Xcel Energy Inc. (NASDAQ:XEL) Q3 2024 Earnings Conference Call October 31, 2024 10:00 AM ET
Company Participants
Paul Johnson – Vice President, Treasury and Investor Relations
Bob Frenzel – President, Chairman, Chief Executive Officer
Brian Van Abel – Executive Vice President and Chief Financial Officer
Conference Call Participants
Nicholas Campanella – Barclays
Steve Fleishman – Wolfe Research
Carly Davenport – Goldman Sachs
Jeremy Tonet – JPMorgan
Julien Dumoulin-Smith – Jefferies
Durgesh Chopra – Evercore ISI
Ross Fowler – Bank of America
Sophie Karp – KeyBanc
Travis Miller – Morningstar
Paul Patterson – Glenrock Associates
Operator
Hello, and welcome to Xcel Energy's Third Quarter 2024 Earnings Call. My name is Melissa, and I will be your coordinator for today's event. Please note this conference is being recorded and for the duration of the call your lines will be on listen-only. However, you will have the opportunity to ask questions at the end of the presentation. [Operator Instructions]
I'll now turn the call over to Paul Johnson, Vice President, Treasury and Investor Relations. Please go ahead.
Paul Johnson
Thank you. Good morning, and welcome to Xcel Energy's 2024 third quarter earnings call. Joining me today are Bob Frenzel, President, Chairman, 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 third quarter results and highlights, share recent business and regulatory updates, update our capital and financing plans and provide 2025 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 releases and SEC filings. Today, we will discuss certain metrics that are non-GAAP measures. Information on comparable GAAP measures and reconciliations are included in our earnings release.
In the third quarter of 2024 Minnesota Commission disallowed $46 million of replacement power costs associated with the extended outage at our Sherco plant in 2011. As a result, we recorded a charge of $35 million, or $0.04, in the third quarter, which was in addition to an $11 million, or $0.02 charge, that was accrued in the second quarter of 2024 related to that matter. Given the nonrecurring nature of these items, both charges have been excluded from third quarter and year-to-date earnings. As a result, our GAAP earnings for the third quarter of 2024 were $1.21 per share, while our ongoing earnings, which exclude this charge, were $1.25 per share. All for the discussion in our earnings call today will focus on ongoing earnings. For more information on this, please see the disclosure in our earnings release.