West's Q2'19 results

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Mild temperatures drag Pinnacle West's Q2'19 results

Pinnacle West Capital Corp. on Aug. 8 reported net income attributable to common shareholders of $144.1 million, or $1.28 per share, in the 2019 second quarter, a decrease from $166.7 million, or $1.48 per share, a year earlier.

The results missed the S&P Global Market Intelligence consensus normalized earnings estimate for the quarter of $1.40 per share by 12 cents.

Operating revenues were $869.5 million, a drop from $974.1 million a year prior. The utility also reported operating income of $196.6 million, a decrease from $242.2 million, in the year-ago quarter.

"Our second quarter was marked by unusually mild temperatures. And, since weather variations have a direct impact on how much energy customers use to cool their homes and businesses, our retail sales and financial results were lower than a year ago," said Pinnacle West Chairman, President and CEO Don Brandt.

The company expects its 2019 consolidated earnings to be at the lower end of its previously disclosed range of $4.75 per share to $4.95 per share.