May 2 (Reuters) - Pinnacle West Capital Corp ( PNW )

posted a quarterly profit from year-ago loss on Thursday, on the

back of customer growth, increased sales and new rates.

Utility companies use General Rate Case (GRC) proceedings to

increase consumer electricity prices to ask for an increase in

rates on the basis of its total cost of providing service.

The Phoenix, Arizona-based utility said it also benefited

from the utility's 2019 rate case and higher income due to the

sale of a former subsidiary along with the impact of new retail

base rates which took effect on March 8.

Through its principal subsidiary, Arizona Public Service,

the company provides retail electricity service to approximately

1.4 million Arizona homes and businesses.

Pinnacle said net income attributable to common shareholders

rose to $16.9 million, or 15 cents per share, for the quarter

ended March 31, from a net loss of $3.3 million, or a loss of 3

cents per share, a year earlier.

"The first quarter proved to be a strong start to our year

and continued to build on the momentum of a growing and diverse

customer base," said Pinnacle West Chief Executive Officer Jeff

Guldner, in a statement, citing 1.8% year-over-year customer

growth and weather-normalized sales growth of 5.9%.

Pinnacle expects its 2024 earnings forecast to be in the

range of $4.60 per share to $4.80 per share on a

weather-normalized basis.

Its revenue was $951.7 million, up from $944.9 million a

year earlier. It, however, missed analysts' estimate of $981.8

million, according to LSEG.