Pinnacle West Capital Corp. Q2 Income Drops, but beats estimates

(RTTNews) - Pinnacle West Capital Corp. (PNW) released a profit for second quarter that decreased from the same period last year but beat the Street estimates.

The company's bottom line came in at $164.31 million, or $1.45 per share. This compares with $215.70 million, or $1.91 per share, in last year's second quarter.

Analysts on average had expected the company to earn $1.32 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 6.0% to $1.06 billion from $1.00 billion last year.

Pinnacle West Capital Corp. earnings at a glance (GAAP) :

-Earnings (Q2): $164.31 Mln. vs. $215.70 Mln. last year. -EPS (Q2): $1.45 vs. $1.91 last year. -Analyst Estimates: $1.32 -Revenue (Q2): $1.06 Bln vs. $1.00 Bln last year.

-Guidance: Full year EPS guidance: $3.90 to $4.10