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Xcel Energy (XEL) Q1 Earnings & Revenues Surpass Estimates

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Xcel Energy Inc. (XEL - Free Report) posted first-quarter 2021 operating earnings of 67 cents per share, surpassing the Zacks Consensus Estimate of 61 cents by 9.8%. Moreover, the bottom line improved 19.6% from the year-ago earnings of 56 cents per share.

Total Revenues

Xcel Energy’s first-quarter revenues of $3,541 million beat the Zacks Consensus Estimate of $3,088 million by 14.7%. Also, the top line improved 26% from the prior-year quarter’s $2,811 million. This upside is mainly on higher contribution from the electric and natural gas segment than the prior-year quarter.

 

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 30.3% to $2,870 million from $2,203 million in the year-ago quarter.

Natural Gas: Revenues improved 11% from the year-ago quarter’s $583 million to $647 million.

Other: Revenues in the segment fell 4% to $24 million from the year-ago quarter’s $25 million.

Quarterly Highlights

Total operating expenses increased 28.8% year over year to $3,034 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 11.4% from the prior-year quarter to $507 million.

Total interest charges and financing costs in the reported quarter rose 5.8% from the prior-year figure to $200 million.

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

Looking Ahead

Xcel Energy reaffirmed 2021 EPS guidance in the range of $2.90-$3. Also, the utility maintains its plans to invest $4,475 million in 2021 and its total capital investment plan is worth $23,500 million for the 2021-2025 time period. The company anticipates delivering long-term annual EPS growth of 5-7%, relying on the 2020 baseline of $2.78 per share. 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 Releases

American Electric Power Co., Inc. (AEP - Free Report) reported first-quarter 2021 adjusted earnings per share of $1.15, which missed the Zacks Consensus Estimate of $1.23 by 6.5%.

NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2021 adjusted earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 60 cents by 11.7%.

FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2021 operating earnings of 69 cents per share, which beat the Zacks Consensus Estimate of 68 cents by 1.5%.

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