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Xcel Energy Posts 1st-quarter Profit Increase

The Associated Press

MINNEAPOLIS (AP) — Utility company Xcel Energy Inc. said Thursday its first-quarter profit rose 14 percent, driven by improved financial performance at its Southwestern Public Service Co., interim electric rates in Minnesota and improved fuel cost recovery in Wisconsin, offset somewhat by falling profits at Public Service Co. of Colorado.

Earnings for the three months ended March 31 amounted to $173 million, or 38 cents per share, compared with $152.1 million, or 35 cents per share during the same period last year.

Analysts polled by Thomson Reuters estimated a profit of 36 cents per share, on average.

Revenue slid 11 percent to $2.7 billion from $3.03 billion in the prior-year period.

The company's chief executive, Richard Kelly, reaffirmed the company's 2009 earnings outlook of $1.45 to $1.55 per share.

"Despite the challenging economic environment our business plan remains on track," said Kelly.

Shares of Xcel slid 14 cents to $18.67 in late morning trading.