Pinnacle West Capital Corp (PNW) 10-Q Quarterly Report May 2022

PHOENIX – Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income attributable to common shareholders of $618.7 million, or $5.47 per diluted share, for full-year 2021. This result compares with net income of $550.6 million, or $4.87 per diluted share, in 2020.

The 2021 results were positively impacted by an increase in revenue driven by higher customer usage and growth, higher transmission revenues, and the absence of a one-time charge related to a 2020 settlement. Other factors affecting the full-year results included higher pension and other postretirement non-service credits, and lower other expenses, partially offset by the effects of weather and higher depreciation and amortization expense.

“Though operational and financial rigor were key to our strong performance in 2021, we anticipate near-term headwinds due to the unfavorable outcome in our recent rate case,” said Pinnacle West Chairman, President and CEO Jeff Guldner. “As a result of that decision, 2022 will be a financial reset year with projections significantly lower than what we achieved in 2021.

“However, looking beyond this challenge, we believe in our ability to provide long-term value to both customers and shareholders by activating a well-thought-out strategy, working with regulators and stakeholders for a more constructive regulatory environment, deepening our renewed focus on customer satisfaction, and continuing our proven cost management efforts – all against the backdrop of Arizona’s incredible economic expansion.”

The company’s principal subsidiary, Arizona Public Service Co. (APS), benefited from robust customer growth of 2.2% in 2021, as people and businesses continued to move to Arizona, making the company’s service territory among the fastest growing in the nation. As a result, APS experienced weather normalized, year-over-year overall retail electricity sales growth of 4.2%. The company further anticipates steady customer growth in the range of 1.5 to 2.5 percent through 2024, with energy sales trending up at an even quicker pace.

The following information was filed by Pinnacle West Capital Corp (PNW) on Friday, February 25, 2022 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 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: 0000764622-22-000029
Submitted to the SEC: Wed May 04 2022 8:32:39 AM EST
Accepted by the SEC: Wed May 04 2022
Period: Thursday, March 31, 2022
Industry: Electric Services

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Pinnacle West Capital Corp (PNW) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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