Q3 2024 Xcel Energy Inc Earnings Call Transcript
Key Points
- Xcel Energy Inc (XEL) delivered ongoing earnings of $1.25 per share for the third quarter, exceeding the previous year's $1.23 per share.
- The company reaffirmed its 2024 earnings guidance of $3.50 to $3.60 per share and initiated 2025 guidance of $3.75 to $3.85 per share.
- Xcel Energy Inc (XEL) introduced a five-year $45 billion capital investment plan focused on clean energy, customer electrification, new load growth, and safety and reliability.
- The company has maintained a strong track record, delivering on its earnings guidance for 19 consecutive years.
- Xcel Energy Inc (XEL) has successfully settled 86 of the 179 submitted claims related to the Smokehouse Creek wildfire, demonstrating progress in resolving outstanding liabilities.
- The Minnesota Commission disallowed $46 million of replacement power costs, resulting in a $35 million charge for Xcel Energy Inc (XEL) in the third quarter.
- Higher O&M expenses decreased earnings by $0.09 per share, reflecting increased generation maintenance and storm expenses.
- Higher depreciation and amortization, driven by capital investment programs, decreased earnings by $0.08 per share.
- The company faced higher interest charges, decreasing earnings by $0.08 per share due to rising interest rates and increased debt levels.
- Xcel Energy Inc (XEL) is facing increased costs from recent excess liability insurance renewals, impacting financial performance.
Hello, and welcome to Xcel Energy's Third Quarter 2024 Earnings Call. My name is Melissa, and I will be your coordinator for today's event. Please note, this conference is being recorded. (Operator Instructions) I'll will be connected to an operator. I'll now turn the call over to Paul Johnston, Vice President, Treasury, and Investor Relations. Please go ahead.
Thank you. Good morning, and welcome to Xcel Energy's 2024 Third Quarter Earnings Call. Joining me today are Bob Frenzel, President, Chairman, Chief Executive Officer; Brian Van Abel, Executive Vice President, and Chief Financial Officer. In addition, we have other members of the management team in the room to answer questions if needed.
This morning, we will review our third quarter results and highlights, share recent business and regulatory updates, update our capital and financing plans, and provide 2025 guidance. Slides that accompany today's call are available on our website.
As a reminder, some of the
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