ALLETE, Inc. (ALE - Free Report) reported second-quarter 2018 adjusted earnings of 61 cents per share, lagging both the Zacks Consensus Estimate and year-ago figure of 72 cents by 15.2%.
The year-over-year decline in earnings was due to higher operating and maintenance expenses, drop in transmission revenues and fall in overall sales resulting from lower wind resources compared with second-quarter 2017.
Total Revenues
In the reported quarter, the company’s total revenues of $344.1 million surpassed the Zacks Consensus Estimate of $343 million by 0.32%. However, revenues declined 2.6% from $353.3 million recorded in the prior-year quarter.
Highlights of the Release
ALLETE’s total electricity sales volume declined marginally to 3,556 million kilowatt-hours (Kwh) from 3,558 million Kwh in second-quarter 2017.
The company’s total operating expenses totaled $307.6 million, reflecting a rise of 2.8% year over year.
Operating income in the quarter was down 32.4% to $36.5 million. Interest expenses increased 2.4% to $17.1 million.
Financial Update
ALLETE’s cash and cash equivalents as of Jun 30, 2018 were $121.9 million, down from $98.9 million on Dec 31, 2017.
Long-term debt as of Jun 30, 2018 was $1,462.2 million, down from $1,439.2 million on Dec 31, 2017.
Guidance
The company reaffirmed its full-year 2018 earnings per share guidance in the range of $3.20-$3.50.
Zacks Rank
ALLETE currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
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American Electric Power Co., Inc. (AEP - Free Report) reported second-quarter 2018 adjusted EPS of $1.01, beating the Zacks Consensus Estimate of 88 cents by 14.8%.
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ALLETE, Inc. (ALE - Free Report) reported second-quarter 2018 adjusted earnings of 61 cents per share, lagging both the Zacks Consensus Estimate and year-ago figure of 72 cents by 15.2%.
The year-over-year decline in earnings was due to higher operating and maintenance expenses, drop in transmission revenues and fall in overall sales resulting from lower wind resources compared with second-quarter 2017.
Total Revenues
In the reported quarter, the company’s total revenues of $344.1 million surpassed the Zacks Consensus Estimate of $343 million by 0.32%. However, revenues declined 2.6% from $353.3 million recorded in the prior-year quarter.
Highlights of the Release
ALLETE’s total electricity sales volume declined marginally to 3,556 million kilowatt-hours (Kwh) from 3,558 million Kwh in second-quarter 2017.
The company’s total operating expenses totaled $307.6 million, reflecting a rise of 2.8% year over year.
Operating income in the quarter was down 32.4% to $36.5 million. Interest expenses increased 2.4% to $17.1 million.
Financial Update
ALLETE’s cash and cash equivalents as of Jun 30, 2018 were $121.9 million, down from $98.9 million on Dec 31, 2017.
Long-term debt as of Jun 30, 2018 was $1,462.2 million, down from $1,439.2 million on Dec 31, 2017.
Guidance
The company reaffirmed its full-year 2018 earnings per share guidance in the range of $3.20-$3.50.
Zacks Rank
ALLETE currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
Edison International (EIX - Free Report) reported second-quarter 2018 earnings of 84 cents from continuing operations, beating the Zacks Consensus Estimate of 82 cents by 2.4%.
DTE Energy (DTE - Free Report) reported second-quarter 2018 operating EPS of $1.36, which outpaced the Zacks Consensus Estimate of $1.11 by 22.5%.
American Electric Power Co., Inc. (AEP - Free Report) reported second-quarter 2018 adjusted EPS of $1.01, beating the Zacks Consensus Estimate of 88 cents by 14.8%.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
See This Ticker Free >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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