Pinnacle West Capital Corp., the parent company of Arizona Public Service, reported increased revenue and profits in the third quarter, aided by hot summer weather that contributed to more air conditioning use, two rate increases this year and lower fuel prices.
The Phoenix-based company reported net income of $186.7 million, or $1.84 per diluted share, for the quarter that ended Sept. 30. The company earned $151.6 million, or $1.50 per diluted share, in the same quarter a year ago.
Revenue increased to $1.1 billion, up $73 million from the same quarter a year ago.
SunCor Development Co., Pinnacle West's real estate unit, reported a widened net loss of $12.4 million, compared with a net loss of $6 million in the prior-year period.
Consolidated earnings for 2009 are expected to be about $2.30 per share, excluding real estate losses. For 2010 the company estimated consolidated earnings of about $3 a share, excluding real estate.