ALLETE, Inc. (NYSE: ALE) today reported second
quarter 2023 earnings of 90 cents per share on net income of $51.5
million. Last year’s second quarter results were 67 cents per share
on net income of $37.6 million. Included in this year’s results
were earnings from another strong quarter of financial results at
New Energy, which was acquired in April 2022.
“We are very pleased with this quarter’s solid results,” said
ALLETE Chair, President, and Chief Executive Officer Bethany Owen.
“Through the first half of this year, we have also made significant
progress in executing our Sustainability in Action strategy –
working with our diverse stakeholders as we advance the transition
to a clean-energy future. Minnesota Power recently filed
certificates of need and route permit applications for the
modernization of its 465-mile HVDC transmission line, and for the
Northland Reliability Project. In addition, New Energy Equity has
maintained a robust pipeline of projects and disciplined project
execution as reflected in another strong quarter of financial
results, and ALLETE Clean Energy successfully closed on its Red
Barn project in April.”
“Our results for the second quarter 2023 were higher than prior
year due to New Energy Equity having another outstanding quarter of
project closings, with attractive margins and entry into a new
market, and is firmly on track to achieve or slightly exceed
full-year earnings projections.” said ALLETE Senior Vice President
and Chief Financial Officer Steve Morris. “Our regulated operations
were also higher due to increased retail sales and lower property
taxes this year, partially offset by reserves for interim rates
resulting from Minnesota Power’s February rate case order. Wind
resources were down across much of the nation and consequently,
results at ALLETE Clean Energy were below our expectations for the
quarter, partially offset by the profitable sale of the Red Barn
project. We are pleased to reaffirm our 2023 guidance, as we remain
confident in our earnings range of $3.55 to $3.85 per share.”
ALLETE’s Regulated Operations segment, which includes Minnesota
Power, Superior Water, Light and Power (SWL&P) and the
Company’s investment in the American Transmission Company, recorded
second quarter 2023 net income of $37.8 million, compared to $29.6
million in the second quarter a year ago. Earnings at Minnesota
Power were higher this year compared to 2022, primarily due to
lower property taxes and increased sales to retail customers. These
increases were partially offset by interim rate refund reserves
recognized in 2023, as a result of Minnesota Power’s 2022 general
rate case outcome; the full interim rate reserve was recorded in
the fourth quarter of 2022. Also reflected in the second quarter of
2023 was higher operating and maintenance expense. Net income at
SWL&P was higher during the second quarter of 2023 primarily
due to the implementation of new customer rates effective the
beginning of this year.
ALLETE Clean Energy recorded second quarter 2023 net income of
$3.1 million compared to $5.8 million in 2022. Earnings in 2023
reflect lower wind resources across the nation negatively impacting
the entire fleet, which was partially offset by the sale of the Red
Barn project in April of this year. Net income in 2022 also
included earnings from the Northern Wind facilities which were
decommissioned in April 2022 as part of ALLETE Clean Energy’s
project to repower and sell the Northern Wind project.
Corporate and Other businesses, which include New Energy Equity,
BNI Energy, ALLETE Properties and our investments in renewable
energy facilities, recorded net income of $10.6 million in the
second quarter of 2023, compared to net income of $2.2 million in
2022. Second quarter net income in 2023 reflects New Energy’s
earnings of $7.4 million; 2022 net income included purchase price
accounting adjustments and transaction costs related to the New
Energy acquisition which closed in April last year.
Earnings per share dilution in 2023 was approximately 2 cents
due to additional shares of common stock outstanding as of June 30,
2023.
Live Webcast on August 8, 2023; 2023 second quarter slides
posted on company website.
ALLETE’s earnings conference call will be at 10:00 a.m. (EST),
August 8, 2023, at which time management will discuss the second
quarter of 2023 financial results. Interested parties may
participate live by registering for the call at
www.allete.com/earningscall, or may listen to the live audio-only
webcast accompanied by supporting slides, which will be available
on ALLETE’s Investor Relations website
investor.allete.com/events-presentations. The webcast will be
accessible for one year at allete.com.
ALLETE is an energy company headquartered in Duluth, Minn. In
addition to its electric utilities, Minnesota Power and Superior
Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean
Energy, based in Duluth, BNI Energy in Bismarck, N.D., New Energy
Equity headquartered in Annapolis, MD, and has an eight percent
equity interest in the American Transmission Co. More information
about ALLETE is available at www.allete.com. ALE-CORP
The statements contained in this release and statements that
ALLETE may make orally in connection with this release that are not
historical facts, are forward-looking statements. Actual results
may differ materially from those projected in the forward-looking
statements. These forward-looking statements involve risks and
uncertainties and investors are directed to the risks discussed in
documents filed by ALLETE with the Securities and Exchange
Commission.
ALLETE's press releases and other communications may include
certain non-Generally Accepted Accounting Principles (GAAP)
financial measures. A "non-GAAP financial measure" is defined as a
numerical measure of a company's financial performance, financial
position or cash flows that excludes (or includes) amounts that are
included in (or excluded from) the most directly comparable measure
calculated and presented in accordance with GAAP in the company's
financial statements.
Non-GAAP financial measures utilized by the Company include
presentations of earnings (loss) per share. ALLETE's management
believes that these non-GAAP financial measures provide useful
information to investors by removing the effect of variances in
GAAP reported results of operations that are not indicative of
changes in the fundamental earnings power of the Company's
operations. Management believes that the presentation of the
non-GAAP financial measures is appropriate and enables investors
and analysts to more accurately compare the company's ongoing
financial performance over the periods presented.
ALLETE, Inc. Consolidated Statement
of Income Millions Except Per Share Amounts - Unaudited
Quarter Ended
Six Months Ended
June 30
June 30
2023
2022
2023
2022
Operating Revenue
Contracts with Customers – Utility
$292.2
$308.7
$604.8
$637.7
Contracts with Customers – Non-utility
239.9
62.1
490.9
113.8
Other – Non-utility
1.3
2.3
2.6
5.1
Total Operating Revenue
533.4
373.1
1,098.3
756.6
Operating Expenses
Fuel, Purchased Power and Gas –
Utility
107.3
143.2
225.9
280.6
Transmission Services – Utility
23.5
18.3
43.6
38.2
Cost of Sales – Non-utility
193.2
41.5
403.7
58.5
Operating and Maintenance
84.9
79.6
170.6
154.9
Depreciation and Amortization
62.8
61.0
125.1
122.7
Taxes Other than Income Taxes
8.2
15.8
27.6
34.6
Total Operating Expenses
479.9
359.4
996.5
689.5
Operating Income
53.5
13.7
101.8
67.1
Other Income (Expense)
Interest Expense
(21.1)
(18.6)
(40.4)
(36.9)
Equity Earnings
5.4
5.3
11.4
10.8
Other
2.5
12.1
6.6
14.1
Total Other Expense
(13.2)
(1.2)
(22.4)
(12.0)
Income Before Income Taxes
40.3
12.5
79.4
55.1
Income Tax Expense (Benefit)
(0.4)
(8.3)
1.1
(12.2)
Net Income
40.7
20.8
78.3
67.3
Net Loss Attributable to Non-Controlling
Interest
(10.8)
(16.8)
(31.4)
(36.6)
Net Income Attributable to
ALLETE
$51.5
$37.6
$109.7
$103.9
Average Shares of Common Stock
Basic
57.3
56.1
57.3
54.9
Diluted
57.4
56.1
57.4
54.9
Basic Earnings Per Share of Common
Stock
$0.90
$0.67
$1.91
$1.89
Diluted Earnings Per Share of Common
Stock
$0.90
$0.67
$1.91
$1.89
Dividends Per Share of Common
Stock
$0.6775
$0.65
$1.355
$1.30
Consolidated Balance Sheet Millions -
Unaudited
Jun. 30
Dec. 31,
Jun. 30
Dec. 31,
2023
2022
2023
2022
Assets
Liabilities and Equity
Cash and Cash Equivalents
$47.9
$36.4
Current Liabilities
$380.3
$716.2
Other Current Assets
398.3
681.6
Long-Term Debt
1,685.9
1,648.2
Property, Plant and Equipment – Net
4,973.9
5,004.0
Deferred Income Taxes
153.6
158.1
Regulatory Assets
454.5
441.0
Regulatory Liabilities
538.0
526.1
Equity Investments
327.5
322.7
Defined Benefit Pension and Other
Postretirement Benefit Plans
173.6
179.7
Goodwill and Intangibles – Net
155.5
155.6
Other Non-Current Liabilities
268.0
269.0
Other Non-Current Assets
210.3
204.3
Equity
3,368.5
3,348.3
Total Assets
$6,567.9
$6,845.6
Total Liabilities and Equity
$6,567.9
$6,845.6
Quarter Ended
Six Months Ended
ALLETE, Inc.
June 30
June 30
Income (Loss)
2023
2022
2023
2022
Millions
Regulated Operations
$37.8
$29.6
$78.4
$81.1
ALLETE Clean Energy
3.1
5.8
11.6
22.3
Corporate and Other
10.6
2.2
19.7
0.5
Net Income Attributable to ALLETE
$51.5
$37.6
$109.7
$103.9
Diluted Earnings Per Share
$0.90
$0.67
$1.91
$1.89
Statistical Data
Corporate
Common Stock
High
$66.69
$66.02
$66.69
$68.61
Low
$56.68
$56.55
$56.68
$56.55
Close
$57.97
$58.78
$57.97
$58.78
Book Value
$47.63
$46.97
$47.63
$46.97
Kilowatt-hours Sold
Millions
Regulated Utility
Retail and Municipal
Residential
241
245
562
600
Commercial
320
314
667
674
Industrial
1,778
1,616
3,436
3,382
Municipal
110
131
238
289
Total Retail and Municipal
2,449
2,306
4,903
4,945
Other Power Suppliers
786
794
1,482
1,775
Total Regulated Utility Kilowatt-hours
Sold
3,235
3,100
6,385
6,720
Regulated Utility Revenue
Millions
Regulated Utility Revenue
Retail and Municipal Electric Revenue
Residential
$33.2
$37.1
$75.6
$85.6
Commercial
42.9
42.6
86.9
88.0
Industrial
139.7
150.2
283.1
296.7
Municipal
7.6
10.0
16.5
22.1
Total Retail and Municipal Electric
Revenue
223.4
239.9
462.1
492.4
Other Power Suppliers
36.3
36.9
72.2
77.9
Other (Includes Water and Gas Revenue)
32.5
31.9
70.5
67.4
Total Regulated Utility Revenue
$292.2
$308.7
$604.8
$637.7
This exhibit has been furnished and shall not be deemed
“filed” for purposes of Section 18 of the Securities Exchange
Act of 1934, nor shall it be deemed incorporated by reference in
any filing under the Securities Act of 1933, except as shall be
expressly set forth by specific reference in such filing.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230808824556/en/
Investor Contact: Vince Meyer 218-723-3952 vmeyer@allete.com
Allete (NYSE:ALE)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
Allete (NYSE:ALE)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024