Pinnacle West first-quarter profit rises 19 pct

NEW YORK, May 7 (Reuters)

Pinnacle West Capital Corp. , the parent of the utility Arizona Public Service, on Friday reported a 19 percent rise in quarterly profit due to an increase in customers and hotter weather that boosted demand for electricity to power air conditioners.

The Phoenix company said first-quarter net income was $30.2 million, or 33 cents a share, up from $25.3 million, or 28 cents a share, in the year-earlier period.

Revenue rose to $574.4 million from $552.6 million.

Shares of Pinnacle West closed at $38.72 on the New York Stock Exchange on Thursday.

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