Xcel Energy Inc. reported fourth-quarter 2017 ongoing earnings of $212 million, or 42 cents per share, missing the S&P Capital IQ normalized consensus estimate by 1 cent.
The company reported ongoing earnings of $227 million, or 45 cents per share, in the 2016 fourth quarter.
Contributions by the company's subsidiaries toward the fourth-quarter 2017 ongoing EPS include 20 cents from Northern States Power Co. - Minnesota, 16 cents from Public Service Co. of Colorado, 5 cents from Southwestern Public Service Co. and 4 cents from Northern States Power Co. - Wisconsin.
These compare to contributions of 21 cents from NSP-Minnesota, 17 cents from Public Service Co. of Colorado, 6 cents from Southwestern Public Service and 3 cents from NSP-Wisconsin in the fourth quarter of 2016.
Xcel Energy's operating revenues were largely flat at $2.80 billion in the most recent quarter, while operating income fell year over year to $426 million from $466 million.
On a GAAP basis, Xcel Energy reported earnings of $189 million, or 37 cents per share, in 2017 fourth quarter, down from $227 million, 45 cents per share, a year ago.
The company said it recognized approximately $23 million of estimated income tax expense associated with federal tax reform, the Tax Cuts and Jobs Act, in the fourth quarter of 2017. However, Xcel Energy considered this to be nonrecurring and has been excluded in the company's full-year 2017 ongoing earnings. The company noted that enactment of the Tax Cuts and Jobs Act had a negative impact of 5 cents per share in 2017.
The company posted full-year 2017 ongoing earnings of $1.17 billion, or $2.30 per share, which also missed the S&P Capital IQ normalized consensus estimate by a cent. GAAP earnings were at $1.15 billion, or $2.25 per share, for the year.
These compare to ongoing and GAAP earnings of $1.12 billion, or $2.21 per share, in 2016.
Operating revenues grew to $11.40 billion in 2017 from $11.11 billion in 2016, while operating income dropped year over year to $2.19 billion from $2.21 billion.
"Looking ahead, we plan to work with regulators to bring the benefits of tax reform to our customers as we continue to drive a transition to cleaner energy and pursue investment opportunities in advanced grid technologies and continued electrification," Chairman President and CEO Ben Fowke said.
The company affirmed its ongoing and GAAP earnings guidance range of $2.37 per share to $2.47 per share for 2018.
