Allete Q1 Profit Down; Suspends 2020 Guidance

(RTTNews) - Allete Inc. (ALE) reported first quarter net income of $66.3 million or $1.28 per share, down from $70.5 million or $1.37 per share last year.

The prior year result included a 19 cent per share gain from the sale of U.S. Water Services offset by 2 cents per share of U.S. Water Services operating results prior to the sale.

Total operating revenue decreased to $311.6 million from $357.2 million in the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.14 per share and revenues of $337.83 million. Analysts' estimates typically exclude special items.

The company has temporarily suspended 2020 guidance due to uncertainties with the COVID-19.