Pinnacle West Capital (NYSE: PNW) reported Q1 EPS of $0.27, $0.12 better than the analyst estimate of $0.15. Revenue for the quarter came in at $661.93 million versus the consensus estimate of $749.63 million.

“Our first quarter results provided an encouraging start to 2020 largely due to how our employees operated and managed costs across our business,” said Pinnacle West Chairman, President and Chief Executive Officer Jeff Guldner. “While the coronavirus pandemic will impact future results, we are managing what we can directly control – helping to keep our employees and communities safe, and providing reliable electric service to our customers.”

“That commitment is for the long term. Now, our immediate aims are doing all we can to keep our employees safe and healthy, keeping the power on for our customers and moving forward with the determination and optimistic spirit that has characterized this company for more than 130 years.”

GUIDANCE:

Pinnacle West Capital sees FY2020 EPS of $4.75-$4.95, versus the consensus of $4.81.

While the Company cannot predict the duration and longer-term impacts of the coronavirus pandemic, as of today the company continues to believe its 2020 consolidated earnings guidance of $4.75 to $4.95 per diluted share is still achievable. This outlook assumes that the impacts from COVID-19 dissipate by the end of June, and customer and sales growth resume once the economy normalizes. In addition, the company will continue its focus on managing costs and utilizing Lean principles to help mitigate any impacts of the pandemic.

Key factors and assumptions underlying the 2020 outlook can be found in the first-quarter 2020 earnings presentation slides on the Company’s website at pinnaclewest.com/investors.

For earnings history and earnings-related data on Pinnacle West Capital (PNW) click here.