Pinnacle West reported on Friday first quarter earnings that beat analysts' forecasts and revenue that fell short of expectations.
Pinnacle West announced earnings per share of $0.27 on revenue of $661.93M. Analysts polled by anticipated EPS of $0.16 on revenue of $745.53M. That with comparison to EPS of $0.16 on revenue of $740.53M in the same period a year before. Pinnacle West had reported EPS of $0.57 on revenue of $670.39M in the previous quarter. Analysts are expecting EPS of $1.38 and revenue of $903.57M in the upcoming quarter.
Pinnacle West shares are down 17% from the beginning of the year , still down 30.07% from its 52 week high of $105.51 set on February 21. They are under-performing the S&P 500 which is down 10.17% year to date.
Pinnacle West shares gained 2.79% in intra-day trade following the report.
Pinnacle West follows other major Utilities sector earnings this month
Pinnacle West's report follows an earnings beat by NextEra Energy on April 22, who reported EPS of $2.38 on revenue of $4.61B, compared to forecasts EPS of $2.37 on revenue of $4.64B.
Dominion Energy had missed expectations on Tuesday with first quarter EPS of $1.09 on revenue of $4.5B, compared to forecast for EPS of $1.1 on revenue of $4.72B.
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