Allete reports Q1 EPS 88c, consensus $1.02

Reports Q1 revenue $338.3M vs. $312.6M last year. “I am proud of our entire ALLETE team, working diligently on many fronts to execute our Sustainability in Action strategy. We are pleased that Minnesota Power worked collaboratively to reach a balanced resolution to settle the current rate case with all intervening parties, which is subject to approval by the Minnesota Public Utilities Commission,” said CEO Bethany Owen. “In addition, Minnesota Power’s requests for proposals for new solar and wind projects are progressing as planned, ALLETE Clean Energy has begun taking advantage of the Inflation Reduction Act with the sale of production tax credits in the second quarter, and New Energy Equity is executing on its strategy and robust pipeline of projects.” “Results for Q1 2024 reflect several items not in our original 2024 guidance, including warmer weather negatively impacting sales to residential and commercial customers and the implementation of interim rate reserves as a result of the rate case settlement,” said CFO Steve Morris. “Excluding these items, results for our Regulated Operations segment were well ahead of our internal expectations. New Energy’s financial results were as expected in the first quarter of 2024. ALLETE Clean Energy’s results were lower than our expectations due to lower wind resources and availability, as well as an extended third-party network outage and a transformer outage at ALLETE Clean Energy’s wind energy facilities in Oklahoma.”