Summary
Xcel Energy Inc. (XEL) reported its second quarter and year-to-date results for 2008. The company saw an increase in operating revenues across both electric and natural gas utility segments compared to the prior year, driven by higher energy prices and increased customer demand. Net income for the second quarter of 2008 was $105.6 million, or $0.24 per diluted share, an increase from the prior year's $68.8 million, or $0.16 per diluted share. This improvement was largely due to the resolution of a corporate-owned life insurance (COLI) tax dispute that impacted the prior year's results. For the six months ended June 30, 2008, net income was $258.7 million, or $0.59 per diluted share, up from $188.5 million, or $0.45 per diluted share, in the same period of 2007. The company's balance sheet shows growth in property, plant, and equipment, indicating ongoing investment in infrastructure. However, investors should note the significant amount of long-term debt on the balance sheet and ongoing regulatory proceedings across various jurisdictions that could impact future earnings and cash flows.
Financial Highlights
27 data points| Revenue | $2.62B |
| Operating Expenses | $2.36B |
| Operating Income | $259.84M |
| Interest Expense | $133.72M |
| Net Income | $104.51M |
| EPS (Basic) | $0.24 |
| EPS (Diluted) | $0.24 |
| Shares Outstanding (Basic) | 430.81M |
| Shares Outstanding (Diluted) | 435.87M |
Key Highlights
- 1Total operating revenues increased to $2.62 billion for the three months ended June 30, 2008, up from $2.27 billion in the same period of 2007, driven by growth in both electric and natural gas utility segments.
- 2Net income for the second quarter of 2008 rose to $105.6 million ($0.24 per diluted share) from $68.8 million ($0.16 per diluted share) in the second quarter of 2007, largely due to a favorable resolution of a tax matter in the prior year.
- 3For the six months ended June 30, 2008, net income increased to $258.7 million ($0.59 per diluted share) from $188.5 million ($0.45 per diluted share) in the comparable period of 2007.
- 4Property, plant and equipment, net, increased to $17.3 billion as of June 30, 2008, from $16.7 billion as of December 31, 2007, indicating continued capital investment.
- 5Long-term debt increased to $7.14 billion as of June 30, 2008, from $6.34 billion as of December 31, 2007, reflecting increased financing activities.
- 6The company provided 2008 diluted earnings per share guidance from continuing operations of $1.45 - $1.55, with key assumptions including normal weather patterns and reasonable regulatory outcomes.
- 7Xcel Energy continues to be involved in numerous ongoing regulatory proceedings across its various operating states, which could impact future rates and earnings.