ALLETE, Inc. (ALE) on Friday reported a decline in third-quarter profit, primarily impacted by lower non-utility revenue.
Net income fell to $27.1 million from $45 million in the same quarter last year, while earnings per share dropped to $0.46 from $0.78.
Operating income decreased to $29.6 million from $45.3 million a year earlier.
Revenue declined 7.9% to $375 million from $407.2 million, mainly due to a sharp drop in non-utility segment sales to $53.3 million from $95.4 million. However, utility revenue rose to $320.2 million from $310.5 million a year ago.
ALLETE said it is awaiting a written order from the Minnesota Public Utilities Commission (MPUC) to proceed with the closing of its acquisition by Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP).
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