Benzinga | Nov 9, 2020 07:11AM EST

ALLETE: Q3 Earnings Insights



Shares of ALLETE (NYSE:ALE) decreased 0.3% in pre-market trading after the company reported Q3 results.

Quarterly Results

Earnings per share increased 30.00% year over year to $0.78, which beat the estimate of $0.64.

Revenue of $293,900,000 up by 1.94% year over year, which beat the estimate of $292,900,000.

Looking Ahead

The upcoming fiscal year's EPS expected to be between $3.25 and $3.45.

Details Of The Call

Date: Nov 09, 2020

Time: 10:00 AM

ET Webcast URL: https://edge.media-server.com/mmc/p/ftzfw4ae

Technicals

52-week high: $84.71

Company's 52-week low was at $48.22

Price action over last quarter: down 7.66%

Company Overview

ALLETE Inc is a regulated electric utility company operating primarily in America's Upper Midwest region. Through its subsidiaries, ALLETE provides regulated electric, natural gas, and water services. The company's Regulated Operations division, which houses its energy generation, transmission, and distribution activities, is responsible for most of ALLETE's total revenue by way of electricity sales and transmission service fees. The majority of the energy sold and distributed by ALLETE is produced by its own portfolio of coal-fired, wind, natural gas-fired, biomass, and hydroelectric power plants. Coal fuel sources, specifically, account for most of this. The company's major customers are industrial entities, such as major iron ore, wood product, and pipeline producers.