Pinnacle West Capital (NYSE: PNW) reported Q3 EPS of $3.07, $0.22 better than the analyst estimate of $2.85. Revenue for the quarter came in at $1.25 billion versus the consensus estimate of $1.22 billion.

• Record summer heat drives quarter-over-quarter earnings improvement
• Strong customer growth of 2.3% underscores Arizona’s expanding economy
• Operating performance, reliability remain strong

“The third quarter picked up right where the second quarter left off – with a historic run of record heat that contributed to the hottest July and August on record. In fact, this summer proved to be the hottest ever,” said Pinnacle West Chairman, President and Chief Executive Officer Jeff Guldner. “As a result, our customers used more energy to cool their homes and businesses than under normal weather conditions. The resulting increase in retail sales, taken together with our growing customer base, led to stronger financial results.”

GUIDANCE:

Pinnacle West Capital sees FY2020 EPS of $4.95-$5.15, versus the consensus of $4.90.

• Given the impacts from significantly above-average weather year to date, the company increased its 2020 consolidated earnings guidance to $4.95 to $5.15 per diluted share from a previously disclosed range of $4.75 to $4.95 per share.

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