Xcel Energy Inc. (NASDAQ:XEL) Q3 2023 Earnings Conference Call October 27, 2023 10:00 AM ET

Company Participants

Paul Johnson - Vice President, Treasurer & Investor Relations

Bob Frenzel - Chairman, President & Chief Executive Officer

Brian Van Abel - Executive Vice President & Chief Financial Officer

Conference Call Participants

Julien Dumoulin-Smith - Bank of America

Nicholas Campanella - Barclays

Durgesh Chopra - Evercore ISI

Carly Davenport - Goldman Sachs

Jeremy Tonet - JPMorgan

Anthony Crowdell - Mizuho

David Arcaro - Morgan Stanley

Travis Miller - Morningstar

Ross Fowler - UBS

Paul Patterson - Glenrock Associates

Ryan Levine - Citi

Operator

Hello, and welcome to the Xcel Energy Third Quarter 2023 Earnings Conference Call. My name is George, I'll be a coordinator for today's events. Please note this conference is being recorded and for the duration of the call, your lines will be listen-only. A question-and-answer session will follow the prepared remarks, and questions will only be taken from institutional investors and analysts. Reporters can contact Media Relations with inquiries and individual investors and others can reach out to Investor Relations. [Operator Instructions]

I'd now like to hand the call over to your host today, Mr. Paul Johnson Vice President, Treasurer and Investor Relations to begin today's conference. Please go ahead sir.

Paul Johnson

Thank you. Good morning and welcome to Xcel Energy's third 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 questions if needed.

This morning we will review our third quarter results and highlights, share recent business and regulatory developments, update our capital and financing plans and provide 2024 guidance. 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'll discuss certain measures that are non-GAAP measures. Information on comparable GAAP measures and reconciliations are included in our earnings release. Early this week a jury in Denver District Court found Xcel Energy liable and its dispute with core cooperative regarding prior years lost power damages at our Comanche power plant. We intend to appeal the decision.

For the third quarter of 2023, we recorded GAAP earnings of $1.19 per share, which includes a onetime nonrecurring pre-tax charge of $34 million related to the ongoing legal dispute. As a result we have taken a nonrecurring charge of $0.05 per share, which we don't consider part of ongoing earnings. All for the discussion in our earnings call will focus on ongoing earnings. For more information on this matter, please see the disclosure in our earnings release.