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ALLETE (ALE) Q1 Earnings Meet Estimates, Revenues Decline

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ALLETE, Inc. (ALE - Free Report) reported first-quarter 2018 adjusted earnings of 99 cents per share, in line with the Zacks Consensus Estimate. On a year-over-year basis, earnings jumped 2.1%.

Total Revenues

In the reported quarter, the company’s total revenues of $358.2 million surpassed the Zacks Consensus Estimate of $355 million by 0.97%. However, revenues declined 2.13% from $366 million recorded in the prior-year quarter.

Allete, Inc. Price, Consensus and EPS Surprise

 

Highlights of the Release

ALLETE’s total electricity sales volume grew nearly 1.7% year over year to 3,774 million kilowatt-hours.

The company’s total operating expenses totaled $300.8 million, reflecting a rise of 2.3% year over year.

Operating income in the quarter was down 19.8% to $57.4 million. Interest expenses also fell 1.7% to $16.9 million.

Financial Update

ALLETE’s cash and cash equivalents, as on Mar 31, 2018, were $98.5 million, down from $98.9 million as of Dec 31, 2017.

Long-term debt as on Mar 31, 2018, was $1,396.5 million, down from $1,439.2 million as of 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 #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Other Releases

Vistra Energy Corp. (VST - Free Report) is scheduled to report first-quarter 2018 results on May 4. The Zacks Consensus Estimate for the quarter is pegged at 6 cents.

Hawaiian Electric Industries, Inc. (HE - Free Report) is scheduled to report first-quarter results 2018 on May 4. The Zacks Consensus Estimate for the quarter is pegged at 41 cents.

Westar Energy, Inc. is scheduled to report first-quarter 2018 results on May 8. The Zacks Consensus Estimate for the quarter is pegged at 52 cents.

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