First-quarter earnings for Xcel Energy, Inc., rose 14 percent over the same period last year, the company announced Thursday.
 
Earnings totaled $174 million, or 38 cents per share—more than the 36 cents per share that analysts had predicted. The company attributes the increase to improved financial performance at Texas-based subsidiary Southwestern Public Service Company, interim electric rates in Minnesota, and improved fuel cost recovery in Wisconsin.
 
“We are pleased to report solid earnings, reflecting the continued execution of our strategy to invest in our core utility businesses and earn a reasonable return on our invested capital,” Chairman, President, and CEO Richard C. Kelly said in a company-issued statement.
 
First-quarter operating revenues, however, were down 11 percent to $3 billion from the same time last year. Operating and maintenance expenses increased by $10.9 million, or 2.4 percent, mostly due to higher employee benefit costs and higher nuclear plant operation costs.
 
The company reaffirmed its 2009 earnings guidance of $1.45 to $1.55 per share. Analysts, meanwhile, estimate $1.51 per share.
 
Minneapolis-based Xcel Energy is a utility supplier of electric power and natural gas service with operations in eight western and midwestern states, including Minnesota. Based on its 2007 revenue, it is Minnesota’s 12th-largest public company. The company’s 2008 revenue totaled $11.2 billion.