Summary
Xcel Energy Inc. (XEL) filed an 8-K on April 29, 2003, to furnish a preliminary earnings release for the first quarter of 2003. This release contains material, non-public information and presents financial measures that are not in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP measures are adjusted to reflect the impact of historical and expected future events, and to align with the company's previously issued earnings guidance. Key adjustments and non-GAAP considerations in the preliminary earnings release include the expected divestiture of NRG Energy, Inc. as part of its financial restructuring, and the completed divestiture of Viking Gas Transmission in January 2003. Investors should carefully review the preliminary earnings release (Exhibit 99.01) for a full understanding of these adjustments and their impact on the reported financial condition and results of operations.
Key Highlights
- 1Xcel Energy released preliminary Q1 2003 earnings on April 29, 2003, via an 8-K filing.
- 2The earnings release contains material, non-public information.
- 3The company is presenting non-GAAP financial measures alongside GAAP results.
- 4Non-GAAP measures are adjusted for historical and future events, including expected divestitures.
- 5The expected divestiture of NRG Energy, Inc. due to its financial restructuring is a significant factor.
- 6The divestiture of Viking Gas Transmission, completed in January 2003, is also reflected.
- 7Investors are directed to the Preliminary Earnings Release (Exhibit 99.01) for detailed information.