Reports Q4 revenue $1.01B, consensus $638.28M."The past year was one of our most challenging years in recent memory as we faced major financial headwinds resulting from the outcome of our last rate case," said Pinnacle West Chairman, President and CEO Jeff Guldner. "The effect of that decision by the Arizona Corporation Commission ACC required a financial reset and resulted in a 22% decline in year-over-year profitability." Even so, Guldner said the full-year 2022 financial results came in above budgeted expectations as a direct outcome of favorable weather, robust customer growth, higher-than-expected sales growth and a resolute workforce. "Our employees effectively responded to the challenges thrown their way. We met or exceeded nearly every target we set for ourselves – including delivering strong service reliability to our customers," he added. "By executing on our comprehensive operational and financial strategies, we enter 2023 in a solid position to provide top-level service for our customers and energize Arizona’s economic expansion."
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