July 7, 2010 / 9:34 PM / 8 years ago

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)

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