Xcel Energy, Inc. (XEL) Q3 2022 Earnings Call Transcript

Xcel Energy, Inc. (NASDAQ:XEL) Q3 2022 Results Conference Call October 27, 2022 10:00 AM ET

Company Participants

Paul Johnson - VP, IR & Treasurer

Bob Frenzel - President, CEO & Chairman

Brian Van Abel - EVP, CFO & Principal Accounting Officer

Conference Call Participants

Nicholas Campanella - Credit Suisse

David Arcaro - Morgan Stanley

Jeremy Tonet - JPMorgan

Durgesh Chopra - Evercore

Ross Flower - UBS

Steve Fleishman - Wolf Research

Sophie Karp - KeyBanc

Julian Dumoulin-Smith - Bank of America

Ryan Levine - Citigroup

Travis Miller - Morningstar

Operator

Good day, and welcome to Xcel Energy's Third Quarter 2022 Earnings Conference Call. Today's conference is being recorded. After the presentation, we will open up for questions. 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 the call over to Paul Johnston, Vice President, Treasurer and Investor Relations. Please go ahead.

Paul Johnson

Good morning, and welcome to Xcel Energy's 2022 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 others in the room available to answer questions if needed.

This morning, we will discuss our 2022 results, share recent business and regulatory developments, update our capital and financing plans and provide 2023 guidance. 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 measures that are non-GAAP metrics. Information on the comparable GAAP measures and reconciliations are included in our earnings release. I'll now turn the call over to Bob.

Bob Frenzel

Thanks, Paul, and good morning, everyone. Welcome to our third quarter earnings call. Let's start with our financial results. We had another solid quarter, recording earnings of $1.18 per share for 2022 compared to $1.13 per share in 2021. Our earnings are on track, and as a result, we are narrowing our '22 earnings guidance range to $3.14 to $3.19 per share. We're also initiating 2023 earnings guidance of $3.30 to $3.40 per share, which reflects our 5% to 7% long-term EPS growth objective.