Xcel Energy Inc (XEL) Reports Q3 2023 Earnings
Third quarter GAAP diluted earnings per share were $1.19 in 2023 compared with $1.18 in 2022.
Year-to-date GAAP diluted earnings per share for 2023 were $2.47 compared to $2.48 in 2022.
Xcel Energy narrows its 2023 ongoing EPS guidance to $3.32 to $3.37 from $3.30 to $3.40 per share.
Xcel Energy initiates 2024 EPS guidance of $3.50 to $3.60 per share.
On October 27, 2023, Xcel Energy Inc (NASDAQ:XEL) released its third quarter 2023 earnings report. The company reported GAAP earnings of $656 million, or $1.19 per share, compared with $649 million, or $1.18 per share in the same period in 2022. The ongoing earnings were $682 million, or $1.23 per share, compared with $649 million, or $1.18 per share in the same period in 2022.
Financial Performance
The third quarter ongoing earnings results reflect the impact of increased recovery of infrastructure investments, higher sales and demand, lower operating and maintenance (O&M) expenses, partially offset by increased interest charges and depreciation. The company's year-to-date GAAP diluted earnings per share for 2023 were $2.47 compared to $2.48 in 2022. The year-to-date diluted ongoing earnings per share for 2023 were $2.52 compared to $2.48 in 2022.
Company's Outlook
Xcel Energy has narrowed its 2023 ongoing EPS guidance to $3.32 to $3.37 from $3.30 to $3.40 per share. The company has also initiated its 2024 EPS guidance of $3.50 to $3.60 per share. According to Bob Frenzel, chairman, president and CEO of Xcel Energy, the company has made significant progress on its industry-leading clean energy transition plans. The company's proposed plan for the largest clean energy transition effort in Colorado history includes approximately 6,500 MW of renewable energy and battery storage, and approximately 600 MW of natural gas resources to ensure reliability.
Financial Tables
The company's consolidated statements of income show operating revenues of $3,662 million for Q3 2023, compared to $4,082 million for the same period in 2022. The total operating expenses for Q3 2023 were $2,747 million, compared to $3,158 million for the same period in 2022. The net income for Q3 2023 was $656 million, compared to $649 million for the same period in 2022.
Conclusion
Xcel Energy Inc (NASDAQ:XEL) has reported a solid performance for the third quarter of 2023. The company's ongoing earnings per share for 2023 have increased compared to the same period in 2022. The company's focus on clean energy transition plans and its narrowed EPS guidance for 2023 and initiated EPS guidance for 2024 indicate a positive outlook for the future.
Explore the complete 8-K earnings release (here) from Xcel Energy Inc for further details.
This article first appeared on GuruFocus.
