Pinnacle West Capital Corp. reported consolidated net income attributable to common shareholders of $395.0 million, or $3.37 per diluted share, for the third quarter of 2024. This represents a slight decrease from $398.2 million, or $3.50 per diluted share, in the same period a year ago. The decline was primarily due to higher operations and maintenance expenses, increased depreciation and amortization, higher interest charges, and higher income taxes.
These negative factors were partially offset by the favorable impacts of new customer rates and weather conditions. The company experienced robust customer growth of 2.3% and weather-normalized sales growth of 5.9% during the quarter. Phoenix recorded a historic summer with 113 consecutive days above 100 degrees, leading to record peak energy demand of 8,210 megawatts on August 4.
Given the positive impact of weather and customer and sales growth through the first three quarters, partially offset by higher operations and maintenance expenses, Pinnacle West adjusted its 2024 consolidated earnings guidance upward to a range of $5.00 to $5.20 per diluted share. The company also provided initial 2025 consolidated earnings guidance of $4.40 to $4.60 per diluted share on a weather-normalized basis.
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