WASHINGTON (dpa-AFX) - Xcel Energy Inc., (XEL), an electric utilities company, Thursday reported an increase in net income for the first quarter, reflecting higher revenues, particularly due to higher electric and natural gas margins and lower interst expense. Earnings exceeded analysts'estimates. The company also reaffirmed its fiscal year 2013 guidance.
For the first quarter, the company recorded net income of $237 million or $0.48 per share, compared with $184 million or $0.38 per share during the comparable quarter last year.
On average, thirteen analysts polled by Thomson Reuters expected earnings per share of $0.45 for the quarter. Analysts' estimates typically exclude one-time items.
The firm generated revenues of $2.7 billion compared with $2.5 billion reported during the same period last year. Analysts estimated the company to report revenues of $2.77 billion for the quarter.
Depending on several key assumptions, including constructive outcomes in all rate case and regulatory proceedings, the company reaffirmed its full year earnings guidance of $1.85 to $1.95 per share. The Street expects the firm to report earnings of $1.90 per share for the year.
Copyright(c) 2013 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2013 AFX News
