RTTNews | Nov 9, 2020 06:47AM EST

06:47 Monday, November 9, 2020 (RTTNews.com) - Allete Inc. (ALE) reported Monday that its third-quarter net income rose to $40.7 million or $0.78 per share from $31.2 million or $0.60 per share in the year-ago period.

Operating revenue for the quarter grew to $293.9 million from $288.3 million in the same period last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.64 per share for the quarter on revenues of $292.9 million. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2020, Allete affirmed its outlook for adjusted earnings in a range of $3.25 to $3.45 per share, excluding the $0.16 per share charge related to the Minnesota Power rate case resolution, net of tax. The Street expects earnings of $3.33 per share for the year.

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