ALLETE Q3 Profit Down, But Revenue Rises

(RTTNews) - ALLETE, Inc. (ALE), an energy company, Wednesday reported net profit of $45 million or $0.78 per share for the third quarter, significantly lower than $85.9 million or $1.49 per share in the same quarter a year ago, mainly due to a gain of about $0.71 per share in the previous-year quarter related to the favorable arbitration ruling involving a subsidiary of ALLETE Clean Energy.

On average, 3 analysts expected the company to report earnings of $0.93 per share. Analysts' estimates typically exclude special items.

Operating income increased to $45.3 million from $36 million last year.

Revenue for the quarter grew to $407.2 million from $378.8 million in the previous year.