Pinnacle West Capital Corporation (NYSE:PNW) Q4 2023 Earnings Conference Call February 27, 2024 11:00 AM ET
Company Participants
Amanda Ho - Director of Investor Relations
Jeff Guldner - Chairman and CEO
Andrew Cooper - CFO
Ted Geisler - APS' President
Jacob Tetlow - Executive Vice President of Operations
Conference Call Participants
Nick Campanella - Barclays
Michael Lonegan - Evercore ISI
Paul Patterson - Glenrock
Bill Appicelli - UBS
Anthony Crowdell - Mizuho
Operator
Good day, everyone. And welcome to the Pinnacle West Capital Corporation 2023 Fourth Quarter Earnings Conference Call. At this time all participants have been placed on a listen-only mode. And we will open the floor for your questions and comments after the presentation.
It is now my pleasure to turn the floor over to your host, Amanda Ho. Ma'am, the floor is yours.
Amanda Ho
Thank you, Matthew. I would like to thank everyone for participating in this conference call and webcast to review our fourth quarter and full year 2023 earnings, recent developments and operating performance. Our speakers today will be our Chairman and CEO, Jeff Guldner; and our CFO, Andrew Cooper. Ted Geisler, APS' President; Jacob Tetlow, Executive Vice President of Operations; are also here with us.
First, I need to cover a few details with you. The slides that we will be using are available on our Investor Relations website, along with our earnings release and related information.
Today's comments and our slides contain forward-looking statements based on current expectations, and actual results may differ rely from expectations. Our annual 2023 Form 10-K was filed this morning.
Please refer to that document for forward-looking statements, cautionary language as well as the Risk Factors and MD&A sections, which identify risks and uncertainties that could cause actual results to differ materially from those contained in our disclosures. A replay of this call will be available shortly on our Website for the next 30 days. It will also be available by telephone through March 5, 2024.
I will now turn the call over to Andrew.
Andrew Cooper
Thank you, Amanda, and thank everyone for joining us today. I will first cover our fourth quarter and full year 2023 results before handing it to Jeff who will discuss our recent rate case outcome growth outlook and strategy. Afterwards I will finish up with our 2024 guidance and long-term financial outlook.
In the fourth quarter of 2023 we achieved a $0.21 increase in earnings per share compared to the same quarter in 2022. This year-over-year improvement was largely driven by a $0.41 uplift in gross margin attributable to increased sales and usage as well as higher transmission revenue and contributions from the LFCR and 2019 rate case appeal.