Third quarter GAAP diluted earnings per share were $1.19 in 2023 compared with $1.18 in 2022.
Third quarter diluted ongoing earnings per share were $1.23 in 2023 compared with $1.18 in 2022.
Year-to-date GAAP diluted earnings per share for 2023 were $2.47 compared to $2.48 in 2022.
Year-to-date diluted ongoing earnings per share for 2023 were $2.52 compared to $2.48 in 2022.
Xcel Energy narrows its 2023 ongoing EPS guidance to $3.32 to $3.37 from $3.30 to $3.40 per share.
Xcel Energy initiates 2024 EPS guidance of $3.50 to $3.60 per share.
Xcel Energy Inc. reported 2023 third quarter GAAP earnings of $656 million, or $1.19 per share, compared with $649 million, or $1.18 per share in the same period in 2022 and ongoing earnings of $682 million, or $1.23 per share, compared with $649 million, or $1.18 per share in the same period in 2022. See Note 7 for reconciliation from GAAP to ongoing earnings.
Third quarter ongoing earnings results reflect the impact of increased recovery of infrastructure investments, higher sales and demand, lower operating and maintenance (O&M) expenses, partially offset by increased interest charges and depreciation.
“Xcel Energy delivered solid performance during the third quarter,” said Bob Frenzel, chairman, president and CEO of Xcel Energy. “As a result, we are narrowing our 2023 ongoing earnings guidance to $3.32 to $3.37 per share and initiating 2024 guidance of $3.50 to $3.60 per share.”
“We made significant progress on our industry-leading clean energy transition plans. In September, we filed a proposed plan for the largest clean energy transition effort in Colorado history. The plan includes approximately 6,500 MW of renewable energy and battery storage, and approximately 600 MW of natural gas resources to ensure reliability. With the benefits of the Inflation Reduction Act, the resources in the plan would have an annual rate impact of approximately 2.3%.”
“In addition, in October the U.S. Department of Energy selected the Heartland Hydrogen Hub, including multiple clean hydrogen projects from Xcel Energy, to receive up to $925 million in federal funding. The award will serve as a catalyst for a future hydrogen ecosystem in the Upper Midwest,” said Frenzel. “The future is bright for Xcel Energy, our communities, customers and investors.”
