Xcel Energy 3Q Profit Falls Slightly

MINNEAPOLIS (AP) — Power company Xcel Energy Inc. said Thursday its third-quarter profit fell less than a percent on lower sales as unseasonably cool weather resulted in lower demand for energy.

Xcel earned $219.8 million, or 48 cents per share, down from $221.7 million, or 51 cents per share, in the year-ago period.

Sales decreased 19 percent to $2.31 billion from $2.85 billion.

Analysts polled by Thomson Reuters expected a profit of 50 cents per share on $3.01 billion in sales.

Excel said that in addition to the cooler summer, the quarter's profit also was hurt by higher operating and maintenance expenses and a higher tax rate. Those factors were partially offset by an increase in electric margins.

The company said that based on its current projections, it expects its 2009 earnings to be near the midpoint of its guidance range of $1.45 to $1.55 per share. Analysts, on average, expect a profit of $1.49 per share for the year.

Excel shares fell 19 cents to $19.04 in midday trading.