Xcel Energy Q3 earnings and revenue fall short of estimates

MINNEAPOLIS - Xcel Energy Inc. (NASDAQ:XEL ) reported third quarter earnings that slightly missed analyst expectations, while revenue fell short of estimates. The utility company reaffirmed its full-year 2024 guidance and provided an initial outlook for 2025.

Xcel Energy posted adjusted earnings per share of $1.25 for the third quarter, compared to $1.23 in the same period last year. This fell just short of the $1.26 per share analysts were expecting. Revenue came in at $3.64 billion, below the consensus estimate of $3.93 billion.

The company said the quarterly results reflected recovery of increased infrastructure investments, partially offset by higher depreciation and interest charges.

"The U.S. energy industry is on the cusp of its biggest transition in a century," said Bob Frenzel, chairman, president and CEO of Xcel Energy. "Today, Xcel Energy introduced its new five-year, $45 billion investment plan. The plan builds on Xcel Energy's proactive efforts to meet this historic moment to make our grid cleaner, more efficient and more resilient."

Xcel Energy reaffirmed its 2024 ongoing EPS guidance range of $3.50 to $3.60, in line with the $3.56 analyst consensus. For 2025, the company initiated EPS guidance of $3.75 to $3.85, compared to the $3.83 analyst estimate.

The utility continues to target long-term annual EPS growth of 6% to 8% and dividend growth of 4% to 6%.

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Source: Investing.com