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ALLETE's (ALE) Earnings Beat Estimates in Q1, Revenues Miss

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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.

Total Revenues

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 Inc Price, Consensus and EPS Surprise

 

Allete Inc Price, Consensus and EPS Surprise

Allete Inc price-consensus-eps-surprise-chart | Allete Inc Quote

 

Financial Update

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.

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.

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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