{"id":754107,"date":"2023-05-03T06:33:37","date_gmt":"2023-05-03T10:33:37","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/allete-inc-reports-first-quarter-earnings-of-1-02-per-share\/"},"modified":"2023-05-03T06:33:37","modified_gmt":"2023-05-03T10:33:37","slug":"allete-inc-reports-first-quarter-earnings-of-1-02-per-share","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/allete-inc-reports-first-quarter-earnings-of-1-02-per-share\/","title":{"rendered":"ALLETE, Inc. reports first quarter earnings of $1.02 per share"},"content":{"rendered":"

<\/p>\n

ALLETE, Inc. reports first quarter earnings of $1.02 per share<\/b><\/p>\n

Reaffirms 2023 earnings guidance range of $3.55 to $3.85 per share<\/b><\/p>\n

DULUTH, Minn.–(BUSINESS WIRE<\/a>)–
\nALLETE, Inc. (NYSE: ALE) today reported first quarter 2023 earnings of $1.02 per share on net income of $58.2 million. Last year\u2019s first quarter results were $1.24 per share on net income of $66.3 million.<\/p>\n

\n\u201cThe entire ALLETE team\u2019s execution of our Sustainability in Action strategy was excellent throughout the quarter, and we are excited about the year ahead,\u201d said ALLETE Chair, President and Chief Executive Officer Bethany Owen. \u201cNew Energy is starting the first full year under ALLETE ownership with strong financial results in the quarter; ALLETE Clean Energy closed on two projects \u2013 Northern Wind in January and Red Barn in April; and our assets operated well in spite of challenging weather conditions, while Minnesota Power\u2019s taconite customers are operating at near-full production levels. And just recently we were pleased that two large power customers, that had been idled for some time, announced plans to restart operations.\u201d<\/p>\n

\n\u201cOur results for the first quarter 2023 were lower than last year\u2019s first quarter due to timing of reserves for interim rates resulting from Minnesota Power\u2019s February rate case order, and overall weather conditions in the quarter impacting consolidated earnings by approximately 10 cents per share versus last year.\u201d said ALLETE Senior Vice President and Chief Financial Officer Steve Morris. \u201cHowever, our regulated operations are in line with internal expectations, as higher taconite margins offset negative weather impacts on other regulated retail sales. In addition, New Energy had a record first quarter with approximately 30 megawatts of project closings and is on track to achieve full year earnings projections. Although ALLETE Clean Energy was below our expectations for the quarter due to weather impacts causing lower wind resources and availability across much of the fleet, the profitable sale of the Red Barn project will be a positive impact to our second quarter financial results. We are reaffirming our 2023 guidance as we remain confident in our earnings range of $3.55 to $3.85 per share.\u201d<\/p>\n

\nALLETE\u2019s Regulated Operations segment, which includes Minnesota Power, Superior Water, Light and Power (SWL&P) and the Company\u2019s investment in the American Transmission Company (ATC), recorded first quarter 2023 net income of $40.6 million, compared to $51.5 million in the first quarter a year ago. Earnings at Minnesota Power were down primarily due to warmer weather compared to the first quarter of 2022 resulting in lower sales to retail and municipal customers, as well as interim rate refund reserves recognized in 2023, as a result of Minnesota Power\u2019s 2022 general rate case outcome; the full interim rate reserve was recorded in the fourth quarter of 2022. Also reflected in the first quarter of 2023 are higher operating and maintenance expense. Net income at SWL&P was lower during the first quarter of 2023 primarily due to warmer weather and higher operating and maintenance expense.<\/p>\n

\nALLETE Clean Energy recorded first quarter 2023 net income of $8.5 million compared to $16.5 million in 2022. Earnings in 2023 reflect lower wind resources and availability across much of its fleet as well as higher operating and maintenance expense. Net income in 2022 also included earnings from the Northern Wind facilities which were decommissioned in April 2022 as part of ALLETE Clean Energy\u2019s project to repower and sell the Northern Wind project.<\/p>\n

\nCorporate and Other businesses, which include New Energy, BNI Energy, ALLETE Properties and our investments in renewable energy facilities, recorded net income of $9.1 million in the first quarter of 2023, compared to a net loss of $1.7 million in 2022. Net income in 2023 reflects New Energy\u2019s earnings of $4.1 million; 2022 net income included $1.4 million of transaction costs related to the New Energy acquisition which closed in April last year.<\/p>\n

\nEarnings per share dilution in 2023 was approximately 8 cents due to additional shares of common stock outstanding as of March 31, 2023.<\/p>\n

Live Webcast on May 3, 2023; 2023 first quarter slides posted on company website<\/b><\/p>\n

\nALLETE\u2019s earnings conference call will be at 10:00 a.m. (ET), May 3, 2023, at which time management will discuss the first quarter of 2023 financial results. Interested parties may participate live by registering for the call at allete.com\/earnings call or may listen to the live audio-only webcast accompanied by supporting slides, which will be available on ALLETE\u2019s Investor Relations website investor.allete.com\/events-presentations. The webcast will be accessible for one year at allete.com.<\/p>\n

\nALLETE is an energy company headquartered in Duluth, Minn. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth, BNI Energy in Bismarck, N.D., New Energy Equity in Annapolis, MD, and has an eight percent equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com<\/a>. ALE-CORP<\/i><\/p>\n

The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.<\/i><\/p>\n

ALLETE’s press releases and other communications may include certain non-Generally Accepted Accounting Principles (GAAP) financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in the company’s financial statements.<\/i><\/p>\n

Non-GAAP financial measures utilized by the Company include presentations of earnings (loss) per share. ALLETE’s management believes that these non-GAAP financial measures provide useful information to investors by removing the effect of variances in GAAP reported results of operations that are not indicative of changes in the fundamental earnings power of the Company’s operations. Management believes that the presentation of the non-GAAP financial measures is appropriate and enables investors and analysts to more accurately compare the company’s ongoing financial performance over the periods presented.<\/i><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

ALLETE, Inc.<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Consolidated Statement of Income<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nMillions Except Per Share Amounts – Unaudited<\/p>\n<\/td>\n<\/tr>\n

\n\n\u00a0<\/td>\n<\/tr>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

March 31<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

2023<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

2022<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Operating Revenue<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nContracts with Customers \u2013 Utility<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$312.6<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$329.0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nContracts with Customers \u2013 Non-utility<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n251.0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n51.7<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther \u2013 Non-utility<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n1.3<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n2.8<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal Operating Revenue<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n564.9<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n383.5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Operating Expenses<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nFuel, Purchased Power and Gas \u2013 Utility<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n118.6<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n137.4<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTransmission Services \u2013 Utility<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n20.1<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n19.9<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCost of Sales \u2013 Non-utility<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n210.5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n17.0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating and Maintenance<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n85.7<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n75.3<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation and Amortization<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n62.3<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n61.7<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTaxes Other than Income Taxes<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n19.4<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n18.8<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal Operating Expenses<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n516.6<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n330.1<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Operating Income<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n48.3<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n53.4<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Other Income (Expense)<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest Expense<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(19.3<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(18.3<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nEquity Earnings<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n6.0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n5.5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n4.1<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n2.0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal Other Expense<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(9.2<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(10.8<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Income Before Income Taxes<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n39.1<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n42.6<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Income Tax Expense (Benefit)<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n1.5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(3.9<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Net Income<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n37.6<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n46.5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet Loss Attributable to Non-Controlling Interest<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(20.6<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(19.8<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Net Income Attributable to ALLETE<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$58.2<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$66.3<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Average Shares of Common Stock<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nBasic<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n57.3<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n53.3<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n57.3<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n53.3<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Basic Earnings Per Share of Common Stock<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$1.02<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$1.24<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Diluted Earnings Per Share of Common Stock<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$1.02<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$1.24<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Dividends Per Share of Common Stock<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$0.6775<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$0.65<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Consolidated Balance Sheet<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nMillions – Unaudited<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

Mar. 31<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Dec. 31,<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

Mar. 31<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Dec. 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

2023<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

2023<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Assets<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

Liabilities and Equity<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCash and Cash Equivalents<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$29.9<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$36.4<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nCurrent Liabilities<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$464.4<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$716.2<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther Current Assets<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n539.8<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n681.6<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nLong-Term Debt<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n1,755.5<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n1,648.2<\/p>\n<\/td>\n<\/tr>\n

\n

\nProperty, Plant and Equipment \u2013 Net<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n4,979.3<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n5,004.0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nDeferred Income Taxes<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n156.3<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n158.1<\/p>\n<\/td>\n<\/tr>\n

\n

\nRegulatory Assets<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n469.1<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n441.0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nRegulatory Liabilities<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n526.4<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n526.1<\/p>\n<\/td>\n<\/tr>\n

\n

\nEquity Investments<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n323.9<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n322.7<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nDefined Benefit Pension and Other Postretirement Benefit Plans<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n173.8<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n179.7<\/p>\n<\/td>\n<\/tr>\n

\n

\nGoodwill and Intangibles \u2013 Net<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n155.5<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n155.6<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nOther Non-Current Liabilities<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n270.4<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n269.0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther Non-Current Assets<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n207.0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n204.3<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nEquity<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n3,357.7<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n3,348.3<\/p>\n<\/td>\n<\/tr>\n

\n

Total Assets<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$6,704.5<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$6,845.6<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

Total Liabilities and Equity<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$6,704.5<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$6,845.6<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n

\n\u00a0Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

ALLETE, Inc.<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

March 31<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Income (Loss)<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

2023<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

2022<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nMillions<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRegulated Operations<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$40.6<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$51.5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nALLETE Clean Energy<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n8.5<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n16.5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCorporate and Other<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n9.1<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(1.7<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet Income Attributable to ALLETE<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$58.2<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$66.3<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Diluted Earnings Per Share<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$1.02<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$1.24<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n

Statistical Data<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCorporate<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCommon Stock<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nHigh<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$66.64<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$68.61<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nLow<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$57.88<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$58.37<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nClose<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$64.37<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$66.98<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nBook Value<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$47.38<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$45.95<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n

Kilowatt-hours Sold<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nMillions<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRegulated Utility<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRetail and Municipal<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nResidential<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n321<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n355<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCommercial<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n347<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n360<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIndustrial<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n1,658<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n1,766<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nMunicipal<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n128<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n158<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal Retail and Municipal<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n2,454<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n2,639<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther Power Suppliers<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n696<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n981<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal Regulated Utility Kilowatt-hours Sold<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n3,150<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n3,620<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n

Regulated Utility Revenue<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nMillions<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRegulated Utility Revenue<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRetail and Municipal Electric Revenue<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nResidential<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$42.4<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$48.5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCommercial<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n44.0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n45.4<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIndustrial<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n143.4<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n146.5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nMunicipal<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n8.9<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n12.1<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal Retail and Municipal Electric Revenue<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n238.7<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n252.5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther Power Suppliers<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n35.9<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n41.0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther (Includes Water and Gas Revenue)<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n38.0<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n35.5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal Regulated Utility Revenue<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$312.6<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$329.0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\n\u00a0<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230503005282\/en\/<\/a><\/span><\/p>\n

\nInvestor Contact:
\n
Vince Meyer
\n
218-723-3952
\n
vmeyer@allete.com<\/a><\/p>\n

KEYWORDS:<\/b> Minnesota United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Alternative Energy Energy Utilities<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

ALLETE, Inc. reports first quarter earnings of $1.02 per share Reaffirms 2023 earnings guidance range of $3.55 to $3.85 per share DULUTH, Minn.–(BUSINESS WIRE)– ALLETE, Inc. (NYSE: ALE) today reported first quarter 2023 earnings of $1.02 per share on net income of $58.2 million. Last year\u2019s first quarter results were $1.24 per share on net income of $66.3 million. \u201cThe entire ALLETE team\u2019s execution of our Sustainability in Action strategy was excellent throughout the quarter, and we are excited about the year ahead,\u201d said ALLETE Chair, President and Chief Executive Officer Bethany Owen. \u201cNew Energy is starting the first full year under ALLETE ownership with strong financial results in the quarter; ALLETE Clean Energy closed on two projects \u2013 Northern … <\/p>\n

Continue reading “ALLETE, Inc. reports first quarter earnings of $1.02 per share”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-754107","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nALLETE, Inc. reports first quarter earnings of $1.02 per share - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/allete-inc-reports-first-quarter-earnings-of-1-02-per-share\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ALLETE, Inc. reports first quarter earnings of $1.02 per share - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"ALLETE, Inc. reports first quarter earnings of $1.02 per share Reaffirms 2023 earnings guidance range of $3.55 to $3.85 per share DULUTH, Minn.–(BUSINESS WIRE)– ALLETE, Inc. (NYSE: ALE) today reported first quarter 2023 earnings of $1.02 per share on net income of $58.2 million. Last year\u2019s first quarter results were $1.24 per share on net income of $66.3 million. \u201cThe entire ALLETE team\u2019s execution of our Sustainability in Action strategy was excellent throughout the quarter, and we are excited about the year ahead,\u201d said ALLETE Chair, President and Chief Executive Officer Bethany Owen. \u201cNew Energy is starting the first full year under ALLETE ownership with strong financial results in the quarter; ALLETE Clean Energy closed on two projects \u2013 Northern … Continue reading "ALLETE, Inc. reports first quarter earnings of $1.02 per share"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/allete-inc-reports-first-quarter-earnings-of-1-02-per-share\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-03T10:33:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20230503005282r1&sid=flmnd&distro=nx&lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/allete-inc-reports-first-quarter-earnings-of-1-02-per-share\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/allete-inc-reports-first-quarter-earnings-of-1-02-per-share\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"ALLETE, Inc. reports first quarter earnings of $1.02 per share\",\"datePublished\":\"2023-05-03T10:33:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/allete-inc-reports-first-quarter-earnings-of-1-02-per-share\\\/\"},\"wordCount\":1325,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/allete-inc-reports-first-quarter-earnings-of-1-02-per-share\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&sty=20230503005282r1&sid=flmnd&distro=nx&lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/allete-inc-reports-first-quarter-earnings-of-1-02-per-share\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/allete-inc-reports-first-quarter-earnings-of-1-02-per-share\\\/\",\"name\":\"ALLETE, Inc. reports first quarter earnings of $1.02 per share - 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(NYSE: ALE) today reported first quarter 2023 earnings of $1.02 per share on net income of $58.2 million. Last year\u2019s first quarter results were $1.24 per share on net income of $66.3 million. \u201cThe entire ALLETE team\u2019s execution of our Sustainability in Action strategy was excellent throughout the quarter, and we are excited about the year ahead,\u201d said ALLETE Chair, President and Chief Executive Officer Bethany Owen. \u201cNew Energy is starting the first full year under ALLETE ownership with strong financial results in the quarter; ALLETE Clean Energy closed on two projects \u2013 Northern … Continue reading \"ALLETE, Inc. reports first quarter earnings of $1.02 per share\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/allete-inc-reports-first-quarter-earnings-of-1-02-per-share\/","og_site_name":"Market Newsdesk","article_published_time":"2023-05-03T10:33:37+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20230503005282r1&sid=flmnd&distro=nx&lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/allete-inc-reports-first-quarter-earnings-of-1-02-per-share\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/allete-inc-reports-first-quarter-earnings-of-1-02-per-share\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"ALLETE, Inc. reports first quarter earnings of $1.02 per share","datePublished":"2023-05-03T10:33:37+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/allete-inc-reports-first-quarter-earnings-of-1-02-per-share\/"},"wordCount":1325,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/allete-inc-reports-first-quarter-earnings-of-1-02-per-share\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20230503005282r1&sid=flmnd&distro=nx&lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/allete-inc-reports-first-quarter-earnings-of-1-02-per-share\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/allete-inc-reports-first-quarter-earnings-of-1-02-per-share\/","name":"ALLETE, Inc. reports first quarter earnings of $1.02 per share - 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