UPDATE 1-Xcel Energy Q1 beats Street; backs FY10 share view

Thu Apr 29, 2010 7:47am EDT

* Q1 non-GAAP shr $0.42 vs est $0.41

* Q1 rev up 4 pct, beats estimates

* Backs 2010 EPS view of $1.55 to $1.65

April 29 (Reuters) - Xcel Energy Inc's (XEL.N) posted first-quarter adjusted profit that beat Wall Street estimates by a cent, helped by improved electric and gas margins, and backed its 2010 earnings view.

For the quarter, the company earned $167 million, or 36 cents a share, compared with earnings of $174 million, or 38 cents a share, last year.

First-quarter ongoing earnings, which exclude adjustments for certain non-recurring items, were 42 cents a share, compared with analysts' estimates of 41 cents a share.

Operating revenue rose 4 percent to $2.81 billion, beating consensus estimates of $2.77 billion, helped in part by increased sales to its residential customers in Colorado and Texas.

Minneapolis based Xcel, which owns and operates more than 17,000 MW of generating capacity, kept its 2010 profit view of $1.55 to $1.65 a share.

Analysts were looking for earnings of $1.62 a share for the full year, according to Thomson Reuters I/B/E/S.

Xcel Energy shares closed at $21.49 Wednesday on the New York Stock Exchange. (Reporting by Adveith Nair in Bangalore; Editing by Roshni Menon)

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