Press release
Xcel Energy First Quarter 2020 Earnings Report
GAAP 2020 first quarter earnings per share were $0.56 compared with $0.61 per share in 2019. Xcel Energy reaffirms 2020 EPS earnings guidance of $2.73 to
About this update from Xcel Energy Inc.
[{"type":"text","content":"\n\nGAAP 2020 first quarter earnings per share were $0.56 compared with $0.61 per share in 2019.\n\n\nXcel Energy reaffirms 2020 EPS earnings guidance of $2.73 to $2.83 per share, which assumes the implementation of contingency plans will be sufficient to offset the negative impacts of the COVID-19 pandemic under the base case scenario. For additional information, see Notes 5 and 6.\n\n\n MINNEAPOLIS--(BUSINESS WIRE)--\nXcel Energy Inc. (NASDAQ: XEL) today reported 2020 first quarter GAAP and ongoing earnings of $295 million, or $0.56 per share, compared with $315 million, or $0.61 per share in the same period in 2019.\n\n\nThe decrease in earnings primarily reflects the negative impact of weather. The impact of COVID-19 did not significantly affect first quarter 2020 results, but could have a material impact on our financial results going forward.\n\n\n“Xcel Energy achieved solid first quarter results, experiencing only minor impacts from COVID-19 due to the timing of stay-at-home policies in our service territories. We are responding to the economic impact from this global pandemic by implementing contingency plans to minimize the impact on our financial results that should allow us to deliver earnings within our guidance range of $2.73 to $2.83 per share. However, these are unprecedented times and the ultimate economic impact from the pandemic may be greater than anticipated,” said Ben Fowke, chairman and CEO of Xcel Energy.\n\n\n“Our customers and communities are counting on Xcel Energy to deliver the reliable energy that is needed to support local hospitals, emergency responders, grocery stores and other critical operations. We’re also doing more than ever to support our communities. Along with the Xcel Energy Foundation, we have already donated $1.5 million to local nonprofit organizations, including those that address food scarcity and local chapters of the United Way. In total, we are planning to donate approximately $20 million in corporate giving, including COVID-19 relief in 2020. Together we will make it through these very challenging times.”\n\n\nAt 9:00 a.m. CDT today, Xcel Energy will host a conference call to review financial results. To participate in the call, please dial in 5 to 10 minutes prior to the start and follow the operator’s instructions.\n\n\n\n\nUS Dial-In:\n\n\n\n\n(866) 575-6539\n\n\n\n\n\nInterna...