Xcel Energy (XEL) Benefits From Rate Increases and Lower Costs
January 28, 2010 6:10 PM
Utility company Xcel Energy Inc. (NYSE: XEL) announced on Thursday that its net income was up 3% in the 4th quarter.
The company said that earnings rose to $167.8 million, or 37 cents per share, up from $163 million, or 36 cents per share, in the 4th quarter a year ago.
Revenue at Xcel Energy fell to $2.6 billion from $2.7 billion, while the company's operating expenses fell to $2.26 billion down from $2.35 billion, even though costs for maintenance and conservation rose.
The results were a slight improvement upon the expectations of analysts surveyed by FactSet Research who expected earnings of 36 cents per share.
Xcel Energy said that while it benefited from higher rates and lower overall expenses, extreme weather, lower sales and higher purchase capacity power costs prevented earnings from taking off.
Xcel's shares were down 8 cents for the day at $20.86.
