Pinnacle West Capital Corporation (PNW) has reported a 29.50 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $53.25 million, or $0.47 a share in the quarter, compared with $41.12 million, or $0.37 a share for the same period last year.
Revenue during the quarter went up marginally by 0.65 percent to $739.20 million from $734.43 million in the previous year period. Gross margin for the quarter expanded 84 basis points over the previous year period to 38.92 percent. Total expenses were 83.39 percent of quarterly revenues, down from 85.05 percent for the same period last year. This has led to an improvement of 166 basis points in operating margin to 16.61 percent.
Operating income for the quarter was $122.82 million, compared with $109.83 million in the previous year period.
“Reflecting steady improvement in Arizona’s economic conditions and our employees’ continued focus on sustainable cost management, our year-end results were in line with our expectations,” said Pinnacle West chairman, president and chief executive officer Don Brandt. “In addition, our employees contributed to strong operational performance, including a record-setting performance at the Palo Verde Nuclear Generating Station.”
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