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Xcel Energy (XEL) Misses Q2 Earnings Estimates, Keeps View
Minneapolis-based Xcel Energy Inc. (XEL - Free Report) recorded second-quarter 2016 operating earnings of 39 cents per share, lagging the Zacks Consensus Estimate of 41cents by 4.9%.Earnings were at par with the year-ago quarter figure.
Total Revenue
Xcel Energy’s second-quarter revenues of $2,499.8 million lagged the Zacks Consensus Estimate of $2,530 million by 1.2% and declinedmarginally from the prior-year quarter level of $2,515.1 million.
Segment Results
Electric: Segment revenues increased from $2,213.5 million to $2,224.1 million in the second quarter of 2016.
Natural Gas: Quarterly revenues dropped 8.9% to nearly $258.9 million in the reported quarter.
Other: Segment revenues of $16.8 million in the reported quarter decreased 4% from the year-ago period.
XCEL ENERGY INC Price, Consensus and EPS Surprise
XCEL ENERGY INC Price, Consensus and EPS Surprise | XCEL ENERGY INC Quote
Quarterly Highlights
Total operating expenses decreased 1.2% year over year to $2068.3 million. Costs decreased primarily due to lower cost of natural gas sold and transported, and reduced expenses related to electric fuel and purchased power.
Operating income in the reported quarter increased 2% year over year to $431.6 million.
Financial Highlights
Total debt as of Jun 30, 2016, was $14.3 billion, out of which long-term debt comprised $13.1 billion.
2016 Guidance
Xcel Energy reiterated its 2016 operating earnings guidance in the range of $2.12–$2.27 per share with a projected long-term annual earnings growth rate of 4–6%.
Xcel Energy expects retail electric utility sales to decrease 0.5%, while natural gas sales are anticipated to be flat.
Peer Releases
NiSource Inc. (NI - Free Report) reported second-quarter operating earnings of 8 cents per share, surpassing the Zacks Consensus Estimate of 7 cents by 14.3%.
FirstEnergy Corporation (FE - Free Report) announced second-quarter operating earnings of 56 cents per share, beating the Zacks Consensus Estimate of 53 cents by 5.7%.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter adjusted earnings of $1.67 per share, outpacing the Zacks Consensus Estimate of $1.58 by 5.7%.
Zacks Rank
Xcel Energy currently has a Zacks Rank #4 (Sell).
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