Pinnacle West Capital (PNW) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

November 3, 2022 12:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good afternoon, ladies and gentlemen, and welcome to the Pinnacle West Capital Corporation 2022 Third Quarter Earnings Conference Call. [Operator Instructions]. 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, Matt. I would like to thank everyone for participating in this conference call and webcast to review our third quarter 2022 earnings, recent developments and operating performance. Our speakers today will be Chairman and CEO, Jeff Guldner; and our CFO, Andrew Cooper. Ted Geisler, APS President; and Jacob Tetlow, Executive Vice President, 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 slides contain forward-looking statements based on current expectations, but actual results may differ materially from expectations. Our third quarter 2022 Form 10-Q 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 November 10, 2022. I will now turn the call over to Jeff.

Jeffrey Guldner

Thank you, Amanda, and thank you all for joining us today. We continue to execute well on our operating performance and financial management. So as part of my operations update, I'll share with you our success in managing through one of the most challenging summer storm seasons that we've had in recent history. I'll also provide an overview of our rate case filing. And then Andrew will review our financial performance, including an update to our earnings expectations for the year due to higher sales growth and weather.

Firstly, and very importantly, I want to recognize our field teams for doing an exceptional job, safely and quickly bringing customers back online after heavy storms swept through different parts of the state this summer. The extreme weather brought on damaging winds, heavy rains and flash flooding, which created a challenging environment where we saw a record number of poles damaged, and that's how we usually measure the intensity of a summer storm season. Typically, a storm season, we'll see an average of about 300 poles damaged. This year, we replaced over 800.