Xcel Energy First Quarter 2014 Earnings Report
Xcel Energy Inc. (NYSE: XEL) reported 2014 first quarter GAAP earnings of $261 million, or $0.52 per share, compared with $237 million, or $0.48 per share, in the same period in 2013.
First quarter 2014 earnings were higher due to increased electric and natural gas margins primarily due to colder weather at NSP-Minnesota and NSP-Wisconsin and rate increases in several jurisdictions. These positive factors were partially offset by increased operating and maintenance expenses and property taxes.
“We are pleased to report a solid start to the year with many significant accomplishments, including strong first quarter financial results,” stated Chairman, President and Chief Executive Officer Ben Fowke. “Our customers in our Northern service territories experienced extremely cold temperatures that positively impacted our quarterly earnings by four cents per share, when compared to first quarter 2013, and I’m proud to report our system operated well despite the harsh weather, with no major service disruptions.”
“During the quarter, we received constructive regulatory outcomes in two of our states. In North Dakota, the commission approved our four-year - multi-year settlement in our electric rate case and the New Mexico Commission granted an electric rate increase that was in-line with our revised request.”
“We have much to accomplish in 2014, but are pleased with our current momentum. Earlier in the year, the Board of Directors approved a 7 percent dividend increase, which exceeds our targeted annual dividend growth objective of 4 to 6 percent. We also reaffirm our 2014 ongoing earnings guidance of $1.90 to $2.05 per share,” said Fowke.
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Xcel Energy, Inc.
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