Summary
Xcel Energy Inc. (XEL) reported its financial results for the quarter and six months ended June 30, 2015. Total operating revenues for the six months decreased to $5.48 billion from $5.89 billion in the prior year, primarily driven by lower electric and natural gas revenues. Net income for the six months also saw a decrease, falling to $349 million from $456.4 million, impacted by a significant charge related to the Monticello nuclear facility life cycle management/extended power uprate project. Despite the year-over-year decline in net income, the company's "ongoing earnings," which exclude certain non-recurring items, were $0.85 per share for the six months, demonstrating resilience in core operations. The company's balance sheet remained robust, with total assets of $37.3 billion. Cash provided by operating activities increased significantly in the first half of 2015 due to favorable changes in working capital and tax refunds. Xcel Energy continues to invest heavily in its utility capital and construction expenditures, with $1.48 billion spent in the first six months of 2015. The company also provided updated guidance for its full-year 2015 ongoing earnings per share, ranging from $2.00 to $2.15, and reiterated its long-term objectives for EPS growth and dividend increases.
Financial Highlights
46 data points| Revenue | $2.52B |
| Operating Expenses | $2.09B |
| Operating Income | $422.85M |
| Interest Expense | $144.22M |
| Net Income | $196.93M |
| EPS (Basic) | $0.39 |
| EPS (Diluted) | $0.39 |
| Shares Outstanding (Basic) | 507.71M |
| Shares Outstanding (Diluted) | 508.07M |
Key Highlights
- 1Total operating revenues for the six months ended June 30, 2015, decreased to $5.48 billion from $5.89 billion in the same period of 2014.
- 2Net income for the six months ended June 30, 2015, decreased to $349 million from $456.4 million in the prior year, influenced by a $0.16 per share charge related to the Monticello nuclear facility project.
- 3Ongoing earnings per share for the six months ended June 30, 2015, were $0.85, indicating stable core operational performance excluding the Monticello charge.
- 4Cash provided by operating activities increased substantially to $1.51 billion for the six months ended June 30, 2015, up from $1.04 billion in the prior year, driven by improved working capital and tax refunds.
- 5Utility capital/construction expenditures remained significant, totaling $1.48 billion for the six months ended June 30, 2015.
- 6Xcel Energy provided 2015 ongoing earnings guidance of $2.00 to $2.15 per share.
- 7The company reiterated its long-term objectives of 4%-6% annual EPS growth and 5%-7% annual dividend increases.