Allete Q1 Profit Down, Misses Estimates, While Revenues Top; Backs FY23 Forecast

(RTTNews) - Energy utility Allete Inc. (ALE) reported Wednesday that its first-quarter net income attributable to the company dropped to $58.2 million from last year's $66.3 million. Earnings per share fell to $1.02 from $1.24 a year earlier.

On average, five analysts polled by Thomson Reuters expected earnings of $1.18 per share for the quarter. Analysts' estimates typically exclude special items.

Total operating revenue, however, climbed to $564.9 million from last year's $383.5 million. The Street was looking for net sales of $394.75 million for the quarter.

Looking ahead for fiscal 2023, the company reaffirmed earnings range of $3.55 to $3.85 per share. Analysts are looking for earnings of $3.74 per share for the year.

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