Xcel Energy (NASDAQ: XEL) reported Q3 EPS of $1.14, $0.05 better than the analyst estimate of $1.09. Revenue for the quarter came in at $3.18 billion versus the consensus estimate of $3.39 billion.

• GAAP 2020 third quarter diluted EPS was $1.14 compared with $1.01 per share in 2019.
• Xcel Energy narrows its 2020 EPS guidance range to $2.75 to $2.81 from $2.73 to $2.83 per share.
• Xcel Energy initiates 2021 EPS guidance of $2.90 to $3.00.

“Xcel Energy achieved strong third quarter results despite the ongoing pandemic and has launched important new initiatives to support our customers, employees and communities through these challenging times. As a result, we are narrowing our 2020 earnings guidance to $2.75 to $2.81 per share. In addition, we are initiating 2021 earnings guidance of $2.90 to $3.00 per share, which is consistent with our long-term growth objective,” said Ben Fowke, chairman and CEO of Xcel Energy.

“Over the next five years, we plan to invest $22.6 billion in base capital. We also have proposed to invest an incremental $1.4 billion related to requests from Minnesota to help address the economic impacts of COVID-19. Our proposal, which includes grid investment, solar facilities and modernizing aging wind farms, would create 5,000 jobs and expand our renewable portfolio, all while keeping customer bills low. It also outlines a 10-year vision to power 1.5 million electric vehicles, saving customers $1 billion on fueling costs and cutting carbon emissions by nearly 5 million tons annually by 2030.”

GUIDANCE:

Xcel Energy sees FY2020 EPS of $2.75-$2.81, versus the consensus of $2.78.

Xcel Energy sees FY2021 EPS of $2.90-$3.00, versus the consensus of $2.97.

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