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Xcel Energy's 2nd Qtr. Profits Drop Slightly; Utility Net Up

Despite increased results from utility operations, Minneapolis-based Xcel Energy Wednesday reported that its overall income from continuing operations for the second quarter was $78 million, or 19 cents/diluted share, compared with $86 million, or 21 cents/share, for the same period last year. Total earnings were $83 million, or 20 cents/share, for the second quarter, compared with $86 million, or 21 cents/share, in the same period in 2004.

Utility earnings were up, boosted by higher-than-normal temperatures that increased electricity distribution profits. Earnings from continuing utility operations were $94 million, or 22 cents/share, for the second quarter, compared with $89 million, or 21 cents/share, in the same period last year.

Revenues for the period and the first six months of the year were up sharply over similar periods in 2004. Total operating revenues were $2.08 billion for the second quarter and $4.46 billion for the six months ended June 30, compared with $1.7 billion and $4 billion for the same periods last year, respectively. Results from discontinued operations were $5 million in the second quarter compared with $800,000 for the second quarter last year.

CEO Richard Kelly said the results were in line with management's objectives for the second quarter. "The performance of our power plants and transmission and distribution systems have met or exceeded expectations during an extended heat wave that began in the latter half of June has extended into July."

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