ALLETE, Inc. (ALE - Free Report) delivered first-quarter 2019 adjusted earnings of $1.18 per share, missing the Zacks Consensus Estimate of $1.19 by 0.84%.
On a GAAP basis, the company’s earnings of $1.37 increased 38.4% the year-over-year. Notably, GAAP earnings include 19 cents gain from the sale of U.S. Water Services.
Total revenues in the quarter under review amounted to $357.2 million, which missed the Zacks Consensus Estimate of $364 million by 1.75%. The top line also declined 0.3% from $358.2 million registered in the prior-year quarter.
The results were hurt by lower industrial sales and the timing of fuel adjustment clause recoveries.
Highlights of the Release
ALLETE’s total electricity sales volume in the first quarter slipped nearly 5.8% year over year to 3,554 million kilowatt-hours.
The company’s total operating expenses totaled $300.4 million, slightly lower than $300.8 million in the year-ago quarter.
Operating income in the quarter under review declined 1% to $56.8 million. Interest expenses fell 2.4% to $16.5 million.
ALLETE’s cash and cash equivalents as of Mar 31, 2019, were $353.3 million, up from $69.1 million as of Dec 31, 2018.
Long-term debt as of Mar 31, 2019, was $1,525 million, up from $1,428.5 million as of Dec 31, 2018.
ALLETE currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
DTE Energy Company (DTE - Free Report) delivered first-quarter 2019 operating earnings per share of $2.05, which beat the Zacks Consensus Estimate of $1.95 by 5.1%.
NextEra Energy, Inc (NEE - Free Report) reported first-quarter 2019 adjusted earnings of $2.20 per share, which outpaced the Zacks Consensus Estimate of $2.01 by 9.4%.
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2019 operating earnings of 67 cents per share, which exceeded the Zacks Consensus Estimate of 66 cents by 1.52%.
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