Xcel Energy (NASDAQ: XEL) reported Q2 EPS of $0.54, $0.06 better than the analyst estimate of $0.48. Revenue for the quarter came in at $2.59 billion versus the consensus estimate of $2.66 billion.

• GAAP 2020 second quarter earnings per share were $0.54 compared with $0.46 per share in 2019.
• Xcel Energy reaffirms 2020 EPS earnings guidance of $2.73 to $2.83 per share, which assumes the continued implementation of contingency plans will be sufficient to offset the negative impacts of the COVID-19 pandemic under our base case scenario.

“Despite lower sales due to COVID-19, Xcel Energy achieved strong second quarter results primarily due to the positive impact of weather and cost management efforts. We are on track with our financial plan and are reaffirming our 2020 earnings guidance of $2.73 to $2.83 per share. However, we’ll continue to monitor and manage through the economic uncertainty of this pandemic,” said Ben Fowke, chairman and CEO of Xcel Energy.

“At the same time we are delivering for our shareholders, we continue to deliver for our customers and communities. Across our service territory, we are working with key stakeholders and communities to find ways to help support economic recovery efforts. In Minnesota, we recently proposed a plan to spend nearly $3 billion in energy investments to help boost job growth and economic activity in the state,” continued Fowke. “Those proposed projects alone would create an estimated 5,000 jobs and add more wind and solar to our system in our home state. In addition, we continue to work with our customers and commissions to support those that are struggling with bills in these challenging times.”

GUIDANCE:

Xcel Energy sees FY2020 EPS of $2.73-$2.88, versus the consensus of $2.76.

For earnings history and earnings-related data on Xcel Energy (XEL) click here.