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![XCEL ENERGY INC [XEL] reports annual net loss of $1.8 billion](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FXEL.png&w=1200&q=75)
XCEL ENERGY INC [XEL] has reported a net loss of $1.8 billion for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $14.2 billion
Based in MINNEAPOLIS, Minnesota, XCEL ENERGY INC operates in the TRANSPORT sector.
In the 12 months ended December 31, 2023, the operating revenues for the company were $14.206 billion, a decrease from $15.310 billion in the same period in 2022. This decline was primarily driven by lower revenues in the Electric and Natural Gas segments.
The cost of goods sold and operating expenses during the same period totaled $11.725 billion, down from $12.882 billion in 2022. This decrease was mainly due to lower expenses in Electric fuel and purchased power, Cost of natural gas sold and transported, and Operating and maintenance expenses.
The net income for the company in 2023 was $1.771 billion, slightly higher compared to $1.736 billion in 2022. This improvement was driven by cost-saving measures and better income tax benefits.
Regarding earnings per share, the company reported basic earnings per share of $3.21 and diluted earnings per share of $3.21 in 2023, up from $3.18 and $3.17, respectively, in 2022. This increase can be attributed to the higher net income and a slight increase in the number of common shares outstanding.
Overall, despite a decrease in operating revenues, the company managed to control its expenses and achieve a higher net income in 2023 compared to the previous year. Earnings per share also showed a positive trend, reflecting the company's financial performance.
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