News

Xcel Energy Inc. XEL 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

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 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 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 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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