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ALLETE (ALE) Surpasses Q1 Earnings And Revenue Estimates

By Zacks Investment ResearchStock MarketsMay 04, 2017 09:57PM ET
www.investing.com/analysis/allete-(ale)-surpasses-q1-earnings-and-revenue-estimates-200187367
ALLETE (ALE) Surpasses Q1 Earnings And Revenue Estimates
By Zacks Investment Research   |  May 04, 2017 09:57PM ET
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ALLETE, Inc. (NYSE:ALE) reported first-quarter 2017 adjusted earnings of 97 cents per share, surpassing the Zacks Consensus Estimate of 95 cents by 2.1%. On a year-over-year basis earnings increased 4.3%.

The year-over-year increase in earnings was due to the implementation of interim retail rates at Minnesota Power, effective Jan 1, 2017.
Additionally, higher industrial sales and returns from the American Transmission Co. investment boosted earnings.

Total Revenue

In the first quarter of 2017, ALLETE’s total revenues of $365.6 million beat the Zacks Consensus Estimate of $338 million by 8.2%. Further, revenues were up 9.5% from $333.8 million in the prior-year quarter.

Allete, Inc. Price, Consensus and EPS Surprise

Allete, Inc. Price, Consensus and EPS Surprise | Allete, Inc. Quote

Highlights of the Release

ALLETE’s total electricity sales volume increased 1.9% year over year to 3,710 million kilowatt-hours.

The company’s total operating expenses were $ 293 million, reflecting an increase of 9.7% year over year, primarily due to higher fuel and purchased power expenses.

Operating income in the reported quarter increased 8.7% year over year to $72.6 million.

Interest expenses increased 1.8% year over year to $17.2 million.

Financial Update

ALLETE’s cash and cash equivalents, as of Mar 31, 2017 were $81.8 million, up from $27.5 million as of Dec 31, 2016.

Long-term debt as of Mar 31, 2017 was $1,370.2 million, a shade lower than $1,370.4 million in the end of 2016.

Peer Releases

Alliant Energy Corporation (NYSE:LNT) reported first-quarter 2017 operating earnings from continuing operations of 43 cents per share, missing the Zacks Consensus Estimate of 45 cents by 4.4%.

PPL Corporation (NYSE:PPL) reported first-quarter 2017 adjusted earnings of 62 cents per share, in line with the Zacks Consensus Estimate. Earnings, however, declined 7.46% year over year.

NiSource Inc. (NYSE:NI) reported first-quarter 2017 operating earnings of 71 cents per share, surpassing the Zacks Consensus Estimate of 65 cents by 9.2%.

Zacks Rank

ALLETE, Inc. has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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NiSource, Inc (NI): Free Stock Analysis Report

PPL Corporation (PPL): Free Stock Analysis Report

Allete, Inc. (ALE): Free Stock Analysis Report

Alliant Energy Corporation (LNT): Free Stock Analysis Report

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ALLETE (ALE) Surpasses Q1 Earnings And Revenue Estimates
 

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ALLETE (ALE) Surpasses Q1 Earnings And Revenue Estimates

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