PINNACLE WEST CAPITAL CORP
For the period ended Jun 30, 2024. Filed Aug 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 1, 2024
PNW$105.96+0.7%Stored close · as of Nov 10, 2026
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Pinnacle West Capital Corporation
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(dollars and shares in thousands, except per share amounts)
| Three Months EndedJune 30, | Six Months EndedJune 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| OPERATING REVENUES (Note 2) | $1,308,994 | $1,121,703 | $2,260,706 | $2,066,658 |
| OPERATING EXPENSES | ||||
| Fuel and purchased power | 437,172 | 407,754 | 795,036 | 802,258 |
| Operations and maintenance | 272,266 | 277,238 | 529,844 | 527,318 |
| Depreciation and amortization | 225,017 | 195,101 | 435,311 | 387,007 |
| Taxes other than income taxes | 58,651 | 57,642 | 117,815 | 114,780 |
| Other expense | 2,141 | 688 | 2,161 | 1,298 |
| Total | 995,247 | 938,423 | 1,880,167 | 1,832,661 |
| OPERATING INCOME | 313,747 | 183,280 | 380,539 | 233,997 |
| OTHER INCOME (DEDUCTIONS) | ||||
| Allowance for equity funds used during construction | 8,910 | 13,034 | 19,202 | 28,095 |
| Pension and other postretirement non-service credits - net (Note 5) | 12,877 | 10,474 | 24,445 | 20,339 |
| Other income (Note 9) | 5,885 | 6,406 | 36,492 | 12,483 |
| Other expense (Note 9) | (3,032) | (4,813) | (10,599) | (8,944) |
| Total | 24,640 | 25,101 | 69,540 | 51,973 |
| INTEREST EXPENSE | ||||
| Interest charges | 108,891 | 93,832 | 208,665 | 181,951 |
| Allowance for borrowed funds used during construction | (11,036) | (12,317) | (24,177) | (25,039) |
| Total | 97,855 | 81,515 | 184,488 | 156,912 |
| Income Before Income Taxes | 240,532 | 126,866 | 265,591 | 129,058 |
| Income Taxes | 32,421 | 15,897 | 36,312 | 17,080 |
| Net Income | 208,111 | 110,969 | 229,279 | 111,978 |
| Less: Net income attributable to noncontrolling interests (Note 6) | 4,306 | 4,306 | 8,612 | 8,612 |
| Net Income Attributable to Common Shareholders | $203,805 | $106,663 | $220,667 | $103,366 |
| Weighted-average common shares outstanding - basic | 113,695 | 113,411 | 113,658 | 113,385 |
| Weighted-average common shares outstanding - diluted | 115,803 | 113,717 | 115,015 | 113,657 |
| Earnings Per Weighted-Average Common Share Outstanding | ||||
| Net income attributable to common shareholders - basic | $1.79 | $0.94 | $1.94 | $0.91 |
| Net income attributable to common shareholders - diluted | $1.76 | $0.94 | $1.92 | $0.91 |
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