Xcel Energy's third-quarter earnings were down a tad, as higher costs offset gains from favorable weather conditions and sales growth.
Minneapolis-based Xcel on Thursday reported quarterly earnings of $491 million, or 96 cents a share.
Analysts surveyed by Zacks Research had forecast 98 cents a share. A year ago, Xcel earned $492 million, or 97 cents a share.
Revenue was $3.05 billion for the quarter, 1 percent lower than analysts' forecast but 1 percent higher than the same time last year.
"Third-quarter results were in line with our forecast, while our year-to-date results continue to be favorable," Xcel Chief Executive Ben Fowke said in a statement.
"We are on track to achieve our revised year-end earnings guidance, we are well positioned for the future and we are increasing our long-term [earnings] growth objective from 5 to 7 percent," he said.
On the plus side, Xcel had another quarter of favorable weather, which during the summer means hotter temperatures leading to more air-conditioning usage. Rate increases also boosted the company's earnings in Colorado and Wisconsin.
However, higher operating and maintenance expenses dented profits by 7 cents per share during the quarter, and higher depreciation and interest expenses hurt to a lesser extent.
