Pinnacle West Capital Raises 2020 Profit View

(RTTNews) - Pinnacle West Capital Corp. (PNW) said it raised its 2020 earnings guidance to a range of $4.95 - $5.15 per share from the prior range of $4.75 - $4.95 per share, citing the impacts from significantly above-average weather year to date. Analysts polled by Thomson Reuters expect the company to report earnings of $4.90 per share for fiscal year 2020. Analysts' estimates typically exclude special items.

Looking to the future, Pinnacle West Chairman, President and Chief Executive Officer Jeff Guldner said that solid long-term planning, operational efficiencies and responsible energy policy will be increasingly critical as additional people and businesses choose to make Arizona their home.

As previously reported, customers set an all-time record peak demand of 7,660 megawatts on July 30, eclipsing the previous record set in 2017 by nearly 300 megawatts. Customer peak load on six other days this summer also surpassed 2017's previous record peak, the company said.