Xcel Sees Higher-Than-Expected Earnings

Xcel Energy (XEL Quote) said Tuesday its earnings for the first quarter and full year would surpass analysts' estimates.

At an analysts' conference in New York and also in a Securities and Exchange Commission filing, the Minneapolis-based public utility holding company said it expected earnings of 60 cents to 65 cents a share in the first quarter, well above the two-analyst consensus of 49 cents a share reported by Thomson Financial/First Call.

Xcel forecast earnings of 45 cents to 50 cents a share in the second quarter and 70 cents to 75 cents a share in the third quarter. A single analyst was forecasting earnings per share of 45 cents and 80 cents, respectively for the quarters. For the fourth quarter, the company forecast earnings of 45 cents to 55 cents a share, compared with an analysts' estimate of 52 cents a share.

For the full year, that firm foresees earnings of $2.30 a share, just ahead of a 15-analyst consensus of $2.23 a share, executives said. For 2002, Xcel sees earnings of $2.40 to $2.50 a share, while analysts expect $2.42 a share.

Shares of Xcel fell 6 cents, or 0.2%, to $30.37 in recent trading on the New York Stock Exchange.