We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
ALLETE (ALE) Q3 Earnings & Revenues Miss Estimates
Read MoreHide Full Article
ALLETE, Inc. (ALE - Free Report) reported third-quarter 2018 adjusted earnings of 59 cents per share, missing the Zacks Consensus Estimate of 75 cents by 21.3%. Moreover, on a year-over-year basis, earnings were down by 33%.
Total Revenues
In the reported quarter, the company’s total revenues of $348 million lagged the Zacks Consensus Estimate of $366 million by 4.9%. Also, revenues declined 4% from $362.5 million in the prior-year quarter.
The revenues were hit primarily due to lower revenues from industrial electric utility customers as well as on weak revenues from water and gas services.
DTE Energy Company (DTE - Free Report) reported third-quarter 2018 operating earnings per share of $2.13, which outpaced the Zacks Consensus Estimate of $1.74 by 22.4%.
NextEra Energy (NEE - Free Report) posted third-quarter 2018 adjusted earnings of $2.18 per share, beating the Zacks Consensus Estimate of $2.17 by 0.46%.
American Electric Power (AEP - Free Report) released third-quarter 2018 operating earnings per share of $1.26, surpassing the Zacks Consensus Estimate of $1.23 by 2.4%.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Image: Bigstock
ALLETE (ALE) Q3 Earnings & Revenues Miss Estimates
ALLETE, Inc. (ALE - Free Report) reported third-quarter 2018 adjusted earnings of 59 cents per share, missing the Zacks Consensus Estimate of 75 cents by 21.3%. Moreover, on a year-over-year basis, earnings were down by 33%.
Total Revenues
In the reported quarter, the company’s total revenues of $348 million lagged the Zacks Consensus Estimate of $366 million by 4.9%. Also, revenues declined 4% from $362.5 million in the prior-year quarter.
The revenues were hit primarily due to lower revenues from industrial electric utility customers as well as on weak revenues from water and gas services.
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 slipped nearly 1.5% year over year to 3,578 million kilowatt-hours.
The company’s total operating expenses totaled $304.7 million, reflecting a 3.5% rise year over year.
Operating income in the quarter under review dropped 36.3% to $43.3 million. Whereas interest expenses grew 6% to $17.6 million.
Financial Update
ALLETE’s cash and cash equivalents as of Sep 30, 2018 were $128 million, up from $98.9 million as of Dec 31, 2017.
Long-term debt as of Sep 30, 2018 was $1,461.7 million, up from $1,439.2 million as of Dec 31, 2017.
Guidance
The company reaffirmed its full-year 2018 earnings per share outlook in the range of $3.20-$3.50.
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.
Recent Utility Releases
DTE Energy Company (DTE - Free Report) reported third-quarter 2018 operating earnings per share of $2.13, which outpaced the Zacks Consensus Estimate of $1.74 by 22.4%.
NextEra Energy (NEE - Free Report) posted third-quarter 2018 adjusted earnings of $2.18 per share, beating the Zacks Consensus Estimate of $2.17 by 0.46%.
American Electric Power (AEP - Free Report) released third-quarter 2018 operating earnings per share of $1.26, surpassing the Zacks Consensus Estimate of $1.23 by 2.4%.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Click for details >>