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Xcel Energy (XEL) Q3 Earnings and Revenues Miss Estimates
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Xcel Energy Inc. (XEL - Free Report) reported third-quarter 2023 operating earnings of $1.23 per share, which missed the Zacks Consensus Estimate of $1.27 by 3.2%. The bottom line improved 7.6% from the year-ago quarter’s earnings of $1.18.
Total Revenues
The company’s revenues of $3,622 million missed the Zacks Consensus Estimate of $4,016 million by 8.8%. The figure also declined 10.3% from the year-ago quarter’s $4,082 million.
Segmental Results
Electric: This segment’s revenues totaled $3,387 million, down 8.4% from $3,699 million in the year-ago quarter. Our model projected Electric revenues of $3,655.8 million for the same period.
Natural Gas: Revenues in this segment declined 31.4% to $245 million from $357 million in the year-ago quarter.
Other: This segment’s revenues increased 15.4% to $30 million from $26 million in the prior-year period. Our model projected Other segment's revenues of $28 million for the third quarter.
Xcel Energy Inc. Price, Consensus and EPS Surprise
Total operating expenses declined 13% year over year to $2,747 million.
Operating income decreased nearly 1% to $915 million from the prior-year quarter’s level.
Total interest charges and financing costs rose 7.6% to $255 million from the prior-year quarter’s reported figure.
In the first nine months of 2023, Xcel Energy registered Electric and Natural Gas customer growth of 1.1% and 1%, respectively. In the same time frame, Electric Sales and Natural Gas Sales improved by 1.1% and 0.4%, respectively.
Xcel Energy continued with its clean energy transition process in the third quarter as well. In September, XEL filed a proposed plan, which includes nearly 6,500 megawatts (MW) of renewable energy and battery storage and around 600 MW of natural gas resources to ensure the reliability of the system.
Guidance
Xcel Energy narrowed its 2023 earnings per share guidance in the range of $3.32- $3.37 from the prior range of $3.30-$3.40. The Zacks Consensus Estimate for the same is pinned at $3.35, in line with the mid-point of the company’s guided range.
Xcel Energy plans to invest $34 billion in the 2024-2028 time frame to further strengthen its infrastructure.
NextEra Energy, Inc. (NEE - Free Report) released third-quarter 2023 adjusted earnings of 94 cents per share, which beat the Zacks Consensus Estimate of 86 cents by 9.3%.
The Zacks Consensus Estimate for NEE’s 2023 earnings stands at $3.12 per share, implying a year-over-year improvement of 7.6%.
CMS Energy Corp. (CMS - Free Report) reported third-quarter 2023 adjusted earnings of 61 cents per share, which missed the Zacks Consensus Estimate of 63 cents by 3.2%.
The Zacks Consensus Estimate for CMS’ 2023 earnings stands at $3.10 per share, implying a year-over-year improvement of 7.3%.
FirstEnergy Corporation (FE - Free Report) reported third-quarter 2023 operating earnings per share of 88 cents, which surpassed the Zacks Consensus Estimate of 85 cents by 3.5%.
The Zacks Consensus Estimate for FE’s 2023 earnings stands at $2.53 per share, implying a year-over-year improvement of 4.9%.
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Xcel Energy (XEL) Q3 Earnings and Revenues Miss Estimates
Xcel Energy Inc. (XEL - Free Report) reported third-quarter 2023 operating earnings of $1.23 per share, which missed the Zacks Consensus Estimate of $1.27 by 3.2%. The bottom line improved 7.6% from the year-ago quarter’s earnings of $1.18.
Total Revenues
The company’s revenues of $3,622 million missed the Zacks Consensus Estimate of $4,016 million by 8.8%. The figure also declined 10.3% from the year-ago quarter’s $4,082 million.
Segmental Results
Electric: This segment’s revenues totaled $3,387 million, down 8.4% from $3,699 million in the year-ago quarter. Our model projected Electric revenues of $3,655.8 million for the same period.
Natural Gas: Revenues in this segment declined 31.4% to $245 million from $357 million in the year-ago quarter.
Other: This segment’s revenues increased 15.4% to $30 million from $26 million in the prior-year period. Our model projected Other segment's revenues of $28 million for the third quarter.
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 13% year over year to $2,747 million.
Operating income decreased nearly 1% to $915 million from the prior-year quarter’s level.
Total interest charges and financing costs rose 7.6% to $255 million from the prior-year quarter’s reported figure.
In the first nine months of 2023, Xcel Energy registered Electric and Natural Gas customer growth of 1.1% and 1%, respectively. In the same time frame, Electric Sales and Natural Gas Sales improved by 1.1% and 0.4%, respectively.
Xcel Energy continued with its clean energy transition process in the third quarter as well. In September, XEL filed a proposed plan, which includes nearly 6,500 megawatts (MW) of renewable energy and battery storage and around 600 MW of natural gas resources to ensure the reliability of the system.
Guidance
Xcel Energy narrowed its 2023 earnings per share guidance in the range of $3.32- $3.37 from the prior range of $3.30-$3.40. The Zacks Consensus Estimate for the same is pinned at $3.35, in line with the mid-point of the company’s guided range.
Xcel Energy plans to invest $34 billion in the 2024-2028 time frame to further strengthen its infrastructure.
Zacks Rank
XEL currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
NextEra Energy, Inc. (NEE - Free Report) released third-quarter 2023 adjusted earnings of 94 cents per share, which beat the Zacks Consensus Estimate of 86 cents by 9.3%.
The Zacks Consensus Estimate for NEE’s 2023 earnings stands at $3.12 per share, implying a year-over-year improvement of 7.6%.
CMS Energy Corp. (CMS - Free Report) reported third-quarter 2023 adjusted earnings of 61 cents per share, which missed the Zacks Consensus Estimate of 63 cents by 3.2%.
The Zacks Consensus Estimate for CMS’ 2023 earnings stands at $3.10 per share, implying a year-over-year improvement of 7.3%.
FirstEnergy Corporation (FE - Free Report) reported third-quarter 2023 operating earnings per share of 88 cents, which surpassed the Zacks Consensus Estimate of 85 cents by 3.5%.
The Zacks Consensus Estimate for FE’s 2023 earnings stands at $2.53 per share, implying a year-over-year improvement of 4.9%.