Pinnacle West Capital Corp. (PNW) today reported consolidated net income attributable to common shareholders of $4.5 million, or $0.04 per diluted share of common stock, for the quarter ended March 31, 2016. This result compares with $16.1 million, or $0.14 per diluted share, for the same period in 2015.
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“Financial results were in line with our expectations, especially given the major fossil power plant overhauls and maintenance work that we had built into our budget,” said Pinnacle West Chairman, President and Chief Executive Officer Don Brandt. “We remain optimistic that we will achieve our annual targets as customer and electricity sales growth continue to rebound, along with Arizona’s improving economy.”
The 2016 first-quarter results comparison was adversely impacted by increased operations and maintenance expenses, which decreased results by $0.17 per share compared with the prior-year period. The expense increase was largely comprised of higher fossil plant maintenance costs as a result of more planned work being completed in the 2016 first quarter compared to the 2015 first quarter.