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Xcel Energy (XEL) Q2 Earnings and Revenues Lag Estimates
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Xcel Energy Inc. (XEL - Free Report) reported second-quarter 2023 operating earnings of 52 cents per share, which missed the Zacks Consensus Estimate of 55 cents by 5.5%. The bottom line also declined 13.3% from the year-ago quarter’s 60 cents.
Total Revenues
The company’s revenues of $3,022 million missed the Zacks Consensus Estimate of $3,407 million by 11.3%. The figure also declined 11.7% from the year-ago quarter’s $3,424 million.
Xcel Energy Inc. Price, Consensus and EPS Surprise
Electric: This segment’s revenues totaled $2,601 million, down 11% from $2,923 million in the year-ago quarter. Our model projected Electric revenues of $2,730.3 million for the same period.
Natural Gas: Revenues in this segment declined 17.4% to $393 million from $476 million in the year-ago quarter.
Other: This segment’s revenues increased 12% to $28 million from $25 million in the prior-year period. Our model projected Other segment's revenues of $24 million for the same period.
Highlights of the Release
Total operating expenses declined 11.9% year over year to $2,604 million. This was primarily due to lower electric fuel and purchased power and cost of natural gas sold and transported.
Our model projected total operating expenses of $2,935 million for the same period.
Operating income decreased 10.9% to $418 million from the prior-year quarter’s level.
Total interest charges and financing costs rose 6.7% to $256 million from the prior-year quarter’s reported figure.
Guidance
Xcel Energy reaffirmed its 2023 earnings per share guidance of $3.30-$3.40. The Zacks Consensus Estimate for the same is pinned at $3.34, a tad lower than the mid-point of the company’s guided range.
Eversource Energy (ES - Free Report) is slated to report second-quarter results on Jul 31, after market close. The Zacks Consensus Estimate for earnings is pegged at 91 cents per share, implying a year-over-year improvement of 5.8%.
ES’ long-term (three to five years) earnings growth rate is 6.34%. It delivered an average earnings surprise of 0.5% in the last four quarters.
NiSource Inc. (NI - Free Report) is slated to report second-quarter results on Aug 2, before market open. The Zacks Consensus Estimate for earnings is pegged at 13 cents per share, implying a year-over-year increase of 8.3%.
NI’s long-term earnings growth rate is 7%. It delivered an average earnings surprise of 0.51% in the last four quarters.
Ameren Corporation (AEE - Free Report) is scheduled to report second-quarter results on Aug 2, after market close. The Zacks Consensus Estimate for earnings is pegged at 78 cents per share.
AEE’s long-term earnings growth rate is 6.43%. The company delivered an average earnings surprise of 4.7% in the last four quarters.
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Xcel Energy (XEL) Q2 Earnings and Revenues Lag Estimates
Xcel Energy Inc. (XEL - Free Report) reported second-quarter 2023 operating earnings of 52 cents per share, which missed the Zacks Consensus Estimate of 55 cents by 5.5%. The bottom line also declined 13.3% from the year-ago quarter’s 60 cents.
Total Revenues
The company’s revenues of $3,022 million missed the Zacks Consensus Estimate of $3,407 million by 11.3%. The figure also declined 11.7% from the year-ago quarter’s $3,424 million.
Xcel Energy Inc. Price, Consensus and EPS Surprise
Xcel Energy Inc. price-consensus-eps-surprise-chart | Xcel Energy Inc. Quote
Segmental Results
Electric: This segment’s revenues totaled $2,601 million, down 11% from $2,923 million in the year-ago quarter. Our model projected Electric revenues of $2,730.3 million for the same period.
Natural Gas: Revenues in this segment declined 17.4% to $393 million from $476 million in the year-ago quarter.
Other: This segment’s revenues increased 12% to $28 million from $25 million in the prior-year period. Our model projected Other segment's revenues of $24 million for the same period.
Highlights of the Release
Total operating expenses declined 11.9% year over year to $2,604 million. This was primarily due to lower electric fuel and purchased power and cost of natural gas sold and transported.
Our model projected total operating expenses of $2,935 million for the same period.
Operating income decreased 10.9% to $418 million from the prior-year quarter’s level.
Total interest charges and financing costs rose 6.7% to $256 million from the prior-year quarter’s reported figure.
Guidance
Xcel Energy reaffirmed its 2023 earnings per share guidance of $3.30-$3.40. The Zacks Consensus Estimate for the same is pinned at $3.34, a tad lower than the mid-point of the company’s guided range.
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
Eversource Energy (ES - Free Report) is slated to report second-quarter results on Jul 31, after market close. The Zacks Consensus Estimate for earnings is pegged at 91 cents per share, implying a year-over-year improvement of 5.8%.
ES’ long-term (three to five years) earnings growth rate is 6.34%. It delivered an average earnings surprise of 0.5% in the last four quarters.
NiSource Inc. (NI - Free Report) is slated to report second-quarter results on Aug 2, before market open. The Zacks Consensus Estimate for earnings is pegged at 13 cents per share, implying a year-over-year increase of 8.3%.
NI’s long-term earnings growth rate is 7%. It delivered an average earnings surprise of 0.51% in the last four quarters.
Ameren Corporation (AEE - Free Report) is scheduled to report second-quarter results on Aug 2, after market close. The Zacks Consensus Estimate for earnings is pegged at 78 cents per share.
AEE’s long-term earnings growth rate is 6.43%. The company delivered an average earnings surprise of 4.7% in the last four quarters.