ALLETE, Inc. reports third quarter 2024 earnings
“It has been a busy year thus far, and I couldn’t be prouder of our entire
ALLETE’s Regulated Operations segment, which includes
Corporate and Other businesses, which include New Energy Equity, BNI Energy,
“Results for the third quarter of 2024 exceeded internal expectations,” said
The statements contained in this release and statements that
Non-GAAP financial measures utilized by the Company include presentations of earnings (loss) per share.
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Consolidated Statement of Income |
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Millions Except Per Share Amounts - Unaudited |
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Quarter Ended |
Nine Months Ended |
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2024 |
2023 |
2024 |
2023 |
Operating Revenue |
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Contracts with Customers – Utility |
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Contracts with Customers – Non-utility |
95.4 |
63.2 |
232.6 |
554.1 |
Other – Non-utility |
1.3 |
1.3 |
3.8 |
3.9 |
Total Operating Revenue |
407.2 |
378.8 |
1,165.0 |
1,477.1 |
Operating Expenses |
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Fuel, |
116.5 |
124.9 |
357.3 |
350.8 |
Transmission Services – Utility |
19.6 |
22.7 |
43.9 |
66.3 |
Cost of Sales – Non-utility |
47.0 |
33.0 |
103.2 |
436.7 |
Operating and Maintenance |
92.7 |
83.6 |
286.5 |
254.2 |
Depreciation and Amortization |
70.8 |
63.1 |
201.8 |
188.2 |
Taxes Other than Income Taxes |
15.3 |
15.5 |
50.3 |
43.1 |
Total Operating Expenses |
361.9 |
342.8 |
1,043.0 |
1,339.3 |
Operating Income |
45.3 |
36.0 |
122.0 |
137.8 |
Other Income (Expense) |
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Interest Expense |
(20.3) |
(20.5) |
(60.8) |
(60.9) |
Equity Earnings |
5.1 |
4.7 |
16.5 |
16.1 |
Other |
5.5 |
68.7 |
20.0 |
75.3 |
Total Other Income (Expense) |
(9.7) |
52.9 |
(24.3) |
30.5 |
Income Before Income Taxes |
35.6 |
88.9 |
97.7 |
168.3 |
Income Tax Expense |
2.9 |
19.3 |
8.3 |
20.4 |
Net Income |
32.7 |
69.6 |
89.4 |
147.9 |
Net Loss Attributable to Non-Controlling Interest |
(12.3) |
(16.3) |
(39.3) |
(47.7) |
Net Income Attributable to |
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Average Shares of Common Stock |
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Basic |
57.8 |
57.4 |
57.7 |
57.3 |
Diluted |
57.9 |
57.5 |
57.8 |
57.4 |
Basic Earnings Per Share of Common Stock |
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Diluted Earnings Per Share of Common Stock |
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Dividends Per Share of Common Stock |
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Consolidated Balance Sheet |
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Millions - Unaudited |
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2024 |
2023 |
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2024 |
2023 |
Assets |
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Liabilities and Equity |
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Cash and Cash Equivalents |
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Current Liabilities |
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Other Current Assets |
381.5 |
396.2 |
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Long-Term Debt |
1,743.7 |
1,679.9 |
Property, Plant and Equipment – Net |
5,112.8 |
5,013.4 |
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Deferred Income Taxes |
255.5 |
192.7 |
Regulatory Assets |
386.1 |
425.4 |
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Regulatory Liabilities |
562.1 |
574.0 |
Equity Investments |
337.9 |
331.2 |
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Defined Benefit Pension and Other Postretirement Benefit Plans |
134.5 |
160.8 |
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155.3 |
155.4 |
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Other Non-Current Liabilities |
314.4 |
264.3 |
Other Non-Current Assets |
261.7 |
262.9 |
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Redeemable Non-Controlling Interest |
0.7 |
0.5 |
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Equity |
3,391.9 |
3,406.6 |
Total Assets |
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Total Liabilities, Redeemable Non-Controlling Interest and Equity |
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Quarter Ended |
Nine Months Ended |
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Income (Loss) |
2024 |
2023 |
2024 |
2023 |
Millions |
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Regulated Operations |
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3.9 |
54.8 |
10.1 |
66.4 |
Corporate and Other |
7.1 |
(2.9) |
6.7 |
16.8 |
Net Income Attributable to |
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Diluted Earnings Per Share |
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Statistical Data |
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Corporate |
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Common Stock |
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High |
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Low |
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Close |
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Book Value |
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Kilowatt-hours Sold |
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Millions |
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Regulated Utility |
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Retail and Municipal |
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Residential |
262 |
250 |
793 |
812 |
Commercial |
354 |
355 |
999 |
1,022 |
Industrial |
1,715 |
1,742 |
5,242 |
5,178 |
Municipal |
120 |
112 |
350 |
350 |
Total Retail and Municipal |
2,451 |
2,459 |
7,384 |
7,362 |
Other Power Suppliers |
616 |
526 |
1,952 |
2,008 |
Total Regulated Utility Kilowatt-hours Sold |
3,067 |
2,985 |
9,336 |
9,370 |
Regulated Utility Revenue |
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Millions |
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Regulated Utility Revenue |
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Retail and Municipal Electric Revenue |
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Residential |
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Commercial |
48.8 |
48.6 |
139.1 |
135.5 |
Industrial |
149.2 |
153.8 |
454.0 |
436.9 |
Municipal |
9.2 |
8.7 |
25.6 |
25.2 |
Total Retail and Municipal Electric Revenue |
247.2 |
247.1 |
739.8 |
709.2 |
Other Power Suppliers |
32.0 |
31.0 |
102.4 |
103.2 |
Other (Includes Water and Gas Revenue) |
31.3 |
36.2 |
86.4 |
106.7 |
Total Regulated Utility Revenue |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20241030426569/en/
Investor Contact:
218-723-3952
shareholder@allete.com
Source: