PHOENIX (AP) _ Pinnacle West Capital Corp. (PNW) on Friday reported first-quarter net income of $30 million.
On a per-share basis, the Phoenix-based company said it had net income of 27 cents.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 16 cents per share.
The power company posted revenue of $661.9 million in the period.
Pinnacle West expects full-year earnings to be $4.75 to $4.95 per share.
Pinnacle West shares have declined 20% since the beginning of the year, while the Standard & Poor's 500 index has declined 11%. The stock has fallen 23% in the last 12 months.