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Pinnacle West Q3 revenue rises, EPS beats expectations

By Reuters News


Overview

  • US utility's Q3 operating revenue rose yr/yr, driven by higher sales and strong demand

  • EPS for the period beat analyst expectations

  • Company issued $33 mln in bill credits to customers in November


Outlook

  • Pinnacle West raises 2026 EPS guidance to $5.05-$5.25 per diluted share

  • Company outlines 15-year plan to maintain reliability and support customer affordability

  • APS will require extra-large customers to fund infrastructure and limit connections to protect grid reliability


Result Drivers

  • SALES AND USAGE - Co attributed higher Q3 net income to increased customer sales, usage and customer growth

  • RECORD DEMAND - Co said commercial and industrial sales in Arizona rose 14.5% and residential sales grew 4.5%, with record peak demand during summer

  • SUMMER WEATHER - Co said warmer-than-normal summer weather and active monsoon season increased energy use


Company press release: Full Story


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Operating Revenue

$1.97 bln

Q3 EPS

Beat

$3.49

$3.31 (12 Analysts)

Q3 Net Income

$434.2 mln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 13 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the electric utilities peer group is "buy"

  • Wall Street's median 12-month price target for Pinnacle West Capital Corporation is $104.00, about 1.8% below its November 2 closing price of $105.95

  • The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 19 three months ago


Reuters Recommended Reads

  • Nov 2 - Entergy Q3 profit beats estimates on retail sales; raises dividend

  • Nov 2 - Utility holding company PSEG Q3 revenue falls, maintains 2026 guidance

  • Nov 3 - Canada's Fortis Q3 profit beats estimates on rate base growth; raises dividend


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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