ALLETE, Inc. reports higher first quarter 2017 earnings

ALLETE, Inc. (NYSE: ALE) on May 4 reported first quarter 2017 earnings of 97 cents per share on net income of $49 million and operating revenue of $365.6 million. Last year’s results were 93 cents per share on net income of $45.9 million and operating revenue of $333.8 million.

“It has been a tremendous start to 2017 as ALLETE begins the year with solid financial results and significant progress with several key growth initiatives,” said ALLETE Chairman, President and CEO Al Hodnik. “ALLETE Clean Energy has made a strategic investment of approximately $100 million in federal tax credit-qualified turbines. This investment further positions ALLETE Clean Energy with additional growth opportunities as evidenced by two recently announced wind projects – a project expansion of up to 50 megawatts for Montana-Dakota Utilities Co. and a new 100 megawatt wind energy facility to be built and operated to service a long term PPA with Xcel Energy Inc. We anticipate additional future investment opportunities as these turbines have added to an already strong deal flow pipeline for ALLETE Clean Energy.”