Xcel Energy's profit jumps nearly 18 percent in third-quarter

Reduced operating expenses over the summer months helped boost Xcel Energy Inc.'s third-quarter earnings, Dow Jones News reports. The Minneapolis-based utility earned $398 million, up nearly 18 percent from $338.3 million a year earlier.

Author:: BMTN Staff
Updated:: Mar 8, 2018
Original:: Oct 25, 2012

Reduced operating expenses over the summer months helped boost Xcel Energy Inc.'s third-quarter earnings, Dow Jones News reports. The Minneapolis-based utility earned $398 million, up nearly 18 percent from $338.3 million a year earlier.

"We had a slow start to the year with unfavorable sales, mild winter weather and certain adverse regulatory decisions," Xcel CEO Ben Fowke said in a news release. "We responded by implementing cost control measures to partially offset the impact of these early headwinds and to position the company to deliver earnings in the lower half of our guidance range."

Click here, to follow Xcel Energy's stock performance.

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The Minneapolis-based utility reports first-quarter earnings of $184 million compared to $204 million in 2011. Xcel says the drop was expected because we had one of the warmest winters on record.

Capella Education, the parent company of the for-profit Capella University, says its third-quarter net income was $5.1 million, down nearly 50 percent compared to the $9.9 million it earned in the July-September quarter last year, the Associated Press reports. Even as total enrollment, revenue and net income fell, new student enrollment at the Minneapolis-based provider of online post-secondary education rose 10.5 percent compared to last year -- the first increase in nearly two years, Reuters reports.

Higher rates helped boost the electric and natural-gas utility company. However, Xcel is concerned the mild winter weather could hurt its bottom line. The Minneapolis-based company operates in eight states.

Xcel Energy's second-quarter earnings increased 16 percent despite a 7 percent drop in revenue, the Minneapolis-based utility reported Thursday. Xcel said earnings increased in part due to rate increases and warmer-than-normal weather across Xcel's territory, which spans eight western and Midwestern states including Minnesota.

Xcel Energy says spending nearly $240 million to boost the power output at its Prairie Island nuclear plant near Red Wing is no longer a beneficial deal for customers, the Star Tribune reports. The Minneapolis-based utility first raised questions with regulators about the $310 million upgrade in March.

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