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Xcel Energy Inc. (XEL) reported third-quarter 2023 operating earnings of $1.23 per share on October 30, 2023, missing the Zacks Consensus Estimate of $1.27 by 3.2%. Revenues totaled $3,622 million, falling short of the $4,016 million estimate by 8.8% and declining 10.3% from last year’s $4,082 million.
In the Electric segment, revenues decreased 8.4% to $3,387 million, while Natural Gas revenues dropped 31.4% to $245 million. Operating income was nearly flat at $915 million, and total operating expenses declined 13% to $2,747 million. Xcel plans to invest $34 billion from 2024 to 2028 to enhance its infrastructure.
Xcel Energy also narrowed its 2023 earnings per share guidance to a range of $3.32 to $3.37, with a consensus estimate of $3.35. The company reported customer growth of 1.1% for Electric and 1% for Natural Gas in the first nine months of 2023.
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