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APS' Parent's Profit Rises 14%

By Ryan Randazzo, The Arizona Republic


Pinnacle West Capital Corp., the parent company of Arizona Public Service Co., improved its quarterly profit by 14.3 percent excluding a gain related to its discontinuing real-estate segment. The company's earnings were helped by a rate increase that became effective this year and warm, humid weather, although a decrease in per-customer power use held profits down a bit.

For the third quarter, Pinnacle West earned $226.7 million, or $2.08 a share, compared with $198.4 million, or $1.96 per share, in the same quarter last year.

Excluding a $7.2 million gain related to the real-estate subsidiary the company is discontinuing, the company earned $233.9 million for the quarter.

Revenue rose to $1.14 billion from $1.09 billion in the same quarter last year.

Analysts, who usually don't focus on one-time charges, expected the company to earn $2.01 a share on revenue of $1.13 billion.

Weather in APS territory from July to September was not as warm as last year - the average daily temperature was 94.1 degrees compared with 94.6 degrees last year - but daily humidity was 5 percent higher, the company reported.

"Although the recession has slowed our historically robust growth patterns, Arizona retains numerous qualities that make it a desirable place to live and do business," Pinnacle West President/CEO Don Brandt said. "Its past record of strong growth remains an attractive, distinguishing characteristic for our company."


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