Pinnacle West Capital Corporation - PNW STOCK NEWS

Pinnacle West Capital Corp. (NYSE: PNW) has announced the release date for its 2024 second-quarter financial results. The report will be available before the U.S. financial markets open on Thursday, Aug. 1, 2024. On the same day, at noon ET (9 a.m. Arizona time), the company will hold a live webcast and conference call to discuss the financial results and recent developments. Access to the live webcast will be available at www.pinnaclewest.com/presentations, or by dialing (888) 506-0062 for U.S. callers and (973) 528-0011 for international participants with access code 830240. The webcast replay will be accessible on the company’s website for 30 days. Additionally, an audio replay will be available by phone until 11:59 p.m. ET, Thursday, Aug. 8, 2024, via (877) 481-4010 in the U.S. and Canada or (919) 882-2331 internationally with replay passcode 50835.

Pinnacle West, headquartered in Phoenix, manages nearly $25 billion in assets, has a generating capacity of around 6,500 megawatts, and employs approximately 6,100 individuals in Arizona and New Mexico. Its principal subsidiary, Arizona Public Service, serves around 1.4 million Arizona homes and businesses with retail electricity.

Pinnacle West Capital Corp. (NYSE: PNW) announced the appointment of three new board members: Ronald Butler Jr., Carol S. Eicher, and Susan T. Flanagan, effective July 1, 2024. Butler, a managing partner at EY, brings 32 years of diverse management experience. Eicher, with over 30 years in global manufacturing and operations, joins the Audit and Nuclear & Operating committees. Flanagan, an energy and renewables expert, joins the Audit and Finance committees. These additions increase the number of directors from nine to 12, of which 11 are independent. Pinnacle West aims to leverage their expertise to enhance strategy and operations in the evolving energy landscape.

Pinnacle West Capital (NYSE: PNW) has announced a quarterly dividend of $0.88 per share of common stock. This dividend will be payable on September 3, 2024, to shareholders who are on record at the close of business on August 1, 2024.

The company, based in Phoenix, holds consolidated assets worth nearly $25 billion. It operates with a generating capacity of approximately 6,500 megawatts and employs around 6,100 people across Arizona and New Mexico.

Through its principal subsidiary, Arizona Public Service, Pinnacle West serves retail electricity to approximately 1.4 million homes and businesses in Arizona.

For more details, visit the company's website at pinnaclewest.com.

Pinnacle West Capital Corp. (NYSE: PNW) has announced an upsized and priced offering of $475 million in aggregate principal of 4.75% convertible senior notes due 2027. This is an increase from the initially planned $450 million offering. The company has also granted an option for an additional $50 million of notes to initial purchasers. The offering is expected to close on June 6, 2024, pending customary conditions. Net proceeds are anticipated to be around $468 million, or $517.4 million if the additional option is exercised in full. Pinnacle West plans to use the proceeds for general corporate purposes, potentially including debt repayment, working capital, and investments in its Arizona Public Service Company subsidiary. The notes will bear an interest rate of 4.75% annually and will mature on June 15, 2027. The conversion rate is set at 10.8338 shares per $1,000 of notes, representing a 20% premium over the last reported sale price. The offering is being made under Rule 144A of the Securities Act and will not be registered under federal or state securities laws.

Pinnacle West Capital Corp. (NYSE: PNW) has announced its intention to offer $450 million in convertible senior notes due 2027 through a private placement under the Securities Act of 1933. An additional $67.5 million may be offered within 13 days of the initial issue. The proceeds will be used for general corporate purposes, including debt repayment, working capital, and investments in its subsidiary, Arizona Public Service Company. The notes are senior unsecured obligations, convertible under certain conditions, with interest payable semiannually. Conversion settlements can be in cash, common stock, or a combination of both. The offering targets qualified institutional buyers and is not registered under the Securities Act or state securities laws, limiting its sale in the U.S. or to U.S. persons.

Pinnacle West Capital Corp. (NYSE: PNW) reported consolidated net income of $16.9 million for the first quarter of 2024, compared to a loss in the same period in 2023. The positive results were driven by increased customer growth, higher revenue, new rates, and the sale of a former subsidiary. The company reaffirmed its full-year 2024 guidance amidst a thriving service territory and preparations for summer reliability and safety.