Pinnacle West Capital Corp. (PNW) has reported a 423.51 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $23.31 million, or $0.21 a share in the quarter, compared with $4.45 million, or $0.04 a share for the same period last year.
Revenue during the quarter went up marginally by 0.08 percent to $677.73 million from $677.17 million in the previous year period. Gross margin for the quarter expanded 479 basis points over the previous year period to 36.20 percent. Total expenses were 89.15 percent of quarterly revenues, down from 92.59 percent for the same period last year. This has led to an improvement of 344 basis points in operating margin to 10.85 percent.
Operating income for the quarter was $73.51 million, compared with $50.16 million in the previous year period.
"The first quarter proved to be a strong start to our year and continued to build on the momentum of a growing customer base," said Pinnacle West chairman, president and chief executive officer Don Brandt. "According to the U.S. Census Bureau, Maricopa County home to 70 percent of our customers was the nation’s fastest growing county in 2016. With Arizona’s population expected to grow 21 percent through 2025, it's clear that people view Arizona as an attractive place to live and do business.
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