Pinnacle West Capital Corp. PNW reported adjusted earnings per share of 4 cents in the first quarter of 2016, lagging the Zacks Consensus Estimate of 13 cents by 69.2%. Reported earnings also plunged 71.4% year over year. Total Revenue In the quarter under review, total revenue of $677.2 million missed the Zacks Consensus Estimates of $683 million by 0.85%. However, reported revenues were marginally ahead of the year-ago figure of $671.2 million. Operational Highlights Total operating expenses in first-quarter 2016 rose 3.9% to $627 million due to higher fossil fuel plant maintenance cost. In the reported quarter, operating income slumped 25.8% year over year to $50.2 million. Interest expenses increased marginally to $45.5 million from $44.2 million a year ago. Financial Update Cash & cash equivalents were $14.5 million as of Mar 31, 2016, substantially down from $39.5 million as of Dec 31, 2015. Long-term debt was $3,463 million as of Mar 31, 2016, almost flat year over year. Cash from operating activities was $144.2 million at the end of Mar 31, 2016. Capital expenditure was $378.5 million in first-quarter 2016, up from $251 million in the prior-year quarter. Guidance For 2016, Pinnacle West Capital reiterated its earnings guidance in the range of $3.90–$4.10 per diluted share. The company expects operating revenues in the range of $2.34–$2.39 billion. The company expects operating & maintenance expenditure in the range of $0.83–$0.85 billion. Capital expenditure is projected to be $3.6 billion over the 2016–2018, including $1.2 billion for 2016. Other Utility Releases FirstEnergy Corporation FE reported adjusted earnings of 80 cents, above the Zacks Consensus Estimates of 76 cents by 5.3%. Entergy Corporation ETR reported adjusted earnings of $1.35, above the Zacks Consensus Estimates of $1.17 by 15.4%. PPL Corporation PPL reported adjusted earnings of 67 cents, missed the Zacks Consensus Estimates of 75 cents by 10.7%. Zacks Rank Pinnacle West presently carries a Zacks Rank #3 (Hold). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PINNACLE WEST (PNW): Free Stock Analysis Report ENTERGY CORP (ETR): Free Stock Analysis Report FIRSTENERGY CP (FE): Free Stock Analysis Report PPL CORP (PPL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research