Pinnacle West (PNW) Q1 Earnings Miss Estimates, Revenues Up

Pinnacle West Capital Corporation PNWreported adjusted earnings per share of 3 cents in the first quarter of 2018, missing the Zacks Consensus Estimate of 10 cents by 70%. In the year-ago quarter, the company reported adjusted earnings of 21 cents per share.

The effects of federal corporate tax cuts and higher operations and maintenance expenses negatively impacted the quarterly results.

The increased costs were primarily due to higher planned outage costs, including expenses at the Four Corners Power Plant to install added emission controls. Also, the effects of weather variations negatively impacted earnings in the reported quarter.

Total Revenues

In the quarter under review, total revenues of $692.7 million reflected year-over-year growth of 2.2%.