ALLETE, Inc. (ALE) reported that its first quarter net income to ALLETE declined to $50.7 million from $58.2 million, prior year. Earnings per share was $0.88 compared to $1.02. The company noted that its net income included interim rate refund reserves of 7 cents per share due to Minnesota Power's rate case settlement, a 6 cent per share negative impact due to warmer winter weather, and 2 cents per share of transaction expenses related to the recently announced merger. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $1.02, for the quarter. Analysts' estimates typically exclude special items.
Total operating revenue declined to $403.3 million from $564.9 million, previous year. Analysts on average had estimated $504.75 million in revenue.
In light of the announced merger agreement with Canada Pension Plan Investment Board and Global Infrastructure Partners, ALLETE has cancelled its earnings conference call previously scheduled for May 9.
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