Xcel Energy Inc. (XEL) has reported a 0.91 percent rise in profit for the quarter ended Jun. 30, 2015. The company has earned $196.93 million, or $0.39 a share in the quarter, compared with $195.16 million, or $0.39 a share for the same period last year. Revenue during the quarter dropped 6.33 percent to $2,515.13 million from $2,685.10 million in the previous year period. Gross margin for the quarter expanded 559 basis points over the previous year period to 58.67 percent. Total expenses were 83.19 percent of quarterly revenues, down from 85.21 percent for the same period last year. This has led to an improvement of 202 basis points in operating margin to 16.81 percent.
Operating income for the quarter was $422.84 million, compared with $397.21 million in the previous year period.
Operating cash flow improves significantly
Xcel Energy Inc. has generated cash of $1,509.04 million from operating activities during the first half, up 45.17 percent or $469.53 million, when compared with the last year period.
The company has spent $1,431.02 million cash to meet investing activities during the first six months as against cash outgo of $1,531.22 million in the last year period.
The company has spent $22.03 million cash to carry out financing activities during the first six months as against cash inflow of $484.11 million in the last year period.
Cash and cash equivalents stood at $135.60 million as on Jun. 30, 2015, up 36.22 percent or $36.06 million from $99.54 million on Jun. 30, 2014.
Working capital turns negative
Working capital of Xcel Energy Inc. has turned negative to $488.33 million on Jun. 30, 2015 from positive $63.89 million on Jun. 30, 2014. Current ratio was at 0.86 as on Jun. 30, 2015, down from 1.02 on Jun. 30, 2014.
Cash conversion cycle (CCC) has increased to 17 days for the quarter from 8 days for the last year period. Days sales outstanding were almost stable at 48 days for the quarter, when compared with the last year period.
Days inventory outstanding has increased to 45 days for the quarter compared with 34 days for the previous year period. At the same time, days payable outstanding went up to 76 days for the quarter from 73 for the same period last year.
Debt moves up marginally
Xcel Energy Inc. has witnessed an increase in total debt over the last one year. It stood at $13,054.48 million as on Jun. 30, 2015, up 4.12 percent or $516.38 million from $12,538.10 million on Jun. 30, 2014. Total debt was 35.03 percent of total assets as on Jun. 30, 2015, compared with 36.11 percent on Jun. 30, 2014. Debt to equity ratio was at 1.27 as on Jun. 30, 2015, up from 121.30 as on Jun. 30, 2014. Interest coverage ratio deteriorated to 3.06 for the quarter from 3.07 for the same period last year.
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