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Published April 28, 2011, 04:30 PM

Xcel Energy 1Q Profit Rises on Lack of Charges

Xcel Energy Inc. said Thursday first-quarter profit rose from a year ago, when earnings were dragged down by charges including a tax settlement.

By: Associated Press,

MINNEAPOLIS (AP) — Xcel Energy Inc. said Thursday first-quarter profit rose from a year ago, when earnings were dragged down by charges including a tax settlement.

Revenue was essentially flat. The company was helped by higher interim electricity rates in Minnesota and North Dakota, but hurt by lower seasonal rates in Colorado.

Xcel said net income rose to $204 million, or 42 cents per share, compared with $167 million, or 36 cents per share, a year earlier. Adjusted earnings per share were flat with a year ago at 42 cents per share.

Analysts expected adjusted earnings of 43 cents per share in the most recent quarter, according to FactSet.

Revenue edged up to $2.82 billion from $2.81 billion a year ago but fell short of analysts' $2.85 billion forecast.

Xcel's stock price fell 7 cents to $24.17 in afternoon trading.

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