Pinnacle West Capital Corp. Announces Drop In Q2 Income, misses estimates

(RTTNews) - Pinnacle West Capital Corp. (PNW) reported a profit for second quarter that decreased from the same period last year and missed the Street estimates.

The company's bottom line totaled $106.663 million, or $0.94 per share. This compares with $164.312 million, or $1.45 per share, in last year's second quarter.

Analysts on average had expected the company to earn $1.19 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 5.7% to $1.121 billion from $1.061 billion last year.

Pinnacle West Capital Corp. earnings at a glance (GAAP) :

-Earnings (Q2): $106.663 Mln. vs. $164.312 Mln. last year. -EPS (Q2): $0.94 vs. $1.45 last year. -Analyst Estimates: $1.19 -Revenue (Q2): $1.121 Bln vs. $1.061 Bln last year.

-Guidance: Full year EPS guidance: $4.10 to $4.30