Pinnacle West Capital Earnings Call Transcripts
Fiscal Year 2026
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Q2 saw robust sales and customer growth, with EPS at $1.43 and strong performance in both residential and commercial segments. Major investments and infrastructure projects are underway to support Arizona's rapid economic expansion, with full-year EPS expected at the top end of guidance.
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Shareholders received updates on robust growth, major infrastructure investments, and continued dividend increases. All director nominees were elected, executive compensation was approved, and the auditor was ratified. Key challenges included managing rapid demand growth and maintaining affordability.
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Q1 2026 saw strong EPS growth, driven by higher transmission revenue, robust customer and sales growth, and lower O&M. Infrastructure investments and subscription model contracts are supporting Arizona's rapid economic and industrial expansion.
Fiscal Year 2025
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Delivered strong 2025 results with robust sales and customer growth, despite weather-driven EPS decline. 2026 guidance and long-term growth outlook reaffirmed, with major infrastructure and regulatory initiatives underway to support Arizona's rapid economic expansion.
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Q3 2025 saw strong financial and operational results, with EPS up year-over-year and robust sales growth across all customer classes. 2025 EPS guidance was raised, and long-term sales and rate-based growth outlooks were increased, supported by major investments and a diversified customer base.
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Second quarter EPS was $1.58, down year-over-year, but sales and customer growth remain robust, supporting a strong outlook. Major infrastructure and transmission investments are underway, with a new pipeline and rate case to address future growth and reliability.
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First quarter 2025 results were in line with guidance, with strong customer and C&I sales growth driven by major investments in Arizona's semiconductor and manufacturing sectors. Financial results reflected a one-time prior-year gain, higher O&M, and robust capital planning, while regulatory and infrastructure initiatives remain on track.
Fiscal Year 2024
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Full-year 2024 EPS rose to $5.24, exceeding guidance, driven by strong sales and customer growth, especially in the C&I segment. Regulatory progress, major infrastructure expansion, and a focus on cost management support reaffirmed 5%-7% long-term EPS growth guidance.
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Q3 2024 EPS declined year-over-year due to higher costs, but strong sales growth and customer expansion led to raised 2024 guidance. Capital investment plans increased, with robust demand from manufacturing and data centers, while regulatory lag and inflation remain key challenges.
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Q2 2024 EPS rose to $1.76, up $0.82 year-over-year, driven by strong weather, new rates, and 5.5% sales growth, especially in CNI. Guidance remains unchanged, but trends point to the higher end of the EPS range. Regulatory lag workshops and capital investments continue.