APS parent company sees big profit in Q3, as latest rate hike awaits approval

The parent company of the state’s largest utility saw a slight dip in its third-quarter profits, coming on the heels of less revenue from customers using less power.

Pinnacle West Capital Corp. (NYSE: PNW), the parent company of Arizona Public Service Co., reported a third-quarter profit of $312 million, or $2.77 per share, on revenue of $1.19 billion.

Those numbers were down from a Q3 profit in 2018 of $315 million on revenue of nearly $1.27 billion.

The results were released a week after APS…

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