Full Transcript of Xcel Energy’s 3Q05 Conference Call — Prepared Remarks (XEL)

Tags: Xcel Energy Inc.

Earnings Call Excerpt

Here’s the entire text of the prepared remarks from Xcel Energy’s (ticker: XEL) Q3 2005 conference call. The Q&A is here. We recognize that this transcript may contain inaccuracies - if you find any, please post a comment below and we’ll incorporate your corrections. And please note: this conference call transcript is a Seeking Alpha product, so feel free to link to it but reproduction is not permitted without the explicit permission of Seeking Alpha.

Executives:

Richard Kolkmann, Managing Director, IR
Ben Fowke, VP and Chief Financial Officer

Analysts:

Daniele Seit, Maxcor Financial
Ashar Khan, SAC Capital
Paul Patterson, lenrock Associates
Elizabeth Parrella, Merrill Lynch
David Frank, Pequot Capital
John Hanson, Imperium Capital
Reza Hatefi, Zimmer Lucas Partners
Greg Orrill, Lehman Brothers

Presentation

Operator

Good morning. My name is Dennis and I will be your conference facilitator. At this time, I would like to welcome everyone to the Xcel Energy Third Quarter 2005 Earnings Conference Call.

Operator Instructions

I will now turn the call over to Mr. Richard Kolkmann, Managing Director, Investors Relations. Please go ahead, sir.

Richard Kolkmann, Managing Director, IR

Thanks, Dennis, and I would like to welcome all of you to Xcel Energy's third quarter 2005 earnings release conference call. With me today is Ben Fowke, Vice President and CFO of Xcel Energy. We also have several others here to help provide answers to your questions.

Some of the comments that will be made contain forward-looking information, significant factors that could cause results to differ from those anticipated are described in our earnings release and Xcel Energy filings with the Securities and Exchange Commission.

Now I will turn the call over to Ben.

Ben Fowke, VP and Chief Financial Officer

Thanks, Dick, and welcome everyone. On today's call, I'm going to provide an explanation of our quarterly results, our outlook for the rest of year, our 2006 guidance and finally an update on our construction program in COLI.

Starting with our results for the quarter, I'm pleased to report that Xcel Energy recorded earnings from continuing operations of $0.47 per share for the third quarter of 2005, compared with $0.40 per share for 2004. Total earnings for the third quarter 2005 were $0.47 per share, compared with $0.12 per share for 2004. As a reminder, we recorded a loss of $0.28 per share in the third quarter of 2004, largely due to an asset impairment charge related to our Seren investment.

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