- Higher lost fixed cost recovery revenue and an increase in transmission revenues improved earnings by $0.09 per share compared to the 2015 third quarter.
- Lower operating expenses contributed to earnings by $0.02 per share.
- Retail electricity sales improved earnings $0.02 per share due to customer growth and changes in customer usage patterns and related pricing. Compared to the same quarter a year ago, weather-normalized retail sales were flat, while total customer growth increased 1.4 percent quarter over quarter.
Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income attributable to common shareholders for the 2016 third quarter of $263.0 million, or $2.35 per diluted share. This result compares with net income of $257.1 million, or $2.30 per share, for the same period a year ago. "Our quarterly financial performance was solid despite the impact of abnormally mild temperatures in August and September compared to historical weather trends," said Pinnacle West Chairman, President and Chief Executive Officer Don Brandt. "Customer count and electricity sales are growing year to date, operational excellence remains a hallmark of our company, and our employees continue to control costs without sacrificing top-tier reliability for our nearly 1.2 million customers. As a result, we remain optimistic that we will meet our full-year earnings guidance range." The 2016 third-quarter results comparison was positively impacted by the following factors: