Pinnacle West Capital Q1 Profit Down, But Beats View; Affirms FY14 Earnings View

(RTTNews) - Pinnacle West Capital Corp. (PNW) reported lower consolidated net income attributable to common shareholders of $15.8 million, or $0.14 per share in the first quarter 2014, versus $24.4 million, or $0.22 per share, last year. On average, 11 analysts polled by Thomson Reuters expected earnings per share of $0.13 for the quarter. Analysts' estimates typically exclude one-time items.

Operating revenues for the period were almost flat at $686.25 million, whereas 4 analysts estimated quarterly revenues of $695.78 million.

For 2014, the firm still expects on-going consolidated earnings to be in the range of $3.60 - $3.75 per share. Analysts project annual earnings of $3.70 per share.

The company's longer-term goal is to achieve a consolidated earned return on average common equity of at least 9.5 percent annually through 2015.