Pinnacle West Capital Corp (PNW) has reported 2.30 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $263.03 million, or $2.35 a share in the quarter, compared with $257.12 million, or $2.30 a share for the same period last year. Revenue during the quarter went down marginally by 2.69 percent to $1,166.92 million from $1,199.15 million in the previous year period. Gross margin for the quarter expanded 128 basis points over the previous year period to 52.55 percent. Total expenses were 61.33 percent of quarterly revenues, down from 62.88 percent for the same period last year. This has led to an improvement of 155 basis points in operating margin to 38.67 percent.
Operating income for the quarter was $451.26 million, compared with $445.11 million in the previous year period.
“Our quarterly financial performance was solid despite the impact of abnormally mild temperatures in August and September compared to historical weather trends,” said Pinnacle West Chairman, President and Chief Executive Officer Don Brandt. “Customer count and electricity sales are growing year to date, operational excellence remains a hallmark of our company, and our employees continue to control costs without sacrificing top-tier reliability for our nearly 1.2 million customers. As a result, we remain optimistic that we will meet our full-year earnings guidance range.”
For fiscal year 2016, the company expects diluted earnings per share to be in the range of $3.90 to $4.10.
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