Q2 2024 Xcel Energy Inc Earnings Call Transcript
Key Points
- Xcel Energy Inc (XEL) delivered earnings per share of $0.54 for the second quarter of 2024, up from $0.52 in 2023.
- The company invested $1.7 billion in resilient and reliable energy infrastructure during the quarter.
- Xcel Energy Inc (XEL) reaffirmed its 2024 earnings guidance range of $3.50 to $3.60 per share.
- The company has issued multiple RFPs for significant renewable energy projects, including 1,600 megawatts in the Upper Midwest and 3,100 megawatts in SPS.
- Xcel Energy Inc (XEL) has a strong track record of delivering earnings guidance for 19 consecutive years and aims to make it 20 this year.
- Higher depreciation and amortization expenses decreased earnings by $0.18 per share.
- Higher interest charges reduced earnings by $0.07 per share.
- Higher O&M expenses decreased earnings by $0.04 per share.
- Year-to-date weather and leap year adjusted electric sales decreased by 0.4%.
- The company is still working through the claims process for the Smokehouse Creek wildfire, with 21 lawsuits filed and an accrued liability of $215 million.
Hello. And welcome to the Xcel Energy second-quarter 2024 earnings conference call. My name is George. And I'll be the coordinator for today's event. Please note, this conference is being recorded. (Operator Instructions)
I'd now like to hand the call over to your host, Mr. Paul Johnson, Vice President, Treasurer and Investor Relations to begin this conference. Please go ahead, sir.
Thank you. Good morning. And welcome to Xcel Energy's 2024 second quarter earnings call. Joining me today are Bob Frenzel, Chairman, President, and Chief Executive Officer; and 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 2024 second quarter results and highlights and share recent business developments. Slides that accompany today's call are available on our website.
As a reminder, some comments made during today's call
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