Xcel EnergyInc.'s first-quarter ongoing earnings were up about $10 millionyear over year to $241.3 million. On a per-share basis, the result was up 1cent year over year to 47 cents, in line with the S&P Global MarketIntelligence normalized EPS consensus estimate.
"While we experienced unfavorable weather andlower-than-anticipated sales in the first quarter, lower O&M expensesallowed us to deliver solid quarterly results. We will continue our disciplinedapproach to managing costs and continue to expect to achieve ongoing earningswithin our 2016 guidance range," Xcel Energy Chairman, President and CEOBen Fowke said May 9.
The company's full-year ongoing EPS guidance stands at $2.12to $2.27.
Xcel Energy generated $2.77 billion in first-quarteroperating revenues, down from $2.96 billion in the opening months of 2015.
The electric segment generated $2.19 billion in revenueswhile the natural gas segment generated $565.7 million during the first threemonths of 2016. The electric segment had generated $2.22 billion and thenatural gas segment had generated $716.0 million in revenues during the sameperiod of 2015.
First-quarter 2016 operating expenses were down to $2.28billion from $2.61 billion, results showed. First-quarteroperating income rose to $489.9 million in 2016, from $350.8 million in 2015.
Public ServiceCo. of Colorado contributed 23 cents per share toward Xcel Energy'sfirst-quarter ongoing earnings while Northern States Power Co. - Minnesota contributed 19cents per share, up 1 cent and 3 cents year over year, respectively.
SouthwesternPublic Service Co.'s contribution was flat year over year at 4cents per share while NorthernStates Power Co. - Wisconsin's contribution dropped 2 cents per shareyear over year to 3 cents.
Xcel Energy reported first-quarter 2016 GAAP earnings of$241.3 million, or 47 cents per share, compared with GAAP earnings of $152.1million, or 30 cents per share, for the same period in 2015.
The company will host a conference call to review its financialresults at 9 a.m. CDT on May 9.