ALLETE (ALE) Sees FY09 EPS Below the Street
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In a Form 8-K, ALLETE, Inc. (NYSE: ALE) sees FY09 EPS of $2.10-$2.35, versus the consensus of $2.66.
The Company expects an order on its retail rate case now before the Minnesota Public Utilities Commission to be issued in April 2009, with new rates anticipated to be in effect mid-2009. The Company has asked for a $40 million annual increase, and is currently collecting interim rates amounting to $35 million on an annualized basis. While the Company cannot determine what the final rates will be, for the purpose of providing 2009 earnings guidance it has included rates equivalent to the current interim rates for the entire year. However, once the case has been completed, the Company will adjust its earnings outlook to include the impact of final approved rates, which may be higher or lower than interim rates now being collected.
ALLETE, Inc., together with its subsidiaries, engages in the generation, transmission, distribution, and marketing of electrical power for retail and wholesale customers in the United States.
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