Feb 6 (Reuters) - Xcel Energy ( XEL ) missed Wall Street
estimates for fourth-quarter profit on Thursday, as the utility
firm was hurt by higher expenses on the back of maintenance
activities, sending its shares down 1.6% in morning trade.
The Minneapolis, Minnesota-based Xcel reported quarterly
operating and maintenance expenses of $618 million, up 6.6% from
a year earlier.
The company said the expenses were up due to operational
activities, including generation maintenance, storm response,
wildfire mitigation costs and damage prevention.
Xcel reported an adjusted profit of 81 cents per share for
the quarter ended Dec. 31, compared with analysts' estimates of
87 cents, according to data compiled by LSEG.
However, its profit rose 13.4% to $464 million for the
quarter compared to the previous year, helped by earnings in
Minnesota and Colorado regions, on higher recovery of electric
and natural gas infrastructure investments.
Regulated utilities use rate case proceedings to seek a rate
increase based on their investments or expenses to provide
services.
Xcel Energy ( XEL ) serves a total of 3.7 million electricity
customers and 2.1 million natural gas customers across eight
states of Colorado, Michigan, Minnesota, New Mexico, North
Dakota, South Dakota, Texas and Wisconsin.