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Xcel Energy Reports Lower-than-Expected Revenue, but Strong Bottom Line Growth

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In the latest quarter, Xcel Energy, a leading electricity distributor, announced its financial results, revealing lower-than-expected revenue figures. Despite this, the company still achieved remarkable growth in its bottom line.

For the fourth quarter ending on December 31, Xcel Energy reported net income of $409 million, equivalent to 74 cents per share. This represents an increase from the previous year’s $379 million in net income, or 69 cents per share. However, adjusted earnings slightly fell short of analysts’ estimates at 83 cents per share, just below the projected 85 cents.

The company’s revenue experienced a decline, dropping to $3.44 billion from the previous year’s $4.05 billion. Analysts surveyed by FactSet were anticipating higher revenue at $4.01 billion.

Despite these results, Xcel Energy maintains a positive outlook for its earnings per share for the year 2024. The company expects to achieve earnings within the range of $3.50 and $3.60.

Xcel Energy is actively working towards its goal of reducing coal dependency by 2030. As part of this initiative, the company successfully retired three coal-fired units at a Minnesota-based station and is instead investing in a solar facility located in the Midwest. CEO Bob Frenzel emphasized the significance of this milestone in their coal exit strategy.

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