Allete CEO: Company had a good 2014
Tuesday, May 19, 2015
Allete CEO Al Hodnik told about 750 people at the company's annual shareholders meeting in Duluth last week that the company had a good 2014.
Net income was up 10 percent over 2014. Operating revenue was up 12 percent. Its largest utility, Minnesota Power, set a record electric load. Total Allete assets reached $4.4 million. Stock dividends rose 3.1 percent. And stocks reached an all-time high of nearly $60 a share.But by the time of the meeting on Tuesday, the stock had slipped to $48 a share.
During the question-and-answer period at the Duluth Entertainment Convention Center, Hodnik attributed the stock's price drop mainly to the recent pullbacks in the mining industry.
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