Xcel Energy posted a 3.4 % increase in second quarter profit that was anchored in rising electricity sales.
Xcel's second quarter profits up over 3 %
The Minneapolis-based utility company's earnings were in line with forecasts.
July 28, 2022 at 2:15PM
The Minneapolis-based company Thursday said it earned $328 million, or 60 cents a share, which was in line with the consensus estimate of analysts surveyed by Zacks Equity Research. Xcel earned $311 million, or 58 cents a share, in the same period a year ago.
Revenue in the latest quarter was $3.42 billion, up from $3.07 billion a year ago.
"We had a solid quarter and as a result we are reaffirming our 2022 earnings guidance of $3.10 to $3.20 per share," said Xcel CEO Bob Frenzel in a statement.
Its stock rose 2.79% on Thursday.
Xcel is Minnesota's largest electricity provider and its second-biggest natural gas supplier.
The company's largest markets are Colorado and Minnesota. It also operates in Texas, New Mexico, Wisconsin, the Dakotas and a small slice of Michigan's Upper Peninsula.
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