ALLETE Q2 Profit Misses Estimates

(RTTNews) - ALLETE, Inc. (ALE) said its second-quarter consolidated financial results were similar to those in 2020, excluding the prior year second quarter rate case resolution impact. Second quarter 2021 earnings also reflect higher net income at Minnesota Power primarily due to higher kilowatt-hour sales to commercial and municipal customers, higher cost recovery rider revenue and positive income tax expense timing impacts.

Second-quarter net income to ALLETE was $27.9 million or $0.53 per share compared to $20.1 million or $0.39 per share, a year ago. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.56, for the quarter. Analysts' estimates typically exclude special items. The company's results in the second quarter of prior year included an $8.3 million after tax-charge, or 16 cents per share, for the Minnesota Power rate case resolution.

Second-quarter total operating revenue increased to $335.6 million from $243.2 million, a year ago. Analysts expected revenue of $293.93 million, for the quarter.

ALLETE projects full year 2021 results to be in the range of $3.00 to $3.30 per share, on a consolidated basis.