Allete Q3 Earnings Miss Estimates; Maintains FY22 Outlook

(RTTNews) - Energy utility Allete Inc. (ALE) reported Wednesday that net income attributable to ALLETE for the third quarter grew to $33.7 million or $0.59 per share from $27.6 million or $0.53 per share in the prior-year quarter.

On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.74 per share for the quarter. Analysts' estimates typically exclude special items.

Total operating revenue for the quarter increased to $388.3 million from $345.4 million in the same quarter last year. Analysts expected revenues of $353.18 million for the quarter.

Looking ahead to fiscal 2022, the company continues to project earnings in the range of $3.60 to $3.90 per share.

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