ALLETE showed strong financial growth in 2019

Wednesday, February 26, 2020

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ALLETE, Inc. (NYSE: ALE) reported earnings growth versus 2018 in its annual report, released Feb. 13.

Earnings in 2019 were $3.59 per share on net income of $185.6 million and operating revenue of $1.2 billion. Reported results from 2018 were $3.38 per share on net income of $174.1 million and operating revenue of $1.5 billion, the report said.

Net income in 2019 included a gain on the sale of U.S. Water Services of 26 cents per share, of which 4 cents per share was recognized in the fourth quarter of 2019 for the favorable settlement of a U.S. Water Services patent infringement case, offset by 2 cents per share of U.S. Water Services operating results prior to the sale. 

"We completed many strategic initiatives in 2019 that position ALLETE for additional success in a clean energy landscape," said President and Chief Executive Officer Bethany Owen. She added "2020 will be another year of large scale renewable energy projects that will benefit our customers and the environment while creating value for our shareholders. In 2019 ALLETE made approximately $500 million in renewable energy investments, and we plan to invest over $450 million again in 2020."

"ALLETE is well positioned to thrive as all facets of an increasingly clean energy future unfold," stated Executive Chairman Al Hodnik. "In addition to our team delivering 2019 on plan financial results, the board recently raised the dividend for the 10th year in a row. I have every confidence that Bethany’s strong values based leadership, her proven ability to position while executing and her laser focus on talent development will assure ALLETE’s momentum continues as a new decade dawns."

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Category: Investors