Xcel Energy Inc. (XEL) Q1 2023 Earnings Call Transcript

Xcel Energy Inc. (NASDAQ:XEL) Q1 2023 Results Conference Call April 27, 2023 10:00 AM ET

Company Participants

Paul Johnson - VP, IR and Treasurer

Bob Frenzel - President, CEO and Chairman

Brian Van Abel - EVP and CFO

Conference Call Participants

Julien Dumoulin-Smith - Bank of America

Durgesh Chopra - Evercore ISI

David Arcaro - Morgan Stanley

Jeremy Tonet - JPMorgan

Sophie Karp - KeyBanc

Ryan Levine - Citigroup

Paul Patterson - Glenrock Associates

Operator

Hello, and welcome to the Xcel Energy First Quarter 2023 Earnings Conference Call. My name is George, and I'll be your coordinator for today's event. Please note, this conference is being recorded. [Operator Instructions]

I'll now hand it over to Mr. Paul Johnson, Vice President, Treasurer, and Investor Relations, to begin this conference. Please go ahead, sir.

Paul Johnson

Thank you. Good morning, and welcome to Xcel Energy's 2023 First 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 '23 first 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 made 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.

With that, I'll turn it over to Bob.

Bob Frenzel

Thanks, Paul, and good morning, everyone. Let's start with our first quarter results. We had another solid financial quarter, recording earnings of $0.76 per share for 2023 compared to $0.70 per share in 2022. The increase in earnings largely reflects new revenue to recover our investments in clean energy and grid systems for the benefit of our customers. Our business plan is on track for the year, and as a result, we are reaffirming our 2023 earnings guidance of $3.30 to $3.40 per share. This quarter, we continue to make progress on our industry-leading clean energy transition plans. We've received and reviewed a significant number of proposals in our pending solicitations for nearly 6,000 megawatts of new electric generation across multiple jurisdictions.