Pinnacle West Capital Corp. reported consolidated net income attributable to common shareholders of $608.8 million, or $5.24 per diluted share, for the full year 2024. This represents a significant increase from $501.6 million, or $4.41 per diluted share, in 2023. The higher full-year results were primarily driven by new customer rates, increased customer usage and growth, favorable weather effects, and higher revenue from APS’s Lost Fixed Cost Recovery (LFCR) adjustor mechanism and a surcharge from the 2019 Rate Case appeal.
For the fourth quarter ended December 31, 2024, the company reported a consolidated net loss attributable to common shareholders of $6.8 million, or a loss of $0.06 per diluted share. This compares to a net loss of $23,000, or $0.00 per diluted share, for the same period in 2023. The full-year positive factors were partially offset by higher operations and maintenance expenses, increased depreciation and amortization, higher interest charges, higher income taxes, and lower transmission revenues.
APS experienced customer growth of 2.1% in 2024 and anticipates average annual growth of 1.5% to 2.5% through 2027. Weather-normalized retail electricity sales grew 5.7% in 2024, with future sales expected to increase 4% to 6% annually over the next three years, largely due to new large manufacturing facilities and data centers. The company plans to add 9,805 megawatts of resources between 2025 and 2028, with over 90% being carbon-free. Pinnacle West reaffirmed its 2025 consolidated earnings guidance in the range of $4.40 to $4.60 per diluted share on a weather-normalized basis.
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