{"id":812593,"date":"2025-02-13T06:35:02","date_gmt":"2025-02-13T11:35:02","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/allete-inc-reports-2024-earnings\/"},"modified":"2025-02-13T06:35:02","modified_gmt":"2025-02-13T11:35:02","slug":"allete-inc-reports-2024-earnings","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/allete-inc-reports-2024-earnings\/","title":{"rendered":"ALLETE, Inc. Reports 2024 Earnings"},"content":{"rendered":"

<\/p>\n

ALLETE, Inc. Reports 2024 Earnings<\/b><\/p>\n

DULUTH, Minn.–(BUSINESS WIRE<\/a>)–
\nALLETE, Inc. (NYSE: ALE) today reported 2024 earnings of $3.10 per share on net income of $179.3 million and operating revenue of $1.5 billion. Reported results from 2023 were $4.30 per share on net income of $247.1 million and operating revenue of $1.9 billion. Results for 2024 reflect approximately 39 cents per share of transaction expenses related to the merger agreement entered into May 5, 2024, with Canada Pension Plan Investment Board and Global Infrastructure Partners. Earnings in 2024 were positively impacted by the implementation of interim rates on January 1, 2024, net of reserves, related to Minnesota Power\u2019s rate case settlement. Net income in 2023 included approximately 6 cents per share for transaction expenses and 71 cents per share related to the arbitration award at ALLETE Clean Energy including consolidated income tax impacts recorded at Corporate and Other. Earnings per share dilution in 2024 was two cents due to additional shares of common stock outstanding in 2024.<\/p>\n

\n\u201cI am pleased and extremely proud of our entire ALLETE team this past year, working diligently on many fronts to execute our Sustainability in Action strategy in tandem with initiatives as part of the merger agreement with Canada Pension Plan Investment Board and Global Infrastructure Partners,\u201d said ALLETE Chair, President, and Chief Executive Officer Bethany Owen. \u201cThe merger continues to progress as planned, and we remain on track for a 2025 closing, subject to all necessary approvals. With the Federal Energy Regulatory Commission approval in December, we met another important milestone that brings us closer to realizing the benefits of this transaction for our customers, our communities, our co-workers, and our shareholders, and we held the first of multiple public hearings in January.\u201d<\/p>\n

\nOwen continued, \u201cAt Minnesota Power and Superior Water, Light & Power, our teams continue to execute on our commitments to provide safe, resilient, reliable, and affordable service to our customers. We were pleased that the Minnesota Public Utilities Commission approved Minnesota Power\u2019s 2023 rate case settlement agreement in the fourth quarter, with final rates expected to be implemented in the first quarter of 2025. In addition, Superior Water, Light & Power implemented new rates on January 1, 2025, and our New Energy Equity team continues to execute on its strategy and robust pipeline of projects.\u201d<\/p>\n

\n\u201cOverall results for 2024 were slightly above expectations excluding transaction expenses and interim rate refund reserves resulting from the Minnesota Power rate case settlement,\u201d said ALLETE Senior Vice President and Chief Financial Officer Steve Morris. \u201cWhile earnings were lower at ALLETE Clean Energy, primarily due to a longer than expected forced outage near its Caddo wind energy, earnings from the American Transmission Company and New Energy Equity slightly exceeded expectations.\u201d<\/p>\n

\nALLETE\u2019s Regulated Operations segment, which includes Minnesota Power, Superior Water, Light &Power and the Company\u2019s investment in the American Transmission Company (\u201cATC\u201d), recorded 2024 net income of $160.9 million, compared to $147.2 million in 2023. Net income at Minnesota Power was higher compared to 2023 reflecting the implementation of interim rates on January 1, 2024, net of reserves related to Minnesota Power\u2019s rate case settlement. Also included in 2024 were higher transmission margins, partially offset by higher depreciation and property tax expenses, as well as lower margins from industrial customers. Earnings at Superior Water, Light & Power were lower in 2024 compared to 2023 primarily due to higher operating and maintenance expenses. Our after-tax equity earnings at ATC were higher than 2023 reflecting period over period changes in ATC\u2019s estimate of a refund liability related to a FERC decision on MISO return on equity complaints in 2024.<\/p>\n

\nALLETE Clean Energy recorded 2024 net income of $17.8 million compared to $71.7 million in 2023. Net income in 2024 reflected impacts from a forced network outage near its Caddo wind energy facility as well as a transformer outage at its Diamond Springs wind energy facility during the first half of the year. These decreases were partially offset by a $3.5 million after-tax gain on the sale of the Whitetail wind project and lower operating and maintenance expenses. Net income in 2023 included a $44.3 million, after-tax gain recognized for the favorable arbitration award, as well as the gain on sale of the Red Barn project and higher interest income related to interest awarded as part of the arbitration ruling.<\/p>\n

\nCorporate and Other businesses, which include New Energy Equity, BNI Energy, ALLETE Properties and our investments in renewable energy facilities, recorded net income of $0.6 million in 2024, compared to net income of $28.2 million in 2023. Net income in 2024 included higher transaction expenses of approximately 33 cents per share, related to the merger agreement entered into in May of 2024, as well as lower earnings from Minnesota solar projects as investment tax credits were recognized in 2023, and lower earnings at ALLETE Properties due to higher land sales in 2023. These were partially offset by higher earnings at New Energy Equity in 2024 compared to 2023.<\/p>\n

\nALLETE is an energy company headquartered in Duluth, Minn. In addition to its electric utilities, Minnesota Power and Superior Water, Light & 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

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

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

For the Periods Ended December 31, 2024 and 2023<\/b><\/p>\n<\/td>\n<\/tr>\n

<\/tr>\n
\n

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

\n

Quarter Ended<\/b><\/p>\n<\/td>\n

\n

Year to Date<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

2024<\/b><\/p>\n<\/td>\n

\n

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

\n

2024<\/b><\/p>\n<\/td>\n

\n

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

\n

Millions Except Per Share Amounts<\/b><\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

\n$314.1<\/p>\n<\/td>\n

\n

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

\n

\n$319.2<\/p>\n<\/td>\n

\n

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

\n

\n$1,242.7<\/p>\n<\/td>\n

\n

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

\n

\n$1,238.3<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n49.5<\/p>\n<\/td>\n

\n

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

\n

\n82.3<\/p>\n<\/td>\n

\n

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

\n

\n282.1<\/p>\n<\/td>\n

\n

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

\n

\n636.4<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n1.2<\/p>\n<\/td>\n

\n

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

\n

\n1.2<\/p>\n<\/td>\n

\n

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

\n

\n5.0<\/p>\n<\/td>\n

\n

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

\n

\n5.1<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n364.8<\/p>\n<\/td>\n

\n

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

\n

\n402.7<\/p>\n<\/td>\n

\n

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

\n

\n1,529.8<\/p>\n<\/td>\n

\n

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

\n

\n1,879.8<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

\n120.3<\/p>\n<\/td>\n

\n

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

\n

\n132.1<\/p>\n<\/td>\n

\n

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

\n

\n477.6<\/p>\n<\/td>\n

\n

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

\n

\n482.9<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n20.7<\/p>\n<\/td>\n

\n

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

\n

\n21.9<\/p>\n<\/td>\n

\n

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

\n

\n64.6<\/p>\n<\/td>\n

\n

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

\n

\n88.2<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n26.0<\/p>\n<\/td>\n

\n

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

\n

\n36.8<\/p>\n<\/td>\n

\n

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

\n

\n129.2<\/p>\n<\/td>\n

\n

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

\n

\n473.5<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n74.9<\/p>\n<\/td>\n

\n

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

\n

\n91.1<\/p>\n<\/td>\n

\n

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

\n

\n361.4<\/p>\n<\/td>\n

\n

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

\n

\n345.3<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n69.7<\/p>\n<\/td>\n

\n

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

\n

\n63.6<\/p>\n<\/td>\n

\n

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

\n

\n271.5<\/p>\n<\/td>\n

\n

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

\n

\n251.8<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n15.1<\/p>\n<\/td>\n

\n

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

\n

\n14.1<\/p>\n<\/td>\n

\n

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

\n

\n65.4<\/p>\n<\/td>\n

\n

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

\n

\n57.2<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n326.7<\/p>\n<\/td>\n

\n

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

\n

\n359.6<\/p>\n<\/td>\n

\n

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

\n

\n1,369.7<\/p>\n<\/td>\n

\n

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

\n

\n1,698.9<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n38.1<\/p>\n<\/td>\n

\n

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

\n

\n43.1<\/p>\n<\/td>\n

\n

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

\n

\n160.1<\/p>\n<\/td>\n

\n

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

\n

\n180.9<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

\n(20.9<\/p>\n<\/td>\n

\n

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

\n

\n(19.9<\/p>\n<\/td>\n

\n

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

\n

\n(81.7<\/p>\n<\/td>\n

\n

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

\n

\n(80.8<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

\n5.6<\/p>\n<\/td>\n

\n

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

\n

\n25.0<\/p>\n<\/td>\n

\n

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

\n

\n21.7<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n3.0<\/p>\n<\/td>\n

\n

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

\n

\n9.7<\/p>\n<\/td>\n

\n

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

\n

\n23.0<\/p>\n<\/td>\n

\n

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

\n

\n85.0<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n(9.4<\/p>\n<\/td>\n

\n

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

\n

\n(4.6<\/p>\n<\/td>\n

\n

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

\n

\n(33.7<\/p>\n<\/td>\n

\n

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

\n

\n25.9<\/p>\n<\/td>\n

\n

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

\n

Income Before Non-Controlling Interest and Income Taxes<\/b><\/p>\n<\/td>\n

\n

\n28.7<\/p>\n<\/td>\n

\n

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

\n

\n38.5<\/p>\n<\/td>\n

\n

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

\n

\n126.4<\/p>\n<\/td>\n

\n

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

\n

\n206.8<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n(3.6<\/p>\n<\/td>\n

\n

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

\n

\n7.5<\/p>\n<\/td>\n

\n

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

\n

\n4.7<\/p>\n<\/td>\n

\n

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

\n

\n27.9<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n32.3<\/p>\n<\/td>\n

\n

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

\n

\n31.0<\/p>\n<\/td>\n

\n

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

\n

\n121.7<\/p>\n<\/td>\n

\n

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

\n

\n178.9<\/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

\n

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

\n

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

\n

\n(20.5<\/p>\n<\/td>\n

\n

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

\n

\n(57.6<\/p>\n<\/td>\n

\n

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

\n

\n(68.2<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n$50.6<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

\n$179.3<\/p>\n<\/td>\n

\n

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

\n

\n$247.1<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

\n57.8<\/p>\n<\/td>\n

\n

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

\n

\n57.5<\/p>\n<\/td>\n

\n

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

\n

\n57.7<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

\n58.0<\/p>\n<\/td>\n

\n

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

\n

\n57.6<\/p>\n<\/td>\n

\n

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

\n

\n57.8<\/p>\n<\/td>\n

\n

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

\n

\n57.4<\/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

\n

\n$0.88<\/p>\n<\/td>\n

\n

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

\n

\n$0.89<\/p>\n<\/td>\n

\n

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

\n

\n$3.11<\/p>\n<\/td>\n

\n

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

\n

\n$4.31<\/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

\n

\n$0.87<\/p>\n<\/td>\n

\n

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

\n

\n$0.89<\/p>\n<\/td>\n

\n

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

\n

\n$3.10<\/p>\n<\/td>\n

\n

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

\n

\n$4.30<\/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

\n

\n$0.71<\/p>\n<\/td>\n

\n

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

\n

\n$0.68<\/p>\n<\/td>\n

\n

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

\n

\n$2.82<\/p>\n<\/td>\n

\n

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

\n

\n$2.71<\/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

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

<\/tr>\n
\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

2024<\/b><\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

2024<\/b><\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

\n$32.8<\/p>\n<\/td>\n

\n

\n$71.9<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n$404.2<\/p>\n<\/td>\n

\n

\n$377.6<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n402.4<\/p>\n<\/td>\n

\n

\n396.2<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n1,704.7<\/p>\n<\/td>\n

\n

\n1,679.9<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n5,181.5<\/p>\n<\/td>\n

\n

\n5,013.4<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n253.4<\/p>\n<\/td>\n

\n

\n192.7<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n371.7<\/p>\n<\/td>\n

\n

\n425.4<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n570.5<\/p>\n<\/td>\n

\n

\n574.0<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n340.1<\/p>\n<\/td>\n

\n

\n331.2<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n118.2<\/p>\n<\/td>\n

\n

\n160.8<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n155.3<\/p>\n<\/td>\n

\n

\n155.4<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n312.8<\/p>\n<\/td>\n

\n

\n264.3<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n270.5<\/p>\n<\/td>\n

\n

\n262.9<\/p>\n<\/td>\n

\n

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

\n

\nRedeemable Non-Controlling Interest<\/p>\n<\/td>\n

\n

\n0.4<\/p>\n<\/td>\n

\n

\n0.5<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

\n

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

\n

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

\n

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

\n

\n3,390.1<\/p>\n<\/td>\n

\n

\n3,406.6<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$6,754.3<\/p>\n<\/td>\n

\n

\n$6,656.4<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n$6,754.3<\/p>\n<\/td>\n

\n

\n$6,656.4<\/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\u00a0<\/td>\n<\/tr>\n
\n\n

Quarter Ended<\/b><\/p>\n<\/td>\n

\n

Year to Date<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

December 31,<\/b><\/p>\n<\/td>\n

\n

December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

2024<\/b><\/p>\n<\/td>\n

\n

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

\n

2024<\/b><\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $49.0<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $34.8<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0 $160.9<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0 $147.2<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.7<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5.3<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 17.8<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 71.7<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (6.1)<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11.4\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.6<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 28.2<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $50.6<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $51.5<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0 $179.3<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0 $247.1<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $0.87<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $0.89<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $3.10<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $4.30<\/p>\n<\/td>\n<\/tr>\n

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

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

\n$65.67<\/p>\n<\/td>\n

\n

\n$62.16<\/p>\n<\/td>\n

\n

\n$65.86<\/p>\n<\/td>\n

\n

\n$66.69<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$63.80<\/p>\n<\/td>\n

\n

\n$49.29<\/p>\n<\/td>\n

\n

\n$55.86<\/p>\n<\/td>\n

\n

\n$49.29<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$64.80<\/p>\n<\/td>\n

\n

\n$61.16<\/p>\n<\/td>\n

\n

\n$64.80<\/p>\n<\/td>\n

\n

\n$61.16<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n$49.20<\/p>\n<\/td>\n

\n

\n$48.81<\/p>\n<\/td>\n

\n

\n$49.20<\/p>\n<\/td>\n

\n

\n$48.81<\/p>\n<\/td>\n<\/tr>\n

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

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

\n276<\/p>\n<\/td>\n

\n

\n277<\/p>\n<\/td>\n

\n

\n1,069<\/p>\n<\/td>\n

\n

\n1,089<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

\n

\n325<\/p>\n<\/td>\n

\n

\n1,322<\/p>\n<\/td>\n

\n

\n1,347<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n1,780<\/p>\n<\/td>\n

\n

\n1,866<\/p>\n<\/td>\n

\n

\n7,022<\/p>\n<\/td>\n

\n

\n7,044<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n119<\/p>\n<\/td>\n

\n

\n116<\/p>\n<\/td>\n

\n

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

\n

\n466<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n2,498<\/p>\n<\/td>\n

\n

\n2,584<\/p>\n<\/td>\n

\n

\n9,882<\/p>\n<\/td>\n

\n

\n9,946<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n728<\/p>\n<\/td>\n

\n

\n811<\/p>\n<\/td>\n

\n

\n2,680<\/p>\n<\/td>\n

\n

\n2,819<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n3,226<\/p>\n<\/td>\n

\n

\n3,395<\/p>\n<\/td>\n

\n

\n12,562<\/p>\n<\/td>\n

\n

\n12,765<\/p>\n<\/td>\n<\/tr>\n

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

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $42.2<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $38.7<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0 $163.3<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0 $150.3<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 44.9<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 42.0<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 184.0<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 177.5<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 153.8<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 153.3<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 607.8<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 590.2<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8.6<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8.2<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 34.2<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 33.4<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 249.5<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 242.2<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 989.3<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 951.4<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 34.8<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 42.9<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 137.2<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 146.1<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 29.8<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 34.1<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 116.2\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 140.8<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0 $314.1<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0 $319.2<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0 $1,242.7<\/p>\n<\/td>\n

\n

\n\u00a0\u00a0 $1,238.3<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

This exhibit has been furnished and shall not be deemed \u201cfiled\u201d for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.<\/b><\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250213471163\/en\/<\/a><\/span><\/p>\n

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

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

INDUSTRY KEYWORDS:<\/b> Other Energy Utilities Oil\/Gas Sustainability Environment Alternative Energy Energy Green Technology<\/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 2024 Earnings DULUTH, Minn.–(BUSINESS WIRE)– ALLETE, Inc. (NYSE: ALE) today reported 2024 earnings of $3.10 per share on net income of $179.3 million and operating revenue of $1.5 billion. Reported results from 2023 were $4.30 per share on net income of $247.1 million and operating revenue of $1.9 billion. Results for 2024 reflect approximately 39 cents per share of transaction expenses related to the merger agreement entered into May 5, 2024, with Canada Pension Plan Investment Board and Global Infrastructure Partners. Earnings in 2024 were positively impacted by the implementation of interim rates on January 1, 2024, net of reserves, related to Minnesota Power\u2019s rate case settlement. Net income in 2023 included approximately 6 cents per share … <\/p>\n

Continue reading “ALLETE, Inc. Reports 2024 Earnings”<\/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-812593","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nALLETE, Inc. Reports 2024 Earnings - 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-2024-earnings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ALLETE, Inc. Reports 2024 Earnings - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"ALLETE, Inc. Reports 2024 Earnings DULUTH, Minn.–(BUSINESS WIRE)– ALLETE, Inc. (NYSE: ALE) today reported 2024 earnings of $3.10 per share on net income of $179.3 million and operating revenue of $1.5 billion. Reported results from 2023 were $4.30 per share on net income of $247.1 million and operating revenue of $1.9 billion. Results for 2024 reflect approximately 39 cents per share of transaction expenses related to the merger agreement entered into May 5, 2024, with Canada Pension Plan Investment Board and Global Infrastructure Partners. Earnings in 2024 were positively impacted by the implementation of interim rates on January 1, 2024, net of reserves, related to Minnesota Power\u2019s rate case settlement. Net income in 2023 included approximately 6 cents per share … Continue reading "ALLETE, Inc. 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