ALLETE, Inc. (NYSE:ALE) today reported its financial results for
the first quarter of 2014. The company reported earnings per share
of 80 cents compared with 83 cents in the same period a year ago.
Included in this year’s results was $1.4 million after-tax, or
three cents per share, of acquisition costs related to an ALLETE
Clean Energy acquisition.
Compared with the first quarter of 2013, net income rose by $1
million to $33.5 million. Operating revenue for the first quarter
of 2014 was $296.5 million, up twelve percent from $263.8 million
in 2013. Earnings per share for the first quarter of 2014 were
diluted by six cents due to an increase in the amount of common
shares outstanding.
Net income at ALLETE’s Regulated Operations segment, which
includes Minnesota Power, Superior, Water, Light and Power and the
company’s investment in the American Transmission Company, was
$33.9 million, an increase of $1.8 million or six percent over
the first quarter of 2013. Unseasonably cold weather impacted
electricity sales for the first quarter of 2014, which were three
percent higher than the same period in 2013. Operating and
maintenance, depreciation and interest expenses were also higher in
2014 compared with a year ago.
ALLETE’s Investments and Other segment, which includes BNI Coal,
ALLETE Properties, ALLETE Clean Energy, and miscellaneous corporate
income and expense, recorded a net loss of $0.4 million during the
period compared to net income of $0.4 million a year ago. The
net loss included the $1.4 million after-tax costs for ALLETE Clean
Energy’s acquisition of wind energy facilities in January 2014.
Quarterly results for BNI Coal and ALLETE Properties were similar
to a year ago and ALLETE Clean Energy’s wind facilities were
accretive to earnings.
“Strong operating performances at our businesses contributed to
ALLETE’s first quarter earnings results,” said ALLETE Chairman,
President and CEO Al Hodnik. “We are comfortably on track to meet
our full year earnings guidance of between $2.75 and $2.95 per
share, excluding costs associated with the ALLETE Clean Energy
acquisition.”
The company will host a conference call and webcast at 10 a.m.
Eastern time today to discuss details of its quarterly performance.
Interested parties my listen live by calling (877) 303-5852, or by
accessing the webcast at www.allete.com. A replay of the call will
be available through May 9, 2014 by dialing (855) 859-2056, pass
code 30490699.
ALLETE is an energy company headquartered in Duluth, Minn. In
addition to its electric utilities, Minnesota Power and Superior
Water, Light and Power, ALLETE owns BNI Coal in North Dakota,
ALLETE Clean Energy, based in Duluth, and has an eight percent
equity interest in the American Transmission Co. More information
about ALLETE is available at www.allete.com.
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 March 31,
2014 2013
Operating Revenue
$
296.5
$ 263.8
Operating
Expenses Fuel and Purchased Power 96.2 86.5 Operating and
Maintenance 119.8 104.7 Depreciation 32.2
28.2 Total Operating Expenses
248.2 219.4
Operating Income
48.3 44.4
Other Income
(Expense) Interest Expense (12.8 ) (12.3 ) Equity Earnings in
ATC 5.1 5.2 Other 2.0
2.7 Total Other Expense (5.7 )
(4.4 )
Income Before Non-Controlling
Interest and Income Taxes 42.6 40.0
Income Tax Expense
8.8 7.5
Net Income 33.8
32.5 Less: Non-Controlling Interest in Subsidiaries
0.3 —
Net Income Attributable to ALLETE $ 33.5
$ 32.5
Average Shares of
Common Stock Basic 41.4 38.9 Diluted 41.6
39.0
Basic Earnings
Per Share of Common Stock $ 0.81 $ 0.83
Diluted Earnings Per
Share of Common Stock $ 0.80 $ 0.83
Dividends Per
Share of Common Stock $ 0.49
$ 0.475
Consolidated Balance Sheet
Millions - Unaudited
Mar. 31, Dec. 31, Mar. 31, Dec.
31, 2014 2013
2014
2013 Assets Liabilities and Shareholders’
Equity Cash and Cash Equivalents $ 44.6 $ 97.3 Current
Liabilities $ 208.5 $ 230.2 Other Current Assets 224.8 209.7
Long-Term Debt 1,202.5 1,083.0
Property, Plant and Equipment - Net
2,905.1 2,576.5 Deferred Income Taxes 494.4 479.1 Regulatory Assets
267.0 263.8 Regulatory Liabilities 89.9 81.0 Investment in ATC
116.6 114.6
Defined Benefit Pension & Other
Postretirement Benefit Plans
117.2 133.4 Other Investments 116.4 146.3 Other Non-Current
Liabilities 229.3 127.2 Other Non-Current Assets
74.7 68.6 Shareholders’
Equity 1,407.4 1,342.9
Total Assets $ 3,749.2 $ 3,476.8
Total Liabilities and Shareholders’ Equity
$ 3,749.2 $ 3,476.8
Quarter Ended
ALLETE, Inc. March 31, Income (Loss)
2014 2013 Millions
Regulated Operations $ 33.9 $ 32.1 Investments and Other
(0.4 ) 0.4 Net Income
Attributable to ALLETE $ 33.5 $
32.5
Diluted Earnings Per Share $ 0.80
$ 0.83
Statistical Data
Corporate Common Stock High $ 52.73 $
49.50 Low $ 47.96 $ 41.39 Close $ 52.42 $ 49.02 Book Value $ 33.11
$ 31.07
Kilowatt-hours Sold
Millions Regulated Utility Retail and
Municipals Residential 398 354 Commercial 395 377 Municipals 242
274 Industrial 1,816
1,845 Total Retail and Municipal 2,851 2,850 Other Power
Suppliers 700 591
Total Regulated Utility 3,551 3,441 Non-regulated Energy Operations
34 31 Total
Kilowatt-hours Sold 3,585
3,472
Regulated Utility Revenue
Millions Regulated Utility Revenue
Retail and Municipals Residential $ 37.3 $ 33.1 Commercial 32.8
31.3 Municipals 16.5 16.5 Industrial 104.4
102.2 Total Retail and Municipals 191.0
183.1 Other Power Suppliers 29.5 22.3 Other
43.7 36.0 Total Regulated Utility
Revenue $ 264.2 $ 241.4
ALLETE, Inc.Investor Contact:Tim Thorp,
218-723-3953tthorp@allete.com
Allete (NYSE:ALE)
Historical Stock Chart
From Aug 2024 to Sep 2024
Allete (NYSE:ALE)
Historical Stock Chart
From Sep 2023 to Sep 2024