Allete Inc (ALE) has released an update.
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ALLETE, Inc. has launched its 2024 earnings guidance with an anticipated $3.60 to $3.90 per share, projecting net income to fall between $210 million and $225 million. The company’s Regulated Operations are expected to contribute $2.65 to $2.85 per share, while earnings from ALLETE Clean Energy and other corporate operations are estimated at $0.95 to $1.05 per share. Moreover, ALLETE has raised its capital expenditure plan to $4.3 billion, focusing on renewable and transmission projects, to foster earnings growth starting from 2025. This financial strategy aligns with the company’s objectives and includes various assumptions such as interim rates, industrial sales projections, and anticipated regulatory outcomes.
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