Xcel Energy Inc. (NYSE: XEL) today reported 2013 GAAP earnings of $948 million, or $1.91 per share, compared with 2012 GAAP earnings of $905 million, or $1.85 per share.
Ongoing earnings, which exclude adjustments for certain items, were $1.95 per share for 2013 compared with $1.82 per share in 2012. Ongoing earnings increased as a result of higher electric and gas margins due to rate increases in various states, the impact of favorable colder weather on our natural gas business and reduced interest charges. These positive factors were partially offset by planned increases in operating and maintenance expenses and depreciation.
2013 GAAP earnings include a $0.04 per share charge for a potential SPS customer refund based on FERC orders issued in August 2013. 2012 GAAP earnings reflect the $0.03 per share positive impact for a tax benefit associated with federal subsidies for prescription drug plans. Both items are excluded from ongoing earnings.
“It was a successful year from both an operational and financial perspective,” stated Ben Fowke, Chairman, President and Chief Executive Officer. “The investments we have made in our system were once again tested by severe storms experienced across our service territories. We were well prepared, meeting all of our customer energy requirements with minimal disruptions. This would not have been possible without the tremendous efforts of our skilled and dedicated employees. Further, we successfully completed several major construction projects including the Monticello nuclear extended life and uprate project as well as the Prairie Island steam generator replacement. We are set to increase our future wind production by 40 percent, which is expected to provide significant fuel savings to our customers over the next twenty years. Financially, we delivered earnings within our guidance range for the ninth consecutive year and raised the dividend for the tenth consecutive year.”“We are reaffirming our 2014 ongoing earnings guidance of $1.90 to $2.05 per share. Our credit ratings remain strong, we will continue to make smart investments and we are committed to improving our regulatory compact by proposing rate mitigation plans and measures such as multi-year rate cases. I believe we are a premium company, well-positioned for the future,” said Fowke.