Pinnacle West Capital Corp (PNW) 10-Q Quarterly Report August 2021

PHOENIX – Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income attributable to common shareholders of $215.7 million, or $1.91 per diluted share of common stock, for the quarter ended June 30, 2021. This result compares with earnings of $193.6 million, or $1.71 per share, in the same 2020 period.

Increased retail sales and strong customer growth of 2.3% were the primary drivers in the quarter-over-quarter improvement, contributing to a $70.7 million, or 7.6%, increase in operating revenues. Record-setting heat during the month of June also contributed to the company’s bottom line, helping offset higher operations and maintenance expenses, an increase in depreciation expense and higher income taxes in the second quarter.

“Our operating and financial performance in the second quarter remained strong,” said Pinnacle West Chairman, President and Chief Executive Officer Jeff Guldner. “Combined with robust growth and an economy that is bouncing back from the worst of the COVID-19 pandemic, more customers used more energy this past quarter to cool their businesses and homes than a year ago.”

Residential sales increased 1.3% and commercial and industrial sales increased 10.3% compared to second quarter 2020, reflecting the reopening of businesses and return to in-person work versus a year ago when COVID-19 forced business closures and created a largely remote work environment.

Record-Setting Temperatures Increase Customer Energy Consumption

In addition to 5.7% weather-normalized sales growth, weather variations also spurred an increase in energy consumption. The average high and low temperatures were higher this year than last – and well over historical averages.

According to the National Weather Service, the average high temperature in the Phoenix area during the 2021 second quarter was 98.1 degrees – an increase of 2.6% over 10-year historical averages. Not only was the month of June the warmest on record with an average high temperature of 108.2 degrees, but the Phoenix area experienced an unprecedented six consecutive days of 115-degree-plus temperatures and three days approaching the company’s record peak demand of 7,660 megawatts, set in late-July of last year.

The following information was filed by Pinnacle West Capital Corp (PNW) on Thursday, August 5, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Pinnacle West Capital Corp provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 10.2: Material Contract

Exhibit 10.3: Material Contract

Exhibit 10.4: Material Contract

Exhibit 10.5: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.3: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.4: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: PNW
CIK: 764622
Form Type: 10-Q Quarterly Report
Accession Number: 0000764622-21-000054
Submitted to the SEC: Thu Aug 05 2021 8:33:42 AM EST
Accepted by the SEC: Thu Aug 05 2021
Period: Wednesday, June 30, 2021
Industry: Electric Services

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Pinnacle West Capital Corp (PNW) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

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