U.S. Markets open in 39 mins
  • Crude Oil

    70.51
    -0.05 (-0.07%)
     
  • Gold

    1,774.70
    -3.50 (-0.20%)
     
  • Silver

    22.53
    -0.04 (-0.17%)
     
  • EUR/USD

    1.1736
    +0.0006 (+0.0469%)
     
  • 10-Yr Bond

    1.3260
    +0.0020 (+0.15%)
     
  • Vix

    22.64
    -3.07 (-11.94%)
     
  • GBP/USD

    1.3628
    -0.0036 (-0.2644%)
     
  • USD/JPY

    109.5410
    +0.3210 (+0.2939%)
     
  • BTC-USD

    44,590.88
    -3,435.44 (-7.15%)
     
  • CMC Crypto 200

    1,049.32
    -14.52 (-1.36%)
     
  • FTSE 100

    7,077.61
    +96.63 (+1.38%)
     
  • Nikkei 225

    29,639.40
    -200.31 (-0.67%)
     

Xcel Energy (XEL) Q2 Earnings Beat Mark, Revenues Rise Y/Y

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·3 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Xcel Energy Inc. XEL posted second-quarter 2021 operating earnings of 58 cents per share, surpassing the Zacks Consensus Estimate of 56 cents by 3.6%. The bottom line improved 7.4% from the year-ago earnings of 54 cents per share.

Total Revenues

Xcel Energy’s second-quarter revenues of $3,068 million beat the Zacks Consensus Estimate of $2,842 million by 8%. The same improved 18.6% from the prior-year quarter’s $2,586 million.

Xcel Energy Inc. Price, Consensus and EPS Surprise

Xcel Energy Inc. Price, Consensus and EPS Surprise
Xcel Energy Inc. Price, Consensus and EPS Surprise

Xcel Energy Inc. price-consensus-eps-surprise-chart | Xcel Energy Inc. Quote

Segmental Results

Electric: Revenues rose 13.6% to $2,597 million from $2,286 million in the year-ago quarter.

Natural Gas: Revenues improved 60.4% from the year-ago quarter’s $280 million to $449 million.

Other: Revenues in the segment increased 10% to $22 million from the year-ago quarter’s $20 million.

Quarterly Highlights

Total operating expenses increased 21.5% year over year to $2,630 million, primarily due to higher electric fuel and purchased power, cost of natural gas sold and transported as well as elevated operating and maintenance expenses.

Operating income in the reported quarter improved 3.8% from the prior-year quarter to $438 million.

Total interest charges and financing costs in the reported quarter rose 5.1% from the prior-year figure to $206 million.

Electric and natural gas customers increased 1.1% and 1.2% respectively, year over year.

During the reported quarter, the utility received an approval for the 74-megawatt (MW) Mustang solar project in Wisconsin and also to buy 120-MW wind project from Allete. It proposed an alternative resource plan in Minnesota, which will help the company attain greater carbon reduction and lower the bills for customers.

Looking Ahead

Xcel Energy reaffirmed 2021 EPS guidance in the range of $2.90-$3. The company anticipates delivering long-term annual EPS growth of 5-7%, based on $2.78 per share, which represents the mid-point of the original 2020 guided range of $2.73-$2.83. Xcel Energy projects an annual dividend rate hike of 5-7% and targets a payout ratio of 60-70%.

Zacks Rank

Xcel Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Utility Releases

NextEra Energy, Inc. NEE reported second-quarter 2021 adjusted earnings of 71 cents per share, which beat the Zacks Consensus Estimate of 67 cents by 5.6%.

FirstEnergy Corporation FE delivered second-quarter 2021 operating earnings of 59 cents per share, in line with the Zacks Consensus Estimate.

DTE Energy Company DTE reported second-quarter 2021 operating earnings per share of $1.70, which beat the Zacks Consensus Estimate of $1.44 by 18.1%.


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Xcel Energy Inc. (XEL) : Free Stock Analysis Report

NextEra Energy, Inc. (NEE) : Free Stock Analysis Report

FirstEnergy Corporation (FE) : Free Stock Analysis Report

DTE Energy Company (DTE) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research