ALLETE Q3 Net Income Rises, Increases 2023 Earnings Guidance - Quick Facts

(RTTNews) - ALLETE, Inc. (ALE) reported third quarter net income of $85.9 million or $1.49 per share compared to $33.7 million or $0.59 per share, last year. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.68, for the quarter. Analysts' estimates typically exclude special items.

Total operating revenue declined to $378.8 million from $388.3 million, a year ago. Analysts on average had estimated $397.25 million in revenue.

"Our results for the third quarter of 2023 reflect a favorable arbitration award for a subsidiary of ALLETE Clean Energy," said CFO Steve Morris.

The company increased 2023 earnings guidance to a range of $4.30 to $4.40 per share.

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