WASHINGTON (dpa-AFX) - Xcel Energy Inc. (XEL) posted second quarter earnings available to common shareholders of $183.06 million or $0.38 per share versus $157.7 million or $0.33 per share last year.
On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share. Analysts' estimates typically exclude special items.
Earnings increased largely due to higher electric margin, resulting from various rate increases and warmer than normal weather across all of Xcel Energy's service territories. Higher property taxes and interest expense partially offset the strong electric margins
Total operating revenues declined to $2.27 billion from $2.44 billion last year. Analysts expected revenues of $2.50 billion.
Ben Fowke, Chairman, President and Chief Executive Officer, said, '...Warmer weather combined with operating and maintenance cost management initiatives allowed us to mitigate the negative impact of regulatory decisions, including the Minnesota Commission's denial of our request to defer incremental property taxes in 2012...'
Xcel Energy continues to expect 2012 earnings per share to be in the lower half of its $1.75 to $1.85 guidance range. Analysts expect earnings of $1.77 per share.
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