Xcel Energy reaffirms its 2010 earnings guidance of $1.55 to $1.65 per diluted share.
– By Stephen Heiser –
2009 ongoing earnings of $1.50 per share achieve the mid-point of Xcel Energy’s guidance range.
GAAP (generally accepted accounting principles) earnings were $681 million, or $1.48 per diluted share in 2009, compared with $646 million, or $1.46 per diluted share in 2008.
“Overall, 2009 was a successful year,” said Richard C. Kelly, chairman and chief executive officer. “We delivered earnings within our guidance range for the fifth straight year, despite the difficult economy and cool summer weather, which reduced sales. On the operational front, we saw improved customer satisfaction and system reliability as well as the completion of major construction projects at Riverside and Fort St. Vrain. We made significant progress in the construction of the Comanche Unit 3, which is now expected to go into service in February 2010. Finally, we concluded seven rate cases, across our service regions, with constructive outcomes. In addition, we are reaffirming our 2010 earnings guidance of $1.55 to $1.65 per share.”
Xcel Energy Inc. reported 2009 GAAP earnings of $681 million or $1.48 per diluted share, compared with 2008 GAAP earnings of $646 million, or $1.46 per diluted share. Ongoing earnings, adjusted for certain non-recurring items, were $1.50 per diluted share in 2009, compared with $1.45 per diluted share in 2008.
Higher 2009 ongoing earnings were primarily due to improved electric margins as a result of constructive rate case outcomes in Minnesota, Colorado, Texas, New Mexico and Wisconsin, which were partially mitigated by the negative impact of weather, lower sales and higher purchase capacity power costs. Offsetting stronger electric margins were higher operating and maintenance expenses, resulting from increased employee benefit costs as well as higher nuclear expenses, and dilution from the issuance of equity to fund the capital investment program.