The company said its net income attributable to common shareholders for the 3 months ended June 30, 2024 was $204 million, compared with $107 million in the prior-year period, an increase of about $97 million. It cited new customer rates, the effects of weather, higher customer usage and growth, and higher CRS revenue as the main factors.

1. 01

   The company said its net income attributable to common shareholders for the 3 months ended June 30, 2024 was $204 million, compared with $107 million in the prior-year period, an increase of about $97 million. It cited new customer rates, the effects of weather, higher customer usage and growth, and higher CRS revenue as the main factors.

2. 02

   Pinnacle West said its net income attributable to common shareholders for the 6 months ended June 30, 2024 was $221 million, up about $118 million from $103 million in the prior-year period. It cited higher other income from the gain on the BCE sale as a factor and said other income and expenses, net were $22 million higher.

3. 03

   The company said net cash provided by operating activities for the six months ended June in 2024 was $537 million, up $99 million from $438 million a year earlier. Net cash provided by financing activities was $349 million, down $100 million from $449 million. It cited higher long-term debt repayments of $675 million as a factor in the decrease, and said long-term debt issuance rose $624 million.

4. 04

   The company said it entered into Equity Forward Sale Agreements on February 28, 2024, and that as of June 30, 2024 it could receive $726 million if settled by physical delivery of 11,240,601 shares. It said it provided APS with an equity infusion of $450 million on June 12, 2024, which APS used to repay short-term debt.

Key figures

Quarter ended June 30, 2024

Revenue

$1.3B

Operating income

$314M

Net income

$208M

EPS

$1.76

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.