Xcel’s profit leaps but falls short of investor expectations

Oct. 24--Fueled partly by rate increases, Xcel Energy’s profits rose 5% during the third quarter, though they fell short of analysts’ forecasts

Minneapolis-based Xcel Thursday reported ongoing earnings of $527 million, or $1.01 per share, for the July through September period.

Analysts were on average looking for earnings of $1.03 per share. Xcel earned $491 million, or 96 cents per share, during the same time last year.

Xcel’s sales for the quarter clocked in at $3.01 billion, down 1% from a year ago.

Xcel CEO Ben Fowke said in a statement that the company posted “solid quarterly results.”

The company has narrowed its full-year earnings expectations to the upper half of its 2019 guidance range. And Xcel Thursday released 2020 earnings guidance of $2.73 to $2.83 per share, consistent with its objective of 5% to 7% profit growth.

Xcel’s stock was trading at $64.28 Thursday morning, down 16 cents.

Xcel is the largest electric utility and second largest natural gas provider in Minnesota, one of the company’s two largest markets along with Colorado. Xcel also operates in Wisconsin, the Dakotas, Texas, New Mexico and Michigan’s Upper Peninsula.

Mike Hughlett • 612-673-7003

Source: INACTIVE-Tribune Regional
(October 24, 2019 - 10:27 AM EDT)

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