Benzinga | Aug 4, 2021 07:17AM EDT

Recap: ALLETE Q2 Earnings



Shares of ALLETE (NYSE:ALE) were unchanged after the company reported Q2 results.

Quarterly Results

Earnings per share rose 35.90% year over year to $0.53, which missed the estimate of $0.56.

Revenue of $335,600,000 higher by 37.99% from the same period last year, which beat the estimate of $293,930,000.

Guidance

Earnings guidance hasn't been issued by the company for now.

Revenue guidance hasn't been issued by the company for now.

Details Of The Call

Date: Aug 04, 2021

Time: 10:00 AM

ET Webcast URL: https://edge.media-server.com/mmc/p/7g7siedd

Price Action

Company's 52-week high was at $72.60

52-week low: $49.91

Price action over last quarter: Up 0.27%

Company Description

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.