By Hayley Ringle | Phoenix Business Journal
Despite a modest revenue increase, Pinnacle West Capital Corp. reported a 628 percent drop in income due to several factors including federal tax cuts and higher maintenance costs, year over year in its first quarter, while also reporting a 2 percent revenue increase.
The Phoenix-based parent of Arizona Public Service Co. reported its first-quarter earnings May 2.
Pinnacle West (NYSE: PNW) reported net income attributable to common shareholders of $3.2 million, or 3 cents per share, on revenue of $692.7 million for the quarter ending March 31. That compares to net income attributable to common shareholders of $23.3 million, or 21 cents per share, on revenue of $677.7 million for the same quarter a year ago.
