ALLETE, Inc. (NYSE:ALE) delivered first-quarter 2019 adjusted earnings of $1.18 per share, missing the Zacks Consensus Estimate of $1.19 by 0.84%.
On a GAAP basis, the company’s earnings of $1.37 increased 38.4% the year-over-year. Notably, GAAP earnings include 19 cents gain from the sale of U.S. Water Services.
Revenues
Total revenues in the quarter under review amounted to $357.2 million, which missed the Zacks Consensus Estimate of $364 million by 1.75%. The top line also declined 0.3% from $358.2 million registered in the prior-year quarter.
The results were hurt by lower industrial sales and the timing of fuel adjustment clause recoveries.
Highlights of the Release
ALLETE’s total electricity sales volume in the first quarter slipped nearly 5.8% year over year to 3,554 million kilowatt-hours.
The company’s total operating expenses totaled $300.4 million, slightly lower than $300.8 million in the year-ago quarter.
Operating income in the quarter under review declined 1% to $56.8 million. Interest expenses fell 2.4% to $16.5 million.
Financial Update
ALLETE’s cash and cash equivalents as of Mar 31, 2019, were $353.3 million, up from $69.1 million as of Dec 31, 2018.
Long-term debt as of Mar 31, 2019, was $1,525 million, up from $1,428.5 million as of Dec 31, 2018.
Zacks Rank
ALLETE currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
DTE Energy Company (NYSE:DTE) delivered first-quarter 2019 operating earnings per share of $2.05, which beat the Zacks Consensus Estimate of $1.95 by 5.1%.
NextEra Energy, Inc (NYSE:NEE) reported first-quarter 2019 adjusted earnings of $2.20 per share, which outpaced the Zacks Consensus Estimate of $2.01 by 9.4%.
FirstEnergy Corporation (NYSE:FE) delivered first-quarter 2019 operating earnings of 67 cents per share, which exceeded the Zacks Consensus Estimate of 66 cents by 1.52%.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.
This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
See their latest picks free >>
FirstEnergy Corporation (FE): Free Stock Analysis Report
NextEra Energy, Inc. (NEE): Free Stock Analysis Report
Allete, Inc. (ALE): Free Stock Analysis Report
DTE Energy Company (DTE): Free Stock Analysis Report
Original post
Zacks Investment Research