Xcel Energy 1Q profit falls 21 percent |
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Wed, 25 Apr 2007 16:03
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MINNEAPOLIS (AP) - Power and gas utility holding company Xcel Energy Inc. said Wednesday its first-quarter profit fell 21 percent, hurt by some higher nuclear costs and a stiffer effective income tax rate.Quarterly earnings after preferred dividends dropped to $118.7 million, or 28 cents per share, from $150.2 million, or 36 cents per share, in the prior-year period. Wall Street, on average, expected quarterly earnings of 36 cents per share, according to a Thomson Financial analyst survey.Revenue slipped to $2.76 billion from $2.89 billion in the prior-year quarter.'When we established our 2007 financial plan, we anticipated that our first quarter results would be lower than last year,' Chairman, President and Chief Executive Richard C. Kelly said in a statement.Xcel Energy's nuclear plant outage expenses jumped by $18 million from the prior-year period, dragging on the bottom line. The company also said its effective tax rate in the quarter for continuing operations was 28.8 percent, up from 26.3 percent in the prior-year period.A recent rate case settlement in Texas also hurt results.Xcel Energy shares slipped 9 cents to $24.60 in morning trading on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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