Allete reports Q3 EPS 78c with items, consensus 93c

Reports Q3 revenue $407.2M vs. $378.8M last year. Q3 net income included approximately 7c per share of transaction expenses related to the merger agreement entered into on May 5, with Canada Pension Plan Investment Board and Global Infrastructure Partners. “It has been a busy year thus far, and I couldn’t be prouder of our entire ALLETE (ALE) team, working diligently on many fronts to execute our Sustainability in Action strategy in tandem with initiatives as part of the merger agreement with Canada Pension Plan Investment Board and Global Infrastructure Partners,” said ALLETE Chair, President, and CEO Bethany Owen. “The merger is progressing as planned, and we remain on track for a mid-2025 closing, subject to all necessary approvals. One very significant milestone was met in the third quarter with ALLETE’s shareholders’ approval of the merger in August,” Owen continued. “At Minnesota Power, several key milestones have been met. Last week, we were pleased that the Minnesota Public Utilities Commission approved the 2023 rate case settlement agreement with final rates expected to be implemented in the first quarter of 2025. Also in October, the Minnesota Public Utilities Commission approved the Big Stone South Transmission project to boost reliability and increase access to renewable energy, and in September, Minnesota Power announced plans to build two large solar projects in northern Minnesota as part of our continued transition towards a cleaner energy future.”