ALLETE Inc. (ALE) reported first-quarter net income of $32.5 million or $0.83 per share, compared to $24.4 million or $0.66 per share last year. Operating revenue increased to $263.8 million from $240.0 million last year.
On average, six analysts polled by Thomson Reuters expected the company to report profit of $0.75 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $249.20 million for the quarter.
The company reaffirmed its 2013 earnings guidance of between $2.58 and $2.78 per share. The company said its reiterated earnings guidance assumes continued strong industrial demand, higher cost recovery revenue and federal production tax credits, higher depreciation and interest expense and dilution from equity issuances of between ten cents and 15 cents per share.
For comments and feedback: editorial@rttnews.com