UPDATE 1-Xcel backs FY profit view; settles insurance claim
* Backs FY10 EPS view of $1.55 to $1.65
* Reaches $25 mln settlement with Provident Life
July 7 (Reuters) - Power company Xcel Energy Inc (XEL.N) backed its full-year earnings forecast and said it reached a $25 million insurance settlement with Provident Life & Accident Insurance Co.
In a filing with the U.S. Securities and Exchange Commission, Xcel said it will reiterate its 2010 earnings outlook of $1.55 to $1.65 per share in an investors' presentation on July 9.
Analysts on average are expecting the company to earn $1.62 a share, according to Thomson Reuters I/B/E/S.
In a separate filing, Xcel said settlement claims against Provident were in a case related to Xcel's discontinued corporate owned life insurance program.
Provident will fund $15 million of the settlement amount and Reassure America Life Insurance Co the rest, Xcel said.
The company added it expected to record this settlement of about $0.05 of non-recurring earnings per share in the third quarter.
Shares of Xcel closed at $21.37 Wednesday on the New York Stock Exchange.
For the alerts, please double click [ID:nWNAB3827] [ID:nWNAB3826] (Reporting by Arup Roychoudhury in Bangalore; Editing by Don Sebastian)
- Army officer takes charge in Burkina Faso, ousting general |
- UK says will pay off part of World War One-era debt next year
- Test flight of Virgin Galactic spaceship ends in fatal crash in California |
- Kurdish peshmerga forces enter Syria's Kobani after further air strikes |
- Test flight of Virgin Galactic spaceship ends in fatal crash in California