Allete profits up in 2016
Wednesday, February 15, 2017
Allete Inc. posted a profit of $155.3 million in 2016, a 10 percent increase from the year before despite a drop in revenue.
The Duluth-based company and parent of Minnesota Power had $1.34 billion in operating revenue last year, compared to $1.49 billion in 2015.
The 2016 earnings represent $3.14 per share and beat analysts' estimates, according to Zacks Investment Services.
Company officials sounded a positive note on the results with an eye to growth this year.
"I am pleased with the company's position and outlook as we move into 2017," Allete CEO Al Hodnik said in a statement. "Minnesota Power's industrial customers start the year on a strong note, and our energy infrastructure and related services businesses are well positioned to capitalize on renewed growth and investment initiatives."
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