Xcel Energy (XEL) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 27, 2023 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Hello, and welcome to Xcel Energy's Second Quarter 2023 Earnings Conference Call. My name is Melissa, and I will be your coordinator for today's event. Please note, this conference is being recorded and for the duration of the call, your lines will be listen-only. [Operator Instructions]. Questions will only be taken from institutional investors, reporters can contact Media Relations with inquiries and individual investors and others can reach out to Investor Relations.

I will now hand you over to your host, Paul Johnson, Vice President, Treasurer and Investor Relations to begin today's conference. Thank you.

Paul Johnson

Good morning, and welcome Xcel Energy's 2023 Second Quarter Earnings Call. Joining me today are Bob Frenzel, Chairman, President and Chief Executive Officer; and Brian Van Abel, Executive Vice President and Chief Financial Officer. In addition, we have other members of the management team in the room to answer your questions if needed. This morning, we will review our 2023 second quarter results and highlights and share recent business developments. Slides that accompany today's call are available on our website.

As a reminder, some of the comments during today's call may contain forward-looking information. Significant factors that could cause results to differ from those anticipated are described in our earnings release and our SEC filings. Today, we will discuss certain metrics that are non-GAAP measures. Information on the comparable GAAP measures and reconciliations are included in our earnings release.

And with that, I'll turn it over to Bob Frenzel.

Robert Frenzel

Thanks, Paul, and good morning, everybody. Let's start with our results. We faced some headwinds from weather and other items in the second quarter, recording earnings of $0.52 per share for the second quarter of 2023 as compared to $0.60 per share in 2022. We've got tangible plans in place for the second half of the year to overcome the inflationary pressures as well as the impact of the lower-than-expected ROE in the Minnesota electric rate case and allow us to deliver on our 2023 guidance.

But our strategic priorities are unchanged. Leading the clean energy transition, enhancing our customers' experience and keeping our customers' bills low. And we've delivered on this strategic vision across our eight states for the past decade. We invest in clean energy resources that provide both financial cost savings to our customers while transitioning to a lower carbon economy.