Xcel Energy Inc. (NASDAQ:XEL) Q3 2023 Earnings Conference Call January 25, 2024 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
Jeremy Tonet - JPMorgan
Durgesh Chopra - Evercore ISI
Steve Fleishman - Wolfe Research
Anthony Crowdell - Mizuho
Carly Davenport - Goldman Sachs
Sophie Karp - KeyBanc
David Arcaro - Morgan Stanley
Travis Miller - Morningstar
Ryan Levine - Citi
Paul Patterson - Glenrock Associates
Operator
Hello, and welcome to the Xcel Energy 2023 Year End Earnings Conference Call. My name is Melissa and I would be your coordinator for today's events. Please note this conference is being recorded and for the duration of the call, your lines will be in a listen-only mode. [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’ll now turn the call over to Paul Johnson Vice President, Treasurer and Investor Relations. Please go ahead.
Paul Johnson
Good morning. Welcome to Xcel Energy's 2023 fourth quarter earnings call. Joining me today are Bob Frenzel, Chairman, President, 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 2023 results and highlights, share recent business and regulatory updates and provide updates on our long-term growth plans. 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 metrics that are non-GAAP measures. Information on the comparable GAAP measures and reconciliations are included in our earnings release.
In the fourth quarter Xcel implemented several work force actions to streamline the organization, ensure resources that align the business and customer needs to ensure our long-term success. Xcel initiated a voluntary retirement program under which 400 non-bargaining employees retired. In addition we eliminated 150 non-bargaining positions.
As a result, we recorded a workforce reduction expense of $72 million or $0.09 per share in the fourth quarter of 2023. Also in 2023, we recorded a charge of $35 million or $0.05 per share related to a legal dispute between CORE and Xcel Energy regarding prior year operations at the Comanche 3 coal plant. Given the non-recurring nature of these items, both have been excluded from ongoing earnings.