Pinnacle West Capital Reaffirms 2020 Earnings Outlook - Quick Facts

(RTTNews) - Pinnacle West Capital Corp. (PNW) reaffirmed its 2020 estimated consolidated earnings to be within a range of $4.75 to $4.95 per share. The company expects to achieve a weather-normalized, consolidated earned return on average common equity of more than 9.5 percent.

Fourth-quarter net income attributable to common shareholders was $64.0 million, or $0.57 per share compared to net income of $26.1 million, or $0.23 per share, a year ago. The company said meeting the original guidance range was made possible in part to operations and maintenance savings. Operating revenues declined year-on-year to $670.39 million from $756.38 million.