DULUTH, Minn. (AP) — DULUTH, Minn. (AP) — Allete Inc. (ALE) on Tuesday reported fourth-quarter net income of $51.5 million.

The Duluth, Minnesota-based company said it had net income of 89 cents per share.

The power company owner posted revenue of $402.7 million in the period.

For the year, the company reported profit of $247.1 million, or $4.30 per share. Revenue was reported as $1.88 billion.

Allete shares have declined 4% since the beginning of the year. The stock has fallen 5% in the last 12 months.

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