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Xcel Energy (XEL) Q4 Earnings and Revenues Lag Estimates
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Xcel Energy Inc. (XEL - Free Report) reported fourth-quarter 2023 operating earnings of 83 cents per share, which lagged the Zacks Consensus Estimate of 85 cents by 2.3%. However, the bottom line improved 620.3% from the year-ago quarter’s earnings of 69 cents.
Xcel Energy reported operating earnings of $3.35 for 2023 compared with $3.17 per share in 2022, which reflects a year-over-year increase of 5.7%
Total Revenues
The company’s revenues of $3,442 million missed the Zacks Consensus Estimate of $3,972 million by 13.34%. The figure also declined 15.07% from the year-ago quarter’s $4,053 million.
Xcel Energy reported total revenues of $14.2 billion for 2023 compared with $15.3 billion in 2022, which reflects a year-over-year decline of 7.2%.
Segmental Results
Electric: This segment’s fourth-quarter revenues totaled $2,695 million, down 6% from $2,868 million in the year-ago quarter.
Natural Gas: Revenues in this segment declined 37.9% to $719 million from $1,157 million in the year-ago quarter.
Other: This segment’s revenues remained unchanged at $28 million from the prior-year period.
Xcel Energy Inc. Price, Consensus and EPS Surprise
Total operating expenses declined 18.7% year over year to $2,867 million, primarily due to lower electric fuel and purchased power costs and the cost of natural gas sold and transported.
Operating income increased 9.5% to $575 million from the prior-year quarter’s level.
Total interest charges and financing costs rose 4.6% to $250 million from the prior-year quarter’s reported figure.
In 2023, Xcel Energy registered 1.1% growth in both Electric and Natural Gas customer volume. In the same time frame, Electric Sales and Natural Gas Sales improved by 1% and 1.4%, respectively.
Xcel Energy continued with its clean energy transition process in the fourth quarter as well. In 2023, the company received approval for the generation portfolio of 5,800 MW in Colorado.
In 2023, Xcel Energy raised the annual dividend by 6.7%, representing a consecutive annual increase in the dividend in the past two decades.
Guidance
Xcel Energy expects its 2024 earnings per share guidance in the range of $3.50- $3.60. The Zacks Consensus Estimate for the same is pegged at $3.57, in line with the midpoint of the company’s guided range.
Xcel Energy plans to invest $39 billion in the 2024-2028 time frame to further strengthen its infrastructure.
CMS Energy (CMS - Free Report) will report fourth-quarter results on Feb 1 before market open. The Zacks Consensus Estimate for earnings is pegged at $1.04 per share, implying a year-over-year increase of 73.33%.
CMS’s long-term (three to five years) earnings growth rate is 7.50%. It delivered an average earnings surprise of 2.90% in the last four quarters.
Alliant (LNT - Free Report) will report fourth-quarter results on Feb 15 after market close. The Zacks Consensus Estimate for earnings is pegged at 55 cents per share, implying a year-over-year increase of 19.57%.
LNT’s long-term earnings growth rate is 6.26%. It delivered an average earnings surprise of 1.87% in the last four quarters.
FirstEnergy (FE - Free Report) to report fourth-quarter results on Feb 8 after market close. The Zacks Consensus Estimate for earnings is pegged at 60 cents per share, implying a year-over-year increase of 20%.
FE delivered an average earnings surprise declined by 0.40% in the last four quarters.
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Xcel Energy (XEL) Q4 Earnings and Revenues Lag Estimates
Xcel Energy Inc. (XEL - Free Report) reported fourth-quarter 2023 operating earnings of 83 cents per share, which lagged the Zacks Consensus Estimate of 85 cents by 2.3%. However, the bottom line improved 620.3% from the year-ago quarter’s earnings of 69 cents.
Xcel Energy reported operating earnings of $3.35 for 2023 compared with $3.17 per share in 2022, which reflects a year-over-year increase of 5.7%
Total Revenues
The company’s revenues of $3,442 million missed the Zacks Consensus Estimate of $3,972 million by 13.34%. The figure also declined 15.07% from the year-ago quarter’s $4,053 million.
Xcel Energy reported total revenues of $14.2 billion for 2023 compared with $15.3 billion in 2022, which reflects a year-over-year decline of 7.2%.
Segmental Results
Electric: This segment’s fourth-quarter revenues totaled $2,695 million, down 6% from $2,868 million in the year-ago quarter.
Natural Gas: Revenues in this segment declined 37.9% to $719 million from $1,157 million in the year-ago quarter.
Other: This segment’s revenues remained unchanged at $28 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 18.7% year over year to $2,867 million, primarily due to lower electric fuel and purchased power costs and the cost of natural gas sold and transported.
Operating income increased 9.5% to $575 million from the prior-year quarter’s level.
Total interest charges and financing costs rose 4.6% to $250 million from the prior-year quarter’s reported figure.
In 2023, Xcel Energy registered 1.1% growth in both Electric and Natural Gas customer volume. In the same time frame, Electric Sales and Natural Gas Sales improved by 1% and 1.4%, respectively.
Xcel Energy continued with its clean energy transition process in the fourth quarter as well. In 2023, the company received approval for the generation portfolio of 5,800 MW in Colorado.
In 2023, Xcel Energy raised the annual dividend by 6.7%, representing a consecutive annual increase in the dividend in the past two decades.
Guidance
Xcel Energy expects its 2024 earnings per share guidance in the range of $3.50- $3.60. The Zacks Consensus Estimate for the same is pegged at $3.57, in line with the midpoint of the company’s guided range.
Xcel Energy plans to invest $39 billion in the 2024-2028 time frame 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
CMS Energy (CMS - Free Report) will report fourth-quarter results on Feb 1 before market open. The Zacks Consensus Estimate for earnings is pegged at $1.04 per share, implying a year-over-year increase of 73.33%.
CMS’s long-term (three to five years) earnings growth rate is 7.50%. It delivered an average earnings surprise of 2.90% in the last four quarters.
Alliant (LNT - Free Report) will report fourth-quarter results on Feb 15 after market close. The Zacks Consensus Estimate for earnings is pegged at 55 cents per share, implying a year-over-year increase of 19.57%.
LNT’s long-term earnings growth rate is 6.26%. It delivered an average earnings surprise of 1.87% in the last four quarters.
FirstEnergy (FE - Free Report) to report fourth-quarter results on Feb 8 after market close. The Zacks Consensus Estimate for earnings is pegged at 60 cents per share, implying a year-over-year increase of 20%.
FE delivered an average earnings surprise declined by 0.40% in the last four quarters.