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Xcel Energy misses quarterly profit estimates on higher maintenance expenses
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Xcel Energy misses quarterly profit estimates on higher maintenance expenses
Feb 6, 2025 7:57 AM

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.

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