Xcel reports profitable first quarter

MINNEAPOLIS – Xcel Energy Inc. (NYSE: XEL) earned $144 million, or 35 cents per share on a diluted basis, for the first quarter of 2004 compared with $126 million, or 31 cents per share in the first quarter 2003, according to the company’s first quarter earnings statement.

Xcel, an energy provider in Northern Colorado, also reported regulated utility earnings from continuing operations in 2004 were $158 million, or 37 cents per share, compared with $145 million, or 35 cents per share, in 2003.

The company’s net income for the quarter was $149.9 million compared with $140 million in 2003.

“Our first quarter financial results reflect our ability to take advantage of our low-cost generation resources,´ said Wayne Brunetti, chairman and CEO. “We firmly believe our strategy of investing in our core business will enhance our ability to provide low-cost, reliable energy to our customers and provide growth opportunities for our shareholders.”

On news of the earnings release, shares of Xcel Energy were trading at $17.22, an increase of 45 cents from the day’s open.

on Facebook on LinkedIn