Xcel Energy's fourth-quarter profits rose 7% over a year ago, just topping Wall Street forecasts.
Xcel fourth-quarter profits up 7%, mostly on tax benefits
Minnesota's largest utility company closed 2021 by meeting profit forecasts for 17th straight year.
January 27, 2022 at 3:11PM
The increase was largely due to an increase in income tax benefits.
Minneapolis-based Xcel on Thursday posted fourth-quarter earnings of $315 million or 58 cents a share; analysts on average were expecting 57 cents. In 2020's fourth quarter, Xcel had earnings of $288 million or 54 cents a share.
Xcel closed out 2021 with $1.6 billion in profits, up 6% on a per-share basis.
"We had a solid year delivering earnings of $2.96 per share and achieving our earnings guidance for the 17th consecutive year," Xcel CEO Bob Frenzel said in a news release.
Xcel, Minnesota's largest electricity provider and second largest gas company, recorded fourth-quarter sales of $3.4 billion, up from $2.9 billion a year ago.
Xcel's largest markets are Colorado and Minnesota, while it also operates in Texas, New Mexico, Wisconsin, the Dakotas and a small slice of Michigan's Upper Peninsula.
Colorado proved to be Xcel's most dynamic market in 2021. Earnings per share rose 11 cents in Colorado over the year to $1.22.
In Minnesota, earnings per share were flat at $1.12. Xcel's Wisconsin operations also were flat 20 cents per share in 2021.
The company Thursday reaffirmed its 2022 earnings forecast of $3.10 to $3.20 per share.
Xcel's shares closed Thursday at $68.94, up 2%.
The new plant, expected to come online in 2028, will scrub PFAS chemicals from the city’s water supply. Much of the cost will be covered by 3M settlement money.
