Xcel Energy Reports Strong First-Quarter Results
Xcel Energy Inc. (Minneapolis, MN) reported that preliminary earnings for first quarter of 2003 were $192 million, or $0.48 per share, including results of subsidiary NRG Energy, compared with $102 million, or $0.29 per share, for the same period in 2002. Xcel Energy's pro-forma earnings from continuing operations, excluding NRG's operating results and a gain on the sale of subsidiary Viking Gas Transmission Company, were $131 million, or $0.33 per share, in the first quarter of 2003, compared with $122 million, or $0.35 per share, for the same period in 2002.
Total earnings increased due to discontinued operations gains related to NRG's disposal of its Killingholme project and to the sale of Viking Gas. Earnings also increased for the first quarter of 2003, compared with the same period in 2002, due to sales growth at all four of Xcel Energy's largest operating utilities. The increases were partially offset by significantly increased operating losses at NRG.