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$PNW's BoD voted to raise the company’s dividend by 6.1% or $0.16 per common share annually. This will result in an indicated annual dividend of $2.78 per share or $0.695 per share quarterly. The declared quarterly dividend is payable Dec. 1, 2017, to shareholders of record on Nov. 1, 2017.
$PNW reported a jump in 1Q17 earnings driven by lower operations and maintenance expenses, lower tax rate, and higher lost fixed recovery revenue. Net income grew to $23.31MM or $0.21 per share from $4.45MM or $0.04 per share last year. Operating revenue rose to $677.73MM from $677.17MM.
$PNW said that it plans to spend more than $3.4Bil in capital over the next three years. Housing construction in 2016 was at its highest level since 2007. The company expects this trend to continue in 2017 as housing permits are expected to increase by about 7,000, driven largely by single family permits.
$PNW reported a 29% increase in 4Q16 profit, helped by lower operating expenses. Net income attributable to common shareholders was $53.2MM or $0.47 per share compared with $41.1MM or $0.37 per share for the same period a year ago. Operating revenue was slightly up by 0.6% to $739.2MM.
Arizona Public Service (APS), a subsidiary of $PNW, completed its 2016 "all source" request for proposals (RFP) seeking capacity resources. APS signed agreement with Arlington Valley, a subsidiary of Star West Generation, to contract for 565 megawatts of capacity from Arlington Valley combined cycle power plant beginning June 1, 2020 for 6 years.
$PNW completed 3 high-voltage transmission lines in 2016 to support its customer growth west of Phoenix, which total $145MM of investment in the reliability of its transmission system. The company's innovative microgrid project for the Department of the Navy will begin commercial operation in Dec. at the Marine Corps Air Station in Yuma, Arizona.
$PNW continues making good progress on the installation of Selective Catalytic Reduction technology at the Four Corners plant. The company's 40 MW utility-scale solar plant Red Rock is on schedule for completion later in 2016, and its 4 MW of battery storage investments are also on track for completion in 2016 as part of the Solar Partner Program.
Although it experienced mild weather during Aug. and Sept. 2016, $PNW's positive customer growth and disciplined cost management continue to support its ability to meet its financial commitments. The company's Board also approved a 5% dividend increase effective with the Dec. payment, continuing the predictable return of capital to shareholders.
$PNW remains optimistic that the company will meet its full-year earnings guidance range. For 2016, $PNW continues to expect its on-going consolidated EPS to be within a range of $3.90-4.10 on a weather-normalized basis. The company will achieve a consolidated earned return on average common equity of more than 9.5%.
Power company $PNW reported a rise in 3Q16 earnings driven by higher lost fixed cost recovery revenue, rise in transmission revenues, lower operating expenses and retail electricity sales. Net income rose to $263.03MM or $2.35 per share from $257.12MM or $2.30 per share last year. Operating revenues fell to $1.17Bil from $1.2Bil.
The BoD of $PNW declared a quarterly dividend of $0.655 per share. This dividend is payable on December 1, 2016, to shareholders of record on November 1, 2016. The company added that its annual dividend of $0.12 per common share represents an increase of 4.8%.