Xcel Energy (XEL) Q3 2024 earnings summary

Executive summary

• Q3 2024 ongoing EPS was $1.25, up from $1.23 in Q3 2023, with GAAP EPS at $1.21, driven by infrastructure investment recovery and partially offset by higher depreciation, interest, and O&M expenses.

• Net income for Q3 2024 was $682 million, up from $656 million in Q3 2023; year-to-date net income was $1,472 million, up from $1,362 million.

• Reaffirmed 2024 ongoing EPS guidance of $3.50–$3.60 and initiated 2025 guidance of $3.75–$3.85, reflecting 7% growth at the midpoint.

• Announced a $45 billion five-year capital investment plan focused on clean energy, electrification, load growth, and system reliability, with an additional $10+ billion investment pipeline.

• Continued progress on wildfire mitigation and storm response, with significant litigation and regulatory actions ongoing.

Financial highlights

• Q3 2024 total operating revenues were $3.64 billion, slightly down from $3.66 billion in Q3 2023; nine-month revenues were $10.32 billion, down from $10.76 billion.

• Operating income for Q3 2024 was $911 million; nine-month operating income was $2.04 billion, up from $1.91 billion.

• Ongoing diluted EPS for Q3 2024 was $1.25, up from $1.23; nine-month ongoing EPS was $2.69, up from $2.52.

• Year-to-date ongoing earnings are $0.16 ahead of 2023, supporting reaffirmed full-year guidance.

• Rate cases and non-fuel riders increased earnings by $0.25 per share; higher AFUDC added $0.04 per share.

Outlook and guidance

• 2024 ongoing EPS guidance reaffirmed at $3.50–$3.60; 2025 guidance initiated at $3.75–$3.85 per share.

• Long-term EPS growth objective updated to 6–8%, targeting the upper half of the range; dividend growth objective revised to 4–6%.

• 2024 guidance assumes constructive regulatory outcomes, normal weather, and ~1% increase in retail electric sales; 2025 guidance assumes ~3% increase in retail electric sales and 1% in natural gas sales.

• Five-year plan projects 5% annual electric sales growth, with half from data centers.