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Xcel Energy (XEL) Q1 Earnings Beat, Revenues Lag Estimates
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Xcel Energy Inc. (XEL - Free Report) reported first-quarter 2024 operating earnings of 88 cents per share, which surpassed the Zacks Consensus Estimate of 80 cents by 10%. The bottom line improved 15.8% from the year-ago quarter’s 76 cents.
It reported GAAP earnings of 88 cents in the first quarter compared with 76 cents in the year-ago quarter.
Total Revenues
The company’s revenues of $3.6 billion missed the Zacks Consensus Estimate of $4.01 billion by 9.1%. The figure also declined 10.6% from the year-ago quarter’s $4.08 billion.
Segmental Results
Electric: This segment’s revenues totaled $2.7 billion, down 2.8% from $2.8 billion in the year-ago quarter.
Natural Gas: Revenues in this segment declined 26.9% to $0.9 billion from $1.28 billion in the year-ago quarter.
Other: This segment’s revenues were $23 million compared with $29 million from the prior-year period.
Xcel Energy Inc. Price, Consensus and EPS Surprise
Total operating expenses declined 15.3% year over year to $2.97 billion. This was primarily due to lower electric fuel and purchased power costs, and the cost of natural gas sold and transported.
Operating income increased 18.5% year over year to $679 million.
Total interest charges and financing costs rose 14% to $277 million from the prior-year quarter’s reported figure of $243 million.
In the reported quarter, Xcel Energy registered 1.1% growth in electric customer volume and 1% improvement in natural gas customer volume. In the same time frame, natural gas sales improved 1.7% from the year-ago period.
Guidance
Xcel Energy expects 2024 earnings per share in the range of $3.50- $3.60. The Zacks Consensus Estimate is pegged at $3.56, in line with the midpoint of the guided range.
The company estimates retail electric sales to improve in the range of 1-2% in 2024, while natural gas sales volumes is anticipated to remain flat from the year-ago level.
Xcel Energy plans to invest $39 billion in 2024-2028 to further strengthen its infrastructure.
PNM Resources (PNM - Free Report) will report first-quarter results on Apr 30, before market open. The Zacks Consensus Estimate for earnings is pegged at 68 cents per share, implying an increase of 23.6% from a year ago.
PNM’s long-term (three-to-five years) earnings growth rate is 1.34%. It delivered an average earnings surprise of 22.37% in the last four quarters.
Eversource Energy (ES - Free Report) will report first-quarter results on May 2, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.45 per share, implying an increase of 2.84% from the prior-year levels.
ES’ long-term earnings growth rate is 4.16%. It delivered an average earnings surprise of 2.08% in the last four quarters.
PPL Corporation (PPL - Free Report) is slated to report first-quarter results on May 1, before market open. The Zacks Consensus Estimate for earnings is pegged at 53 cents per share, implying an increase of 10.4% from the year-earlier actuals.
PPL’s long-term earnings growth rate is 6.46%. PPL delivered an average earnings surprise of 0.13% in the last four quarters.
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Xcel Energy (XEL) Q1 Earnings Beat, Revenues Lag Estimates
Xcel Energy Inc. (XEL - Free Report) reported first-quarter 2024 operating earnings of 88 cents per share, which surpassed the Zacks Consensus Estimate of 80 cents by 10%. The bottom line improved 15.8% from the year-ago quarter’s 76 cents.
It reported GAAP earnings of 88 cents in the first quarter compared with 76 cents in the year-ago quarter.
Total Revenues
The company’s revenues of $3.6 billion missed the Zacks Consensus Estimate of $4.01 billion by 9.1%. The figure also declined 10.6% from the year-ago quarter’s $4.08 billion.
Segmental Results
Electric: This segment’s revenues totaled $2.7 billion, down 2.8% from $2.8 billion in the year-ago quarter.
Natural Gas: Revenues in this segment declined 26.9% to $0.9 billion from $1.28 billion in the year-ago quarter.
Other: This segment’s revenues were $23 million compared with $29 million from the prior-year period.
Xcel Energy Inc. Price, Consensus and EPS Surprise
Xcel Energy Inc. price-consensus-eps-surprise-chart | Xcel Energy Inc. Quote
Highlights of the Release
Total operating expenses declined 15.3% year over year to $2.97 billion. This was primarily due to lower electric fuel and purchased power costs, and the cost of natural gas sold and transported.
Operating income increased 18.5% year over year to $679 million.
Total interest charges and financing costs rose 14% to $277 million from the prior-year quarter’s reported figure of $243 million.
In the reported quarter, Xcel Energy registered 1.1% growth in electric customer volume and 1% improvement in natural gas customer volume. In the same time frame, natural gas sales improved 1.7% from the year-ago period.
Guidance
Xcel Energy expects 2024 earnings per share in the range of $3.50- $3.60. The Zacks Consensus Estimate is pegged at $3.56, in line with the midpoint of the guided range.
The company estimates retail electric sales to improve in the range of 1-2% in 2024, while natural gas sales volumes is anticipated to remain flat from the year-ago level.
Xcel Energy plans to invest $39 billion in 2024-2028 to further strengthen its infrastructure.
Zacks Rank
XEL currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
PNM Resources (PNM - Free Report) will report first-quarter results on Apr 30, before market open. The Zacks Consensus Estimate for earnings is pegged at 68 cents per share, implying an increase of 23.6% from a year ago.
PNM’s long-term (three-to-five years) earnings growth rate is 1.34%. It delivered an average earnings surprise of 22.37% in the last four quarters.
Eversource Energy (ES - Free Report) will report first-quarter results on May 2, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.45 per share, implying an increase of 2.84% from the prior-year levels.
ES’ long-term earnings growth rate is 4.16%. It delivered an average earnings surprise of 2.08% in the last four quarters.
PPL Corporation (PPL - Free Report) is slated to report first-quarter results on May 1, before market open. The Zacks Consensus Estimate for earnings is pegged at 53 cents per share, implying an increase of 10.4% from the year-earlier actuals.
PPL’s long-term earnings growth rate is 6.46%. PPL delivered an average earnings surprise of 0.13% in the last four quarters.