Pinnacle West Capital (NYSE:PNW) provider of retail and wholesale electric services reported net income for the fourth quarter of $ 21.63 million or $ 0.19 per share, compared to income of $ 53.25 million or $ 0.47 per share for the year-ago quarter.
The topline results for the fourth quarter rose 3% to $ 759.66 million from $ 739.20 million in the same quarter last year.
Analysts polled by Thomson Reuters expected Pinnacle West Capital to report income of $ 0.12 per share on revenue of $ 766.76 million for the fourth quarter.
Don Brandt, President and CEO, said: Led by strong operational performance and a regulatory settlement that allows us to continue investing in a smarter and cleaner energy infrastructure, 2017 proved to be another solid year for our company. Our employees once again did an excellent job running and maintaining our generation fleet and electric grid, and ensuring that our 1.2 million customers received the reliable electrical service they have come to expect from us.
For the twelve months period, PNW disclosed net income of $ 488.56 million or $ 4.35 per share from the operating revenue of $ 3.57 billion.
Moving forward, PNW updates 2018 earnings estimates to a range of $ 4.35 – $ 4.55 from the range of $ 4.25 – $ 4.45 per share.
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar resources.