Allete Inc Reports Results For The Quarter Ended In March: Earnings Summary

ALLETE

09/05/2024 14:51

* ALLETE Inc  ALE.N  reported quarterly adjusted earnings of
88
cents​​ per share for the quarter ended in March, lower than the
same quarter last year, when the company reported EPS of $1.02. 
The mean expectation of five analysts for the quarter was
for earnings of $1.03 per share. Wall Street expected results to
range from 90 cents to $1.15 per share.
    * Revenue fell 28.6% to $403.30 million from a year ago;
analysts
expected $504.75 million. 
    * ALLETE Inc's reported EPS for the quarter was 88 cents​.
    * The company reported quarterly net income of $50.7
million.
    * ALLETE Inc shares had risen by 5.2% this quarter and
gained 2.6%
so far this year.

FORECAST CHANGES
    * The mean earnings estimate of analysts had fallen by
about 12%
in the last three months.​ 
    * In the last 30 days, one analyst negatively revised an
earnings
estimate

RECOMMENDATIONS
    * The current average analyst rating on the shares is "hold"
and
the breakdown of recommendations is 1 "strong buy" or "buy," 5
"hold" and no "sell" or "strong sell." 
    * The average consensus recommendation for the electric
utilities
peer group is also "hold"

Wall Street's median 12-month price target for ALLETE Inc is
$62.00 
This summary was machine generated from LSEG data May 9 at 01:51
p.m. UTC. ​All figures in US dollars unless otherwise stated.
(For questions concerning the data in this report, contact
Estimates.Support@lseg.com. For any other questions or feedback,
contact RefinitivNewsSupport@thomsonreuters.com) QUARTER ENDING    ESTIMATE       ACTUAL         BEAT, MET,
                                                 MISSED
 Mar. 31 2024      1.03           0.88           Missed
 Dec. 31 2023      0.97           0.89           Missed
 Sep. 30 2023      0.65           1.49           Beat
 Jun. 30 2023      0.80           0.90           Beat