Pinnacle West Capital Corp. reported a consolidated net loss attributable to common shareholders of $4.6 million, or a loss of $0.04 per diluted share, for the first quarter ended March 31, 2025. This compares to consolidated net income of $16.9 million, or $0.15 per diluted share, for the same period in 2024. The $22 million decrease was primarily due to higher operations and maintenance expenses, increased depreciation and amortization, lower pension and other benefit service cost credits, and higher interest charges.
The decline was also impacted by lower other income, specifically the absence of a gain on the sale of a former subsidiary recognized in the prior year. These negative factors were partially offset by the favorable impacts of new customer rates, a gain from a non-utility equity investment by subsidiary El Dorado, lower income taxes, and higher transmission revenue.
Despite the quarterly loss, Pinnacle West reaffirmed its 2025 consolidated earnings guidance, maintaining a range of $4.40 to $4.60 per diluted share on a weather-normalized basis. The company noted robust customer growth of 2.3% and retail sales increase of 2.1% quarter over quarter, reflecting Arizona's thriving economy. CEO Ted Geisler stated that results were in line with expectations, considering planned power plant overhauls and maintenance work.
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