Allete Re-initiates FY20 Adj. EPS Outlook In Line With Estimates - Quick Facts

(RTTNews) - While reporting financial results for the second quarter on Wednesday, energy company Allete Inc. (ALE) re-initiated its adjusted earnings guidance for the full-year 2020, based on constructive indications of improving production from Minnesota Power's industrial customers.

For fiscal 2020, the company now projects adjusted earnings in the range of $3.25 to $3.45 per share, excluding the 16 cent per share charge related to the Minnesota Power rate case resolution, net of tax.

On average, 6 analysts polled by Thomson Reuters expect the company to earn $3.36 per share for the year. Analysts' estimates typically exclude special items.