Xcel Energy Inc. (NYSE: XEL) today reported 2012 third quarter GAAP earnings of $398 million, or $0.81 per share compared with 2011 GAAP earnings of $338 million, or $0.69 per share.
Ongoing earnings, which exclude adjustments for certain items, were $0.78 per share for the third quarter of 2012 compared with $0.69 per share in 2011. Third quarter 2012 ongoing earnings increased largely due to increased electric and gas margins driven by various rate increases that went into effect in 2012, partially offset by increased property taxes and interest expense. Third quarter 2012 GAAP earnings also reflect a $0.03 per share positive impact for a tax benefit associated with federal subsidies for prescription drug plans.
“We experienced a solid quarter, with earnings increasing mainly due to both our continued system investments that provide long-term value to our customers and timely cost recovery,” said Ben Fowke, Chairman, President and Chief Executive Officer. “Our third quarter 2012 results also benefited from hot summer weather, although we experienced similar weather in 2011, it was not a variance driver in the period over period quarterly comparison.”
“We had a slow start to the year with unfavorable sales, mild winter weather and certain adverse regulatory decisions. We responded by implementing cost control measures to partially offset the impact of these early headwinds and to position the company to deliver earnings in the lower half of our guidance range. Given the success of our year-to-date cost control measures, combined with hot summer weather, we now expect to deliver 2012 ongoing earnings within our earnings guidance range of $1.75 to $1.85 per share. We also anticipate that our 2012 GAAP earnings will be in the upper half of our guidance range,” said Fowke.Earnings Adjusted for Certain Items (Ongoing Earnings) The following table provides a reconciliation of ongoing earnings per share to GAAP earnings per share:
|Three Months Ended Sept. 30||Nine Months Ended Sept. 30|
|Diluted Earnings (Loss) Per Share||2012||2011||2012||2011|
|Ongoing (a) diluted earnings per share||$||0.78||$||0.69||$||1.54||$||1.43|
|Prescription drug tax benefit (a)||0.03||-||0.03||-|
|GAAP diluted earnings per share||$||0.81||$||0.69||$||1.57||$||1.43|
|(a)||See Note 6.|
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