Xcel Energy said Thursday higher electric and natural gas revenues aided the company in meeting its earnings guidance for the 17th straight year.
Xcel reported year-end earnings of $1.6 billion ($2.96/share), up from 2020’s performance of $1.47 billion ($2.79/share). For the quarter, earnings were $315 million ($0.58/share), compared to $288 million ($0.54/share) in last year’s fourth quarter.
“We had a solid year delivering earnings … and achieving our earnings guidance for the 17th consecutive year. We are well positioned for the future,” CEO Bob Frenzel said in a statement.
Analysts had expected fourth-quarter earnings of 56 to 57 cents/share.
Earnings were partially offset by increases in electric fuel and purchased power, costs of natural gas sold and transported, additional depreciation and lower allowance for funds used during construction.
The Minneapolis-based company reaffirmed its 2022 earnings forecast of $3.10 to $3.20/share.
Xcel is banking on clean energy to meet its guidance. It has filed resource plans in Minnesota and Colorado that it says will accelerate its exit from coal-fired generation in those states by 2030 and 2034, respectively. The company last year said it had reduced carbon emissions by 50% from 2005 levels and is on track to reach an 80% reduction by 2030.
Xcel’s share price closed up Thursday at $68.94, a $1.32 increase from the previous close.
