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TheStreet Open House

Xcel Energy Third Quarter 2013 Earnings Report

Stocks in this article: XEL

This information is not given in connection with any sale, offer for sale or offer to buy any security.

 
XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(amounts in thousands, except per share data)

       
Three Months Ended Sept. 30 Nine Months Ended Sept. 30
2013     2012 2013     2012
Operating revenues
Electric $ 2,599,925 $ 2,532,709 $ 6,911,998 $ 6,506,320
Natural gas 205,358 174,513 1,216,275 1,016,861
Other 17,055   17,119   55,827   53,907  
Total operating revenues 2,822,338 2,724,341 8,184,100 7,577,088
 
Operating expenses
Electric fuel and purchased power 1,097,944 1,006,830 3,034,031 2,725,183
Cost of natural gas sold and transported 74,847 49,739 702,987 557,444
Cost of sales — other 7,540 7,251 23,832 20,499
Operating and maintenance expenses 575,305 531,480 1,667,093 1,576,178
Conservation and demand side management program expenses 67,811 68,920 192,288 191,242
Depreciation and amortization 228,491 239,051 721,131 694,364
Taxes (other than income taxes) 105,287   100,636   320,765   305,892  
Total operating expenses 2,157,225   2,003,907   6,662,127   6,070,802  
 
Operating income 665,113 720,434 1,521,973 1,506,286
 
Other (expense) income, net (404 ) 488 3,931 4,953
Equity earnings of unconsolidated subsidiaries 7,273 7,490 22,379 22,150
Allowance for funds used during construction — equity 21,284 15,860 63,147 44,504
 
Interest charges and financing costs

Interest charges — includes other financing costs of

$6,020, $6,010, $24,058, and $18,126, respectively 144,758 153,719 431,199 457,470
Allowance for funds used during construction — debt (9,377 ) (10,439 ) (28,451 ) (24,729 )
Total interest charges and financing costs 135,381 143,280 402,748 432,741
 
Income from continuing operations before income taxes 557,885 600,992 1,208,682 1,145,152
Income taxes 193,349   202,845   410,676   380,161  
Income from continuing operations 364,536 398,147 798,006 764,991
Income (loss) from discontinued operations, net of tax 216   (41 ) 173   68  
Net income $ 364,752   $ 398,106   $ 798,179   $ 765,059  
 
Weighted average common shares outstanding:
Basic 498,149 488,084 495,256 487,722
Diluted 498,641 488,578 495,767 488,198
 
Earnings per average common share:
Basic $ 0.73 $ 0.82 $ 1.61 $ 1.57
Diluted 0.73 0.81 1.61 1.57
 
Cash dividends declared per common share $ 0.28 $ 0.27 $ 0.83 $ 0.80
 

XCEL ENERGY INC. AND SUBSIDIARIESNotes to Investor Relations Earnings Release (Unaudited)

Due to the seasonality of Xcel Energy’s operating results, quarterly financial results are not an appropriate base from which to project annual results.

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