Pinnacle West Increases Quarterly Dividend

Rhea-AI Summary

Pinnacle West Capital Corporation (NYSE: PNW) announced a 6.1% dividend increase, raising the annual dividend by 19 cents to $3.32 per share, or $0.83 quarterly. The quarterly dividend is payable on December 1, 2020, to shareholders on record by November 2, 2020. This increase aligns with the company's strategy to maintain competitive payouts while investing in growth opportunities.

The upcoming third-quarter earnings release is scheduled for October 30, 2020, followed by a live webcast of management's discussion at noon ET.

Positive

• Dividend increased by 6.1%, enhancing shareholder income.
• Increased confidence in financial stability and growth opportunities.

Negative

• None.

PHOENIX--(BUSINESS WIRE)--Pinnacle West Capital Corporation’s (NYSE: PNW) board of directors voted today to raise the Company’s dividend by 6.1 percent, or 19 cents per common share annually. This action will result in an indicated annual dividend of $3.32 per share – or $0.83 per share quarterly. The declared quarterly dividend is payable Dec. 1, 2020, to shareholders of record at the close of business Nov. 2, 2020.

“Today’s board action keeps our shareholder dividend payout competitive with peer utilities, while also allowing us to retain earnings to finance continued investment in our customers and communities,” said Chairman, President and CEO Jeff Guldner.

Earnings Release, Webcast and Conference Call

In addition, as previously announced, Pinnacle West plans to release its 2020 third-quarter results before the U.S. financial markets open on Friday, Oct. 30, 2020.

That same day at noon ET (9 a.m. Arizona time), the Company will host a live webcast of management’s conference call to discuss the Company’s results, as well as recent developments. The webcast can be accessed at pinnaclewest.com/presentations and will be available for replay on the website for 30 days. To access the live conference call by telephone, dial (877) 407-8035 or (201) 689-8035 for international callers. A replay of the call also will be available at pinnaclewest.com/presentations or by telephone until 11:59 p.m. ET, Friday, Nov. 6, 2020, by calling (877) 481-4010 in the U.S. and Canada or (919) 882-2331 internationally and entering passcode 37822.

Pinnacle West Capital Corp., an energy holding company based in Phoenix, has consolidated assets of about $19 billion, about 6,300 megawatts of generating capacity and 6,200 employees in Arizona and New Mexico. Through its principal subsidiary, Arizona Public Service, the company provides retail electricity service to nearly 1.3 million Arizona homes and businesses. For more information about Pinnacle West, visit the company’s website at pinnaclewest.com.