Execs stress ALLETE's strong finances, growing footprint

Duluth-based ALLETE Inc. achieved strong financial results during 2016 and is positioned well for the future, executives of the publicly traded corporation said at the May 9 annual meeting.

Earnings were $3.14 per share last year, said Chairman, President and CEO Al Hodnik. Net income increased 10 percent when compared with 2015 and dividends climbed by 3 percent, reaching $2.14 annually, he told shareholders at the Duluth Entertainment Convention Center. Further, ALLETE’s stock price reached an all-time high close of $71.11 in April.

“ALLETE has paid uninterrupted dividends since 1948 and remains committed to returning value to its shareholders,” Hodnik said. The three-year shareholder return was 44.4 percent, he added.

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