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Pinnacle West (PNW) Q3 Earnings Beat, Retains '17 Guidance

Phoenix, AZ-based, Pinnacle West Capital Corporation PNW, together with its subsidiaries, provides electricity services in the state of Arizona.

Pinnacle West’s continuous investment in traditional generation, transmission & distribution lines will boost its performance over the long run.

The gradual recovery in Arizona’s economy, decline in unemployment rates and increasing housing permits will boost demand going forward. However, stringent regulations and fluctuations in commodity price remain the concern.

Estimate Trend & Surprise History

Investors should note that the third quarter Zacks Consensus Estimate for earnings of $2.33 per share has increased by 1.7% in the last 60 days.

Coming to the earnings surprise, Pinnacle West has surpassed the Zacks Consensus Estimate in two out of last four quarters, resulting in an average positive surprise is 15.47%.

Zacks Rank: Pinnacle West has a Zacks Rank #2 (Buy) but that could change following its third quarter 2017 earnings report which has just released. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

We have highlighted some of the key details from the just-released announcement below:

Earnings: Pinnacle West’s third quarter earnings of $2.46 per share surpassed the Zacks Consensus Estimate of $2.33 by 5.6%.

Revenue: Pinnacle West’s total revenue of $1,183.3 million reflected year-over-year growth of 1.4%.

Market Reaction: It would be interesting to see how the market reacts to the positive earnings surprise during the trading session today.

Check back later for our full write up on this PNW earnings report later.

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