Despite flat sales and economic uncertainty caused by the coronavirus pandemic, Xcel Energy grew its 2020 profits by nearly 6%.
The Minneapolis-based utility’s profits declined a bit in the fourth quarter, but met stock analysts’ estimates.
“Xcel Energy had a strong year despite the challenges brought on by COVID-19,” CEO Ben Fowke said in a statement. “We achieved major milestones while keeping our employees and customers safe and are well positioned for the coming year and beyond.”
The company on Thursday reported fourth quarter net earnings of $288 million, or 54 cents per share, down from $292 million, or 56 cents per share, for the same period a year ago.
Xcel’s fourth quarter sales tallied $2.9 billion, up 3.5% from a year ago, but short of analysts’ forecasts of $3.1 billion.
The rather uneventful quarter capped a year in which Xcel grew its 2020 profitsfrom $2.64 per share to $2.79.
Xcel Thursday affirmed its 2021 earnings guidance of $2.90 per share to $3.00.
The company’s stock was $63.76, down 6 cents, in morning trading.
Xcel is Minnesota’s largest electric utility and second-largest natural gas provider. The company’s other primary market is Colorado, plus it also operates in Wisconsin, Texas, New Mexico, the Dakotas and a slice of Michigan’s Upper Peninsula.
Mike Hughlett • 612-673-7003