ALLETE Q3 Profit Down, Backs FY21 Earnings View; Sees Growth Ahead

(RTTNews) - ALLETE, Inc. (ALE), an energy provider, reported Thursday that its third-quarter net income attributable to ALLETE declined to $27.6 million or $0.53 per share from last year's $40.7 million or $0.78 per share.

Total operating revenue was $345.4 million, higher than last year's $293.9 million.

On average, analysts polled by Thomson Reuters expected earnings of $0.71 per share on revenues of $300.2 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead, ALLETE Senior Vice President and Chief Financial Officer Bob Adams said, "ALLETE's 2021 full year results are anticipated to be in the range of $3.00 to $3.30 per share, on a consolidated basis, transitioning to increased earnings in 2022 and beyond."

Analysts estimate earnings of $3.15 per share for the year.