Pinnacle West Capital (NYSE: PNW) reported Q2 EPS of $1.71, $0.26 better than the analyst estimate of $1.45. Revenue for the quarter came in at $929.59 million versus the consensus estimate of $907.02 million.

“Like many electric utilities, weather is a major factor in our business. The dramatic contrast between Arizona’s temperatures in second-quarter 2020 compared to the same time last year is reflected in the results we are reporting today,” said Pinnacle West Chairman, President and Chief Executive Officer Jeff Guldner. “Excluding the substantial impact of weather on our results, sales were down year-over-year primarily due to declines in retail energy sales and business closures amid the pandemic. During this challenging time for Arizona, our employees continue to innovate and lower costs, and we are making more support and pandemic relief available to our customers and communities.”

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