By Dieter Holger

Xcel Energy Inc.'s profit rose above Wall Street's expectations in the latest quarter, though sales were lower than anticipated.

The Minneapolis-based power company said Thursday that profit was $603 million, or $1.14 a share, in the third quarter. A year ago, profit was $527 million or $1.01 a share.

On an adjusted basis, earnings were $1.14 a share. Analysts polled by FactSet expected adjusted earnings of $1.06 a share.

Sales rose to $3.18 billion in the quarter from $3.01 billion a year ago. Analysts expected $3.37 billion in sales.

The company narrowed its full-year earnings guidance to $2.75 to $2.81 a share. For 2021, it said it expects earnings of $2.90 to $3 a share.

Xcel said it plans to invest $22.6 billion over the next five years, including in the electric grid, solar and aging wind farms that would create 5,000 jobs and grow the company's renewable energy portfolio.

Write to Dieter Holger at dieter.holger@wsj.com

(END) Dow Jones Newswires

10-29-20 0632ET