Pinnacle West Affirms FY17 Earnings Outlook - Quick Facts

(RTTNews) - While reporting its third-quarter financial results today, energy holding company Pinnacle West Capital Corp. (PNW) affirmed its earnings outlook for fiscal 2017 and initiated earnings guidance for fiscal 2018.

For fiscal 2017, the company continues to expect its ongoing consolidated earnings will be within a range of $4.15 to $4.30 per share on a weather-normalized basis.

On average, analysts polled by Thomson Reuters expect the company to earn $4.26 per share for the year. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2018, Pinnacle West estimates ongoing consolidated earnings will be within a range of $4.25 to $4.45 per share, and expects to achieve a consolidated earned return on average common equity of more than 9.5 percent. The Street expects the company to earn $4.48 per share for the year.

The company noted that 2017 and 2018 ongoing consolidated earnings per share are currently projected to be the same as 2017 and 2018 consolidated net income per share, respectively.