We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Xcel Energy (XEL) Q2 Earnings and Revenues Lag Estimates
Read MoreHide Full Article
Xcel Energy Inc. (XEL - Free Report) reported second-quarter 2024 operating earnings of 54 cents per share, which lagged the Zacks Consensus Estimate of 55 cents by 1%. The bottom line increased 3.8% from the year-ago quarter’s 52 cents.
It reported GAAP earnings of 54 cents in the second quarter compared with 52 cents in the year-ago quarter.
Total Revenues
The company’s revenues of $3.03 billion missed the Zacks Consensus Estimate of $3.28 billion by 7.8%. The figure improved 0.2% from the year-ago quarter’s $3.02 billion.
Xcel Energy Inc. Price, Consensus and EPS Surprise
Electric: This segment’s revenues totaled $2.65 billion, up 2.2% from $2.6 billion in the year-ago quarter.
Natural Gas: Revenues in this segment declined 9.7% to $0.35 billion from $0.39 billion in the year-ago quarter.
Other: This segment’s revenues were $14 million compared with $28 million from the prior-year actual.
Highlights of the Release
Total operating expenses declined 0.9% year over year to $2.58 billion. This can be attributed to lower electric fuel and purchased power costs and the cost of natural gas sold and transported.
Operating income increased 7.4% year over year to $449 million.
Total interest charges and financing costs rose 18.4% to $303 million from the prior-year quarter’s reported figure of $256 million.
In the reported quarter, Xcel Energy registered 1.2% growth in electric customer volume and a 1% increase in natural gas’ customer volume. In the same time frame, natural gas sales increased 0.4% from the year-ago period, while electric sales volume dropped 0.4%.
Guidance
Xcel Energy reaffirmed 2024 earnings per share in the range of $3.50- $3.60. The Zacks Consensus Estimate is pegged at $3.55, in line with the midpoint of the guided range.
The company estimates retail electric sales to increase by 1% in 2024, while natural gas sales volumes are anticipated to remain flat from the year-ago level.
Xcel Energy plans to invest $39 billion in 2024-2028 to further strengthen its infrastructure and $7.42 billion in 2024.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2024 adjusted earnings of 96 cents per share, which beat the Zacks Consensus Estimate of 93 cents by 3.2%.
NEE’s long-term (three-to-five years) earnings growth rate is 8.12%. It delivered an average earnings surprise of 8.1% in each of the last four quarters.
American Electric Power Company, Inc. (AEP - Free Report) reported second-quarter 2024 adjusted earnings per share of $1.25, which beat the Zacks Consensus Estimate of $1.23 by 1.6%.
AEP’s long-term earnings growth rate is 6.22%. It delivered an earnings surprise of 1.63% in the last reported quarter.
DTE Energy Company (DTE - Free Report) reported second-quarter 2024 operating earnings per share of $1.43, which beat the Zacks Consensus Estimate of $1.18 by 21.2%.
DTE’s long-term earnings growth rate is 8.14%. The company delivered an average earnings surprise of 0.77% in each of the last four quarters.
See More Zacks Research for These Tickers
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Xcel Energy (XEL) Q2 Earnings and Revenues Lag Estimates
Xcel Energy Inc. (XEL - Free Report) reported second-quarter 2024 operating earnings of 54 cents per share, which lagged the Zacks Consensus Estimate of 55 cents by 1%. The bottom line increased 3.8% from the year-ago quarter’s 52 cents.
It reported GAAP earnings of 54 cents in the second quarter compared with 52 cents in the year-ago quarter.
Total Revenues
The company’s revenues of $3.03 billion missed the Zacks Consensus Estimate of $3.28 billion by 7.8%. The figure improved 0.2% from the year-ago quarter’s $3.02 billion.
Xcel Energy Inc. Price, Consensus and EPS Surprise
Xcel Energy Inc. price-consensus-eps-surprise-chart | Xcel Energy Inc. Quote
Segmental Results
Electric: This segment’s revenues totaled $2.65 billion, up 2.2% from $2.6 billion in the year-ago quarter.
Natural Gas: Revenues in this segment declined 9.7% to $0.35 billion from $0.39 billion in the year-ago quarter.
Other: This segment’s revenues were $14 million compared with $28 million from the prior-year actual.
Highlights of the Release
Total operating expenses declined 0.9% year over year to $2.58 billion. This can be attributed to lower electric fuel and purchased power costs and the cost of natural gas sold and transported.
Operating income increased 7.4% year over year to $449 million.
Total interest charges and financing costs rose 18.4% to $303 million from the prior-year quarter’s reported figure of $256 million.
In the reported quarter, Xcel Energy registered 1.2% growth in electric customer volume and a 1% increase in natural gas’ customer volume. In the same time frame, natural gas sales increased 0.4% from the year-ago period, while electric sales volume dropped 0.4%.
Guidance
Xcel Energy reaffirmed 2024 earnings per share in the range of $3.50- $3.60. The Zacks Consensus Estimate is pegged at $3.55, in line with the midpoint of the guided range.
The company estimates retail electric sales to increase by 1% in 2024, while natural gas sales volumes are anticipated to remain flat from the year-ago level.
Xcel Energy plans to invest $39 billion in 2024-2028 to further strengthen its infrastructure and $7.42 billion in 2024.
Zacks Rank
XEL currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2024 adjusted earnings of 96 cents per share, which beat the Zacks Consensus Estimate of 93 cents by 3.2%.
NEE’s long-term (three-to-five years) earnings growth rate is 8.12%. It delivered an average earnings surprise of 8.1% in each of the last four quarters.
American Electric Power Company, Inc. (AEP - Free Report) reported second-quarter 2024 adjusted earnings per share of $1.25, which beat the Zacks Consensus Estimate of $1.23 by 1.6%.
AEP’s long-term earnings growth rate is 6.22%. It delivered an earnings surprise of 1.63% in the last reported quarter.
DTE Energy Company (DTE - Free Report) reported second-quarter 2024 operating earnings per share of $1.43, which beat the Zacks Consensus Estimate of $1.18 by 21.2%.
DTE’s long-term earnings growth rate is 8.14%. The company delivered an average earnings surprise of 0.77% in each of the last four quarters.