ST. PAUL
Xcel Energy's fourth-quarter earnings fell by 19 percent, due to higher operating and maintenance costs, but managed an increase in its profit for the year.
Xcel, which serves eight states including Minnesota, reported Thursday a profit of $136.6 million for the quarter ending Dec. 31, down from $168.9 million for the same period in 2009.
The utility said it had a profit of 29 cents per share, less than the 31 cents a share analysts polled by Thomson Reuters had expected.
But for the full 12 months, Xcel's profit was $755.8 million, or $1.62 a share, up 9 percent from 2009, driven by a rate increase in Colorado and increased electricity sales overall.
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Fourth-quarter revenue slipped 2 percent to $2.57 billion, but for the full year, it rose 7 percent to finish at $10.31 billion.
For the past five years, Xcel's earnings have grown at close to 5 percent annually, while most utilities average only 4 percent, said Paul Franzen, an analyst at Edward Jones who covers utilities.
"This is a company that has quietly executed in recent years," he said.
Xcel maintained its 2011 forecast of per-share earnings of between $1.65 and $1.75 for the year, which was in line with the $1.74 a share consensus expectation of analysts polled by Thomson Reuters.
Shares of Xcel rose 5 cents to $24.00 in afternoon trading.
Distributed by McClatchy-Tribune Information Services.
