Xcel Energy Inc. (XEL) Q4 2022 Earnings Call Transcript

Xcel Energy Inc. (NASDAQ:XEL) Q4 2022 Earnings Conference Call January 26, 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

Christopher Clark - President, Minnesota and South Dakota

Conference Call Participants

Nick Campanella - Credit Suisse

David Arcaro - Morgan Stanley

Julien Dumoulin-Smith - Bank of America

Travis Miller - Morningstar

Paul Patterson - Glenrock Associates

Anthony Crowdell - Mizuho

Operator

Good day, ladies and gentlemen, and welcome to today's Xcel Energy Year End 2022 Earnings Conference Call. For your information, today's conference is being recorded. Questions will be taken from institutional investors, reporters can contact media relations with inquiries and individual investors and others can reach out to Investor Relations.

At this time, I’d like to turn the conference over to your host today, Mr. Paul Johnson, Vice President, Investor Relations and Treasurer. Please go ahead, sir.

Paul Johnson

Good morning, and welcome to Xcel Energy's 2022 fourth quarter earnings call. Joining me today are Bob Frenzel, Chairman, President and Chief Executive Officer; 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 2022 results and highlights and share recent business developments and regulatory developments. Slides that accompany today's call are available on our website.

As a reminder, some of our 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 also discuss certain metrics that are non-GAAP measures. Information on the comparable GAAP measures and reconciliations are included in our earnings release.

I'll now turn the call over to Bob Frenzel.

Bob Frenzel

Thanks Paul, and good morning, everyone, and welcome to our fourth quarter call.

We had another very successful year at Xcel Energy, continuing to execute on our strategy while delivering strong financial and operational performance. For our investors, we delivered EPS of $3.17 representing the 18th consecutive year of meeting or exceeding our initial earnings guidance. In February, we raised our annual dividend for the 19th straight year increasing at $0.12 per share or 6.6%.

More recently, in November, we extended our long-term investment plan which features a 10-year capital outlook with an approximate 7% rate base growth. We ranked in the top quartile in customer reliability or CAIDI and our residential electric builds are more than 20% below the national average.