Benzinga - by Lekha Gupta, Benzinga Editor.
Xcel Energy Inc (NASDAQ: XEL) reported third-quarter (Q3) FY23 revenue of $3.662 billion, missing the consensus of $3.983 billion.
Electric revenue fell to $3,387 million from $3,699 million a year ago.
Operating income fell to $915 million from $924 million a year ago.
Adjusted EPS of $1.23 beat the consensus of $1.18.
Earnings benefitted from increased recovery of infrastructure investments, higher sales and demand, and lower operating and maintenance (O&M) expenses.
"In September, we filed a proposed plan for the largest clean energy transition effort in Colorado history," CEO Bob Frenzel said.
"The plan includes approximately 6,500 MW of renewable energy and battery storage, and approximately 600 MW of natural gas resources to ensure reliability," he said. "With the benefits of the Inflation Reduction Act, the resources in the plan would have an annual rate impact of approximately 2.3%."
Outlook: The company narrowed adjusted EPS to $3.32 to $3.37 from $3.30 to $3.40 for 2023 vs. consensus of $3.35.
XEL expects adjusted EPS of $3.50 to $3.60 for FY24 vs. consensus of $3.59. This is inline with the long-term growth target of 5%-7%.
Price Action: XEL shares are trading lower by 1.29% at $59.00 premarket on the last check Friday.
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