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ALLETE (ALE) Surpasses Q1 Earnings and Revenue Estimates
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ALLETE, Inc. (ALE - Free Report) 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’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 (LNT - Free Report) 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 (PPL - Free Report) 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. (NI - Free Report) reported first-quarter 2017 operating earnings of 71 cents per share, surpassing the Zacks Consensus Estimate of 65 cents by 9.2%.
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ALLETE (ALE) Surpasses Q1 Earnings and Revenue Estimates
ALLETE, Inc. (ALE - Free Report) 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 (LNT - Free Report) 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 (PPL - Free Report) 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. (NI - Free Report) 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.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>