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PINNACLE WEST NEWS CAPITAL CORPORATION FOR IMMEDIATE RELEASE Media Contact : Alan Bunnell ( 602 ) 250-3376 Analyst Contact : Amanda Ho ( 602 ) 250-3334 Website : pinnaclewest.com ● November 5 , 2021 Page 1 of 4 PINNACLE WEST REPORTS 2021 THIRD - QUARTER RESULTS , SHARES LONG - TERM FINANCIAL OUTLOOK Lower quarterly revenue driven by the effects of milder weather Strong operational performance , increased sales and customer growth help offset weather impacts Company to pursue legal challenges following recent rate case decision PHOENIX - Pinnacle West Capital Corp. ( NYSE : PNW ) today reported consolidated net income attributable to common shareholders for the 2021 third quarter of $ 339.8 million , or $ 3.00 per diluted share . This result compares with net income of $ 346.4 million , or $ 3.07 per share , for the same period a year ago . The lower third - quarter 2021 results were largely impacted by weather that was less intense than the same period a year ago , when a historic heatwave and record temperatures helped push revenues upward . Other factors affecting the recent quarter include higher depreciation expense , partially offset by higher customer usage , 2.3 % customer growth , increased transmission revenue , higher pension and other post - retirement non - service credits , and lower operations and maintenance expense . " Our most important accomplishment - especially during the hot Arizona summer months - is maintaining the high quality of service and reliability our customers count on and expect of us , " said Pinnacle West Chairman , President and Chief Executive Officer Jeff Guldner . " Our diverse generation fleet - including critical baseload generating stations like Palo Verde and Four Corners - performed well , ensuring we met increased customer demand , while helping avoid reliability challenges faced in other states . At the same time , disciplined cost management remained a central theme for our employees . " Guldner said the 2021 summer season presented several operational challenges , including more than 1,400 statewide wildfires that burned about 300,000 acres across Arizona Public Service Co.'s ( APS ) service territory ; an active monsoon season that necessitated the replacement of 273 poles damaged by storms ; and intense triple - digit heat that routinely characterizes Arizona summers . According to the National Weather Service , Phoenix experienced 22 days of 110 - plus degree temperatures ( compared to 53 last year ) with the hottest day this summer hitting 118 degrees on June 17. That day was the high mark of a record string of six consecutive days of 115 - plus degree temperatures ( June 15-20 ) . Even with the fast start to summer , this year's third - quarter cooled off , and temperatures were milder than the same period a year ago , when an extraordinary run of excessive heat contributed to Arizona's hottest summer on record . Residential cooling degree - days ( a utility's