ALLETE Q1 Profit Rises

(RTTNews) - ALLETE, Inc. (ALE) reported first-quarter profit per share of $1.24 compared to $0.99, prior year. The company noted that its net income included transaction costs of $1.4 million after-tax, or 3 cents per share, related to the acquisition of New Energy. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $1.31, for the quarter. Analysts' estimates typically exclude special items. Net profit to company was $66.3 million compared to $51.8 million. Revenue increased to $383.5 million from $339.2 million, a year ago. Analysts on average had estimated $353.25 million in revenue. The company affirmed 2022 earnings guidance of $3.60 - $3.90 per share, and anticipates immaterial net impacts on 2022 earnings from the New Energy acquisition and recent equity offering.