Pinnacle WestCapital Corp. on April 29 posted lower first-quarter 2016 financialresults, missing the S&P Global Market Intelligence consensus normalizedEPS estimate by 7 cents.
The company's first-quarter 2016 net income attributable tocommon shareholders was $4.5 million, or 4 cents per share, versus $16.1million, or 14 cents per share, in the first quarter of 2015. The consensusnormalized EPS estimate for the quarter was 11 cents. Earnings for the mostrecent quarter had a negative impact from increased operations and maintenanceexpenses, which decreased results by 17 cents per share compared with theprior-year period.
First-quarter 2016 operating revenues totaled $677.2 million,compared with $671.2 million in the same quarter last year. Operating expenseslifted to $627.0 million during the first quarter from $603.5 million in thecomparable quarter of 2015, mainly in higher operations and maintenanceexpenses.
The company's operating income for the most recent quarterdropped to $50.2 million from $67.7 million in the first quarter of 2015,results showed.
For 2016, the company reiterated its ongoing consolidated earnings guidance of$3.90 per share to $4.10 per share.
"We remain optimistic that we will achieve our annualtargets as customer and electricity sales growth continue to rebound, alongwith Arizona's improving economy," Pinnacle West Chairman, President andCEO Don Brandt said in a statement. The company's primarysubsidiary is Arizona PublicService Co.