ALLETE, Inc. (ALE) Tops Q4 EPS by 15c, Revenues Beat

ALLETE, Inc. (NYSE: ALE) reported Q4 EPS of $0.90, $0.15 better than the analyst estimate of $0.75. Revenue for the quarter came in at $320.4 million versus the consensus estimate of $300.65 million.

“ALLETE’s operating and financial results for 2020 exemplify our company’s resilience in the face of unprecedented challenges brought on by the COVID19 pandemic,” said ALLETE President and CEO Bethany Owen. “Our early action on safety and financial positioning will enable us to move beyond the pandemic, even stronger, with our clean energy strategy.”

“Our thoughtful positioning in the early stage of the COVID-19 crisis delivered on expectations in 2020, no small feat. Even with notable impacts lingering from the pandemic, our financial results exceeded our updated guidance range of $3.25 to $3.45 per share, which includes the 16 cent per share charge related to the Minnesota Power rate case resolution,” said ALLETE Senior Vice President and Chief Financial Officer Bob Adams. “Although we expect continued impacts of the COVID-19 pandemic in 2021, we remain keenly focused on delivering value to our investors and customers as we advance our clean energy strategy and positioning. This will set the stage for financial improvement and growth in 2022 as we execute on ALLETE’s key initiatives planned for 2021, including ALLETE Clean Energy’s growth initiatives and the Minnesota Power rate case filing later this year.”

For earnings history and earnings-related data on ALLETE, Inc. (ALE) click here.

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