Pinnacle West Capital Q2 Profit Up, Beats Estimates, Raises FY13 Earnings View

(RTTNews) - Pinnacle West Capital Corp.(PNW), an energy holding company, providing retail and wholesale electric services, Friday reported an increase in net income for the second quarter, mirroring higher revenues. Earnings per share exceeded the Street estimates. The company also raised its full-year earnings outlook to reflect beneficial weather.

For the three-month period, net income attributable to common shareholders was $131.2 million or $1.18 per share, compared with $122.3 million or $1.11 per share during the same quarter last year.

The company's on-going earnings for the quarter was $131.2 million or $1.18 per share compared with $123.1 million or $1.12 per share last year.

On average, thirteen analysts polled by Thomson Reuters expected earnings per share of $1.14 for the quarter. Analysts' estimates typically exclude one-time items.

Operating revenues for the second quarter increased to $915.8 million, from prior year's $878.5 million. Analysts expected the company to generate revenues of $888.05 million for the quarter.

For the full year, the company raised its on-going earnings to be in the range of $3.55- $3.70 per share, from the previous expectations of $3.45 - $3.60 per share.

Pinnacle West's Chief Executive Officer Don Brandt said, "Beneficial weather variations compared with normal patterns were positive contributors to our second-quarter and year-to-date results. As a result, we have revised our earnings guidance upward to reflect the weather's impact on our full-year financial projections…"