Allete Inc. (ALE) on Thursday reported a drop in profit for the second quarter, along with a slight decrease in revenue. However, adjusted earnings topped Wall Street view, while revenue missed consensus forecast.
Net income for the quarter dropped to $14.4 million or 39 cents per share from $17.0 million or 48 cents per share last year. Last year's results included 8 cents per share income tax benefit.
On average, 3 analysts polled by Thomson Reuters expected earnings of $0.37 per share for the quarter. Analysts' estimates typically exclude special items.
Operating revenue edged down to $216.4 million from $219.9 million. Analysts expected revenues of $228.10 million for the quarter.
The company's full year earnings guidance remains unchanged, in an expected range of between $2.45 and $2.65 per share. Wall Street expects full year earnings of $2.56 per share.
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