ALLETE, Inc. (ALE - Free Report) delivered first-quarter 2020 adjusted earnings of $1.28 per share, which beat the Zacks Consensus Estimate of $1.23 by 4.07%. However, earnings declined 6.56% on a year-over-year basis.
In the reported quarter, total revenues amounted to $312 million that missed the Zacks Consensus Estimate of $348 million by 10.58%. Also, revenues declined 12.76% from $357.2 million in the prior-year quarter.
Highlights of the Release
ALLETE’s total electricity sales volume was $3,553 million kilowatt-hours compared with 3,554 million kilowatt-hours in the year-ago quarter.
The company’s total operating expenses in the first quarter totaled $251.4 million, down 16.31% year over year.
Operating income in the quarter under review increased 6% to $60.2 million. Interest expenses fell 5.4% to $15.7 million.
ALLETE’s cash and cash equivalents as of Mar 31 were $67 million, down from $69.3 million as of Dec 31, 2019.
Long-term debt as of Mar 31 was $1,399.9 million, down from $1,400.9 million as of Dec 31, 2019.
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
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2020 operating earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 3.13%.
NextEra Energy (NEE - Free Report) reported first-quarter 2020 adjusted earnings of $2.38 per share, which surpassed the Zacks Consensus Estimate of $2.21 by 7.7%.
CMS Energy Corporation (CMS - Free Report) reported first-quarter 2020 adjusted earnings per share of 86 cents, which surpassed the Zacks Consensus Estimate of 77 cents by 11.7%.
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