ALLETE, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 02, 2023 at 06:04 am EDT
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ALLETE, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 378.8 million compared to USD 388.3 million a year ago. Revenue was USD 378.8 million compared to USD 388.3 million a year ago. Net income was USD 85.9 million compared to USD 33.7 million a year ago. Basic earnings per share from continuing operations was USD 1.5 compared to USD 0.59 a year ago. Diluted earnings per share from continuing operations was USD 1.49 compared to USD 0.59 a year ago.
For the nine months, sales was USD 1,477.1 million compared to USD 1,144.9 million a year ago. Revenue was USD 1,477.1 million compared to USD 1,144.9 million a year ago. Net income was USD 195.6 million compared to USD 137.6 million a year ago. Basic earnings per share from continuing operations was USD 3.41 compared to USD 2.48 a year ago. Diluted earnings per share from continuing operations was USD 3.41 compared to USD 2.48 a year ago.
ALLETE, Inc. is a clean-energy transformation company that owns, operates and developing wind energy generation to reduce carbon footprint. The Companyâs segments include Regulated Operations and ALLETE Clean Energy. Regulated Operations includes regulated utilities, Minnesota Power, and SWL&P, as well as investment in ATC, a Wisconsin-based regulated utility that owns and maintains electric transmission assets in portions of Wisconsin, Michigan, Minnesota, and Illinois. Minnesota Power provides regulated utility electric service in northeastern Minnesota to approximately 150,000 retail customers. ALLETE Clean Energy segment is focused on developing, acquiring, and operating clean and renewable energy projects. The segment owns and operates, in seven states, more than 1,200 MW of nameplate capacity wind energy generation with a contract under power sales agreements (PSAs) of various durations. It engages in the development of wind energy facilities to operate under long-term PSAs.