UPDATE 1-Xcel Energy Q2 profit beats Wall Street

* Q2 adj EPS $0.29 vs est $0.27

* Q2 revenue up 15 pct

July 29 (Reuters) - Power company Xcel Energy Inc (XEL.N) reported a quarterly profit that beat Wall Street estimates, helped by increased electric sales and positive rate case outcomes, and backed its full-year earnings outlook.

For the second quarter, Xcel's net income was $140 million, or 30 cents a share, compared with $117 million, or 25 cents a share, a year earlier. Excluding items, ongoing earnings per share was 29 cents for the quarter.

Revenue rose 15 percent to $2.31 billion.

Analysts on average were expecting the company to earn 27 cents a share, on revenue of $2.12 billion, according to Thomson Reuters I/B/E/S.

Xcel reaffirmed its full-year profit outlook of $1.55 to $1.65 per share, compared with analyst estimates of $1.62 a share.

Shares of the company closed at $22.65 Wednesday on the New York Stock Exchange. (Reporting by Arup Roychoudhury in Bangalore; Editing by Don Sebastian)