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ALLETE (ALE) Outshines Q3 Earnings and Revenue Estimates
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ALLETE, Inc. (ALE - Free Report) reported third-quarter 2017 adjusted earnings of $1.04 per share, which beat the Zacks Consensus Estimate of 95 cents by 9.5%. On a year-over-year basis, earnings increased 5%.
Total Revenues
In the quarter under review, the company’s total revenues of $362.5 million beat the Zacks Consensus Estimate of $358 million by 1.25%. Further, revenues were up 3.7% from $349.6 million in the prior-year quarter.
Highlights of the Release
ALLETE’s total electricity sales volume inched up 0.6% year over year to 3,634 million kilowatt-hours.
The company’s total operating expenses were $293.5 million, reflecting a decline of 0.9% year over year. The decline in operating expenses was primarily due to lower cost of sales.
Operating income in the reported quarter increased 29.2% year over year to $69 million.
Interest expenses declined 11.2% year over year to $16.6 million.
Financial Update
ALLETE’s cash and cash equivalents, as on Sep 30, were $104.4 million, up from $27.5 million as of Dec 31, 2016.
Long-term debt as on Sep 30 was $ 1,444.6 million, higher than $1,370.4 million at the end of 2016.
The company reaffirmed its 2017 earnings in the range of $3.15 to $3.40 per share.
Peer Releases
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2017 adjusted earnings of $1.85 per share, beating the Zacks Consensus Estimate of $1.75 by 5.7%.
FirstEnergy Corporation (FE - Free Report) reported third-quarter 2017 operating earnings of 97 cents per share, beating the Zacks Consensus Estimate of 86 cents by 12.8%.
Xcel Energy Inc. (XEL - Free Report) recorded third-quarter 2017 operating earnings of 97 cents per share, beating the Zacks Consensus Estimate of 92 cents by 5.4%.
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ALLETE (ALE) Outshines Q3 Earnings and Revenue Estimates
ALLETE, Inc. (ALE - Free Report) reported third-quarter 2017 adjusted earnings of $1.04 per share, which beat the Zacks Consensus Estimate of 95 cents by 9.5%. On a year-over-year basis, earnings increased 5%.
Total Revenues
In the quarter under review, the company’s total revenues of $362.5 million beat the Zacks Consensus Estimate of $358 million by 1.25%. Further, revenues were up 3.7% from $349.6 million in the prior-year quarter.
Highlights of the Release
ALLETE’s total electricity sales volume inched up 0.6% year over year to 3,634 million kilowatt-hours.
The company’s total operating expenses were $293.5 million, reflecting a decline of 0.9% year over year. The decline in operating expenses was primarily due to lower cost of sales.
Operating income in the reported quarter increased 29.2% year over year to $69 million.
Interest expenses declined 11.2% year over year to $16.6 million.
Financial Update
ALLETE’s cash and cash equivalents, as on Sep 30, were $104.4 million, up from $27.5 million as of Dec 31, 2016.
Long-term debt as on Sep 30 was $ 1,444.6 million, higher than $1,370.4 million at the end of 2016.
Price, Consensus and EPS Surprise
Price, Consensus and EPS Surprise | Quote
Guidance
The company reaffirmed its 2017 earnings in the range of $3.15 to $3.40 per share.
Peer Releases
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2017 adjusted earnings of $1.85 per share, beating the Zacks Consensus Estimate of $1.75 by 5.7%.
FirstEnergy Corporation (FE - Free Report) reported third-quarter 2017 operating earnings of 97 cents per share, beating the Zacks Consensus Estimate of 86 cents by 12.8%.
Xcel Energy Inc. (XEL - Free Report) recorded third-quarter 2017 operating earnings of 97 cents per share, beating the Zacks Consensus Estimate of 92 cents by 5.4%.
Zacks Rank
ALLETE currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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