Pinnacle West Capital posts smaller loss in Q4 on lower operating expenses

Pinnacle West Capital

27/02/2024 15:43

Feb 27 (Reuters) - Pinnacle West Capital  PNW.N  posted
a smaller loss in the fourth quarter on Tuesday, as the utility
firm got a boost from lower operating expenses and fuel prices.
    The company, through its principal subsidiary, Arizona
Public Service, provides retail electricity to about 1.4 million
Arizona homes and businesses.
    The Phoenix, Arizona-based company said its net loss
attributable to common shareholders was at $23,000 for the
quarter ended Dec. 31, compared with the net loss of $23.99
million a year earlier.
    Its operating expenses were down 5% to $917.1 million, while
costs of fuel fell 17.4%.
    Peer Xcel Energy  XEL.O  also benefited from lower operating
expenses, which drove up its quarterly profit last month.
    Pinnacle West said Arizona Public Service experienced
customer growth of 2% in 2023 and projects average annual growth
in the range of 1.5% to 2.5% through 2026.
    Arizona Public Service is the operator and co-owner of the
Palo Verde Generating Station, which, according to the company,
is the largest nuclear plant and the single-largest generator of
carbon-free electricity in the United States.
    Pinnacle West's revenue for the quarter came in at $991.5
million, missing analysts' average estimate of $1.11 billion,
according to LSEG data.
    The utility expects consolidated 2024 earnings to be in the
range of $4.60 to $4.80 per share. It reported $4.41 per share
for 2023.

 (Reporting by Roshia Sabu in Bengaluru; Editing by Shilpi
Majumdar)
 ((Roshia.Sabu@thomsonreuters.com))