By Michael Brooks

Xcel Energy last week reported net income of $984.5 million in 2015, a 3.6% decrease from $1.02 billion in 2014, as lagging sales and “negative” weather led to a decrease in revenue. The company brought in about $11 billion in 2015, compared to $11.7 billion in 2014.

In a year-end earnings call on Thursday, CFO Teresa Madden said that sales to both industrial and residential customers fell despite healthy economies in the company’s service territories. While electricity sales were only slightly less than in 2014, natural gas revenue fell by 21% due to milder weather in the summer and winter.

Xcel officials focused on its reported earnings per share, $2.09, a 3% increase over its 2014 EPS of $2.03. Xcel had given an earnings guidance of $2.05 to $2.15 after it posted its third-quarter results. This was the 11th consecutive year the company met or exceeded its earnings guidance, Xcel said.

“I am pleased with our 2015 results,” CEO Ben Fowke said. “We delivered earnings within our guidance range despite negative weather and certain regulatory challenges.”

The $2.09 EPS excluded a $79 million charge ($0.15/share) from cost overruns on the upgrade of its Monticello nuclear plant.

The decrease in revenue was partially offset by reduced natural gas costs and operations and maintenance expenses, as Xcel improved efficiency at its nuclear plants.

Madden reaffirmed the company’s earnings guidance of $2.12 to $2.27 per share for 2016.

Earlier this month, Xcel reported an increase in fourth-quarter earnings, with net income of $209 million ($0.41/share) in 2015 compared with $196.3 million ($0.39/share) in 2014, a 6.5% increase. Revenue for this quarter was also down from the previous quarter, but the decrease in expenses more than made up the difference.

Xcel said rate increases in several jurisdictions helped 2015 earnings. In December, however, Texas regulators rejected the company’s request for a $42 million increase, instead ordering a decrease of $4 million effective this month.