Pinnacle West Capital ( (PNW) ) has released its Q1 earnings. Here is a breakdown of the information Pinnacle West Capital presented to its investors.
Pinnacle West Capital Corp., an energy holding company based in Phoenix, provides retail electricity services through its principal subsidiary, Arizona Public Service, to approximately 1.4 million homes and businesses in Arizona. The company operates in the utilities sector with a focus on generating and distributing electricity.
In its latest earnings report, Pinnacle West Capital Corp. announced a consolidated net loss of $4.6 million, or $0.04 per diluted share, for the first quarter of 2025, compared to a net income of $16.9 million, or $0.15 per diluted share, in the same period of 2024. Despite the loss, the company’s results were in line with expectations, and it reaffirmed its full-year earnings guidance.
The decline in earnings was attributed to several factors, including increased operations and maintenance expenses due to planned power plant outages, higher depreciation and amortization costs, and increased interest charges. These were partially offset by new customer rates, gains from non-utility investments, and higher transmission revenue. The company also highlighted the growth in its customer base and retail sales, driven by Arizona’s robust economic and population growth.
Looking forward, Pinnacle West is focused on ensuring reliable power delivery during Arizona’s hot summer months, with ongoing maintenance and upgrades to its infrastructure. The company is also enhancing its customer experience through improved digital tools and communication channels. Management remains optimistic about achieving its annual earnings targets, supported by strong customer and electricity sales growth.
Pinnacle West’s management continues to project consolidated earnings for 2025 to be within the range of $4.40 to $4.60 per diluted share, reflecting confidence in the company’s strategic initiatives and the economic growth of its service territory.