Xcel Energy Inc. on Wednesday said warm summer weather and higher profit margins for electricity sparked a more than fourfold jump in its third-quarter earnings, but warned that fourth-quarter profit will likely fall short of forecasts.
Net income came to $196 million, or 47 cents a share, in the latest period, compared with $46.7 million, or 12 cents a share, a year ago, the Minneapolis-based utility company said.
The results beat a Thomson Financial average of analysts' estimates at 44 cents a share.
Earnings were helped by a lower effective tax rate and sales growth.
Revenue climbed 16 percent to $2.29 billion from $1.97 billion.
Xcel serves 3.3 million electricity and 1.8 million natural gas customers across 10 Western and Midwestern states.
Regulators and shareholders shouldn't be getting different stories on electricity costs.