Colorado’s biggest utility, Xcel Energy Inc., said Thursday that its first-quarter earnings were up 14 percent compared to the same period last year.
The utility reported earnings of $174 million, or 38 cents per share, compared to $153 million, or 35 cents per share, in the first quarter of 2008.
Analysts had expected 36 cents per share, according to FactSet Research.
Xcel’s higher earnings this first quarter were primarily due to better financial performance at Southwestern Public Service Co., interim electric rates in Minnesota and improved fuel cost recovery in Wisconsin, Xcel said.
“We are pleased to report solid earnings, reflecting the continued execution of our strategy to invest in our core utility businesses and earn a reasonable return on our invested capital,” said Richard Kelly, Xcel’s chairman, president and CEO.
“Despite the challenging economic environment our business plan remains on track and we are reaffirming our 2009 earnings guidance of $1.45 to $1.55 per share.”
Gargi Chakrabarty: 303-954-2976 or gchakrabarty@denverpost.com
