ALLETE Q2 Net Income Rises; Reaffirms 2023 Guidance

(RTTNews) - ALLETE, Inc. (ALE) reported that its second-quarter net income to company increased to $51.5 million from $37.6 million, prior year. Earnings per share was $0.90 compared to $0.67. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.80, for the quarter. Analysts' estimates typically exclude special items.

Second quarter total operating revenue increased to $533.4 million from $373.1 million, last year. Analysts on average had estimated $446.57 million in revenue.

"Our results for the second quarter 2023 were higher than prior year due to New Energy Equity having another outstanding quarter of project closings, with attractive margins and entry into a new market, and is firmly on track to achieve or slightly exceed full-year earnings projections." said ALLETE CFO Steve Morris.

ALLETE reaffirmed 2023 guidance, and expects earnings range of $3.55 to $3.85 per share.

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