Latest news with #ALLETE
Business Wire
08-05-2025
- Business
- Business Wire
ALLETE, Inc. Reports First Quarter 2025 Earnings
DULUTH, Minn.--(BUSINESS WIRE)--ALLETE, Inc. (NYSE: ALE) today reported first quarter 2025 earnings of 97 cents per share on net income of $56.1 million. Last year's first quarter results were 88 cents per share on net income of $50.7 million. Net income in 2025 includes transaction expenses of $2.1 million after-tax, or 4 cents per share, related to the announced merger. Net income in the first quarter of 2024 included transaction expenses of $1.2 million after-tax, or 2 cents per share. 'Our entire ALLETE team has been working diligently on many fronts to execute our Sustainability-in-Action strategy. Minnesota Power recently filed its latest Integrated Resource Plan, which outlines a path to achieve a portfolio that includes 90 percent renewable energy by 2035 by adding wind, solar, natural gas generation, and innovative energy storage as we work to cease coal on our system by 2035,' said ALLETE Chair, President, and Chief Executive Officer Bethany Owen. 'Minnesota Power's Energy Forward strategy reflects our steadfast commitment to advancing a sustainable carbon-free future while ensuring we continue to provide the reliable and affordable energy our customers expect. 'ALLETE's planned partnership with experienced infrastructure investors, Canada Pension Plan Investment Board and Global Infrastructure Partners, remains on track. Key approvals from the Federal Energy Regulatory Commission, Public Service Commission of Wisconsin and overwhelming support from our shareholders have been received. We continue working through the regulatory process toward securing our final approval from the Minnesota Public Utilities Commission, which is expected in 2025. ALLETE, Minnesota Power and all our companies, employees, customers, communities and other stakeholders will benefit from this partnership for generations to come.' ALLETE's Regulated Operations segment, which includes Minnesota Power, Superior Water, Light and Power and the Company's investment in the American Transmission Company, recorded first quarter 2025 net income of $38.4 million, compared to $44.2 million in the first quarter a year ago. Net income at Minnesota Power was lower than 2024 reflecting lower margins from industrial customers, higher operating and maintenance expense and higher depreciation expense. These decreases were partially offset by higher margins from residential, commercial and municipal customers. Net income at Superior Water, Light and Power was higher than 2024 reflecting new rates implemented in 2025 as well as higher kWh and gas sales. After-tax equity earnings in the American Transmission Company were higher than 2024 primarily due to additional equity investments. ALLETE Clean Energy recorded first quarter 2025 net income of $7.4 million compared to $3.8 million in 2024. Net income in 2025 reflects higher production at ALLETE Clean Energy's tax equity financed wind energy facilities. Earnings in 2024 reflected negative impacts from a forced network outage near its Caddo wind energy facility. New Energy Equity recorded 2025 first quarter net income of $9.2 million, compared to net income of $4.0 million for the same period in 2024. Net income in 2025 includes higher sales of renewable energy projects and investment tax credits at New Energy Equity compared to 2024. Corporate and Other businesses, which include BNI Energy, ALLETE Properties and our investments in renewable energy facilities, recorded net income of $1.1 million in the first quarter of 2025, compared to a net loss of $1.3 million in 2024. Net income in 2025 includes lower income tax expense, partially offset by higher transaction expenses related to the merger in 2025. Transaction expenses were $2.1 million after-tax in 2025 compared to $1.2 million in 2024. 'Results for the first quarter of 2025 were impacted primarily by lower industrial margins as a result of lower sales to taconite customers at Minnesota Power," said ALLETE Vice President – Chief Financial Officer and Corporate Treasurer Jeff Scissons. 'Our Non-regulated subsidiaries all had solid first quarter performances and are executing on their annual plans while navigating dynamic operating environments.' 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 in Annapolis, MD, and has an eight percent equity interest in the American Transmission Co. More information about ALLETE is available at 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. March 31, 2025 2024 Operating Revenue Contracts with Customers – Utility $332.8 $338.3 Contracts with Customers – Non-utility 65.9 63.7 Other – Non-utility 1.5 1.3 Total Operating Revenue 400.2 403.3 Operating Expenses Fuel, Purchased Power and Gas – Utility 123.0 133.5 Transmission Services – Utility 19.0 22.7 Cost of Sales – Non-utility 24.9 24.4 Operating and Maintenance 93.0 91.7 Depreciation and Amortization 69.7 65.0 Taxes Other than Income Taxes 17.6 18.7 Total Operating Expenses 347.2 356.0 Operating Income 53.0 47.3 Other Income (Expense) Interest Expense (21.4) (20.4) Equity Earnings 6.0 5.5 Other 4.6 8.6 Total Other Expense (10.8) (6.3) Income Before Income Taxes 42.2 41.0 Income Tax Expense 7.5 4.0 Net Income 34.7 37.0 Net Loss Attributable to Non-Controlling Interest (21.4) (13.7) Net Income Attributable to ALLETE $56.1 $50.7 Average Shares of Common Stock Basic 57.9 57.6 Diluted 58.0 57.7 Basic Earnings Per Share of Common Stock $0.97 $0.88 Diluted Earnings Per Share of Common Stock $0.97 $0.88 Dividends Per Share of Common Stock $0.73 $0.705 Expand Consolidated Balance Sheet Millions - Unaudited Mar. 31, Dec. 31, Dec. 31, 2025 2024 2025 2024 Assets Liabilities and Equity Cash and Cash Equivalents $92.0 $32.8 Current Liabilities $380.6 $404.2 Other Current Assets 385.9 402.4 Long-Term Debt 1,832.8 1,704.7 Property, Plant and Equipment – Net 5,255.5 5,181.5 Deferred Income Taxes 269.5 253.4 Regulatory Assets 364.6 371.7 Regulatory Liabilities 580.6 570.5 Equity Investments 344.0 340.1 Defined Benefit Pension and Other Postretirement Benefit Plans 99.2 118.2 Goodwill and Intangibles – Net 155.3 155.3 Other Non-Current Liabilities 314.8 312.8 Other Non-Current Assets 269.0 270.5 Redeemable Non-Controlling Interest 0.5 0.4 Equity 3,388.3 3,390.1 Total Assets $6,866.3 $6,754.3 Total Liabilities, Redeemable Non-Controlling Interest and Equity $6,866.3 $6,754.3 Expand Three Months Ended ALLETE, Inc. March 31, Income (Loss) 2025 2024 Millions Regulated Operations $38.4 $44.2 ALLETE Clean Energy 7.4 3.8 New Energy 9.2 4.0 Corporate and Other 1.1 (1.3) Net Income Attributable to ALLETE $56.1 $50.7 Diluted Earnings Per Share $0.97 $0.88 Expand Statistical Data Corporate Common Stock High $65.99 $63.69 Low $64.72 $55.86 Close $65.70 $59.64 Book Value $49.44 $48.95 Expand Kilowatt-hours Sold Millions Regulated Utility Retail and Municipal Residential 332 306 Commercial 354 338 Industrial 1,574 1,798 Municipal 132 125 Total Retail and Municipal 2,392 2,567 Other Power Suppliers 926 757 Total Regulated Utility Kilowatt-hours Sold 3,318 3,324 Expand Regulated Utility Revenue Millions Regulated Utility Revenue Retail and Municipal Electric Revenue Residential $49.3 $46.7 Commercial 48.3 47.4 Industrial 138.4 158.5 Municipal 9.6 9.0 Total Retail and Municipal Electric Revenue 245.6 261.6 Other Power Suppliers 47.1 40.0 Other (Includes Water and Gas Revenue) 40.1 36.7 Total Regulated Utility Revenue $332.8 $338.3 Expand 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.
Business Wire
24-04-2025
- Business
- Business Wire
ALLETE to Announce First Quarter Financial Results May 08
DULUTH, Minn.--(BUSINESS WIRE)--ALLETE Inc. (NYSE:ALE) will announce its financial results for the first quarter before the stock markets open on Thursday, May 08, 2025. ALLETE, Inc. is an energy company headquartered in Duluth, Minnesota. 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.; and New Energy Equity, headquartered in Annapolis, Maryland; and has an 8% equity interest in the American Transmission Co. More information about ALLETE is available at ALE-CORP
Yahoo
09-04-2025
- Business
- Yahoo
New Energy Equity Announces Leadership Transition: Josh Kunkel to Succeed Matt Hankey as CEO
ANNAPOLIS, Md., April 9, 2025 /PRNewswire/ -- New Energy Equity, a subsidiary of ALLETE, Inc. (NYSE: ALE), announced today that Josh Kunkel, current president of New Energy Equity, will be promoted to Chief Executive Officer as part of a planned transition effective June 1, 2025. Co-founder and current CEO, Matt Hankey will be taking on a new role at ALLETE as Emerging Technologies Officer, focusing on broad initiatives across the ALLETE family of companies, while remaining on the New Energy Equity Board of Directors. Kunkel joined New Energy Equity in 2020 as Vice President of Business Development and was promoted to President in 2022. "Matt has built a truly special company here at New Energy. Our culture, our success, and our steadfast resolve all starts with Matt, so it is a bittersweet time, although I am glad he will continue to be part of our ALLETE family. I am honored to step into this role and continue building on the strong foundation that Matt and the team have created," said Kunkel. "New Energy Equity has a bright future ahead, and I'm excited to lead this talented team as we expand our impact in the renewable energy industry." Hankey co-founded New Energy Equity in 2013, leading the company through multiple stages of rapid growth prior to being acquired by ALLETE in April of 2022. Under Hankey's leadership the company has grown to over 125 employees and implemented over 270 solar projects across the country, totaling 600MW and more than $1.5 billion in project investment. "Matt has built an outstanding organization and a dynamic team at New Energy Equity. His leadership and vision have shaped the company into a national leader in distributed renewable energy development," said ALLETE CEO and New Energy Equity Board Chair Bethany Owen. "We are excited for Matt to bring his expertise to ALLETE's broader emerging technologies directives. At the same time, we are thrilled to have Josh step into the CEO role. Josh has been a strong, results-driven leader at New Energy, and with his deep commitment to the company's culture, mission, and strategy, I have great confidence in his leadership as the company enters its next phase of growth." "Building New Energy Equity with my incredible colleagues is by far the most significant accomplishment of my professional career. I am so proud to have had the opportunity to lead this incredible team over the last 11 years. The New Energy Equity team is stronger than ever and extremely well positioned for success under Josh's leadership, and I look forward to seeing what they can accomplish in this next phase of the company." About New Energy Equity New Energy Equity LLC, a wholly owned subsidiary of ALLETE (NYSE: ALE), develops, finances, operates, and manages solar power generation assets, providing clean electricity to commercial, industrial, municipal, and utility customers under long-term contracts. New Energy Equity has successfully developed over 600MW of solar projects and closed more than $1.5 billion in clean energy investments. To learn more, visit Media ContactKyle Wehnes(262)366-9223kylew@ View original content to download multimedia: SOURCE New Energy Equity Sign in to access your portfolio
Yahoo
29-03-2025
- Business
- Yahoo
How Hormel Foods, ALLETE, And Alliant Energy Can Put Cash In Your Pocket
Companies with a long history of paying dividends and consistently hiking them remain appealing to income-focused investors. Hormel Foods, ALLETE, and Alliant Energy have rewarded shareholders for years and recently announced dividend increases. These companies currently offer dividend yields of around 3-4%. Hormel Foods Hormel Foods Corporation (NYSE:HRL) develops, processes, and distributes various meat, nuts, and other food products to foodservice, convenience store, and commercial customers in the U.S. and internationally. Don't Miss: Many are using retirement income calculators to check if they're on pace — Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Hormel Foods has raised its dividends every year for the last 59 years. In its most recent dividend hike announcement on Nov. 25, the company's board increased the quarterly payout by 3% to $0.29 per share, equal to an annual figure of $1.16 per share. Currently, the dividend yield stands at 4.03%. Hormel Foods' annual revenue as of Jan. 31 stood at $11.91 billion. In its Q1 2025 earnings release on Feb. 27, the company posted revenues of $2.99 billion, beating the consensus estimate of $2.93 billion, while EPS of $0.35 came in below the consensus of $0.38. Trending: It's no wonder Jeff Bezos holds over $250 million in art — ALLETE ALLETE (NYSE:ALE) operates as an energy company in two segments, Regulated Operations and ALLETE Clean Energy. It generates electricity from coal-fired, biomass co-fired/natural gas, hydro, wind, and solar. The company has increased its dividends consecutively for the last 14 years. According to its most recent dividend hike announcement on Jan. 30, its board raised the quarterly payout by 3.5% to $0.73, equaling an annual figure of $2.92 per share. Currently, the dividend yield on the stock is 4.46%. ALLETE's annual revenue as of Dec. 31 stood at $1.53 billion. In its most recent earnings release on Feb. 13, the company posted Q4 2024 revenues of $364.80 million and EPS of $0.87. Both figures came in below Energy Alliant Energy Corporation (NASDAQ:LNT) operates as a utility holding company that provides regulated electric and natural gas services in the U.S. The company has raised its dividends every year for the last 21 years. In its most recent dividend announcement on Jan. 17, the company increased the quarterly payout from $0.48 to $0.5075 per share, equal to an annual figure of $2.03 per share. The current dividend yield is 3.27%. Alliant Energy's annual revenue as of Dec. 31 stood at $3.98 billion. As per the company's Q4 2024 earnings release on Feb. 20, it posted revenues of $976 million and EPS of $0.70, both coming in above the consensus estimates. How is the market feeling about Alliant Energy? Check out this article by Benzinga to learn more. Hormel Foods, ALLETE, and Alliant Energy are good choices for investors seeking reliable passive income. Their dividend yields of around 3-4% and long history of consistent hikes make them attractive to income-focused investors. Check out this article by Benzinga for three more stocks offering high dividend yields. Read Next:The average American couple has saved this much money for retirement —? Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article How Hormel Foods, ALLETE, And Alliant Energy Can Put Cash In Your Pocket originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
Associated Press
11-03-2025
- Business
- Associated Press
ALLETE Names Jeff Scissons Chief Financial Officer
ALLETE, Inc. (NYSE: ALE) announced today that ALLETE Vice President and Corporate Treasurer Jeff Scissons has been promoted to chief financial officer. He succeeds Steven W. Morris, who recently announced his plan to retire in July. Scissons joined the company in 2013 and was promoted to ALLETE vice president and corporate treasurer in 2024 after serving in key strategic roles throughout his tenure. Over a dozen years at ALLETE, he led various strategic initiatives, including the acquisition of New Energy Equity and the divestiture of U.S. Water. He currently leads the transition committee for the acquisition of ALLETE by Canada Pension Plan Investments Board (CPPIB) and Global Infrastructure Fund (GIP). 'Jeff's financial acumen and his principled, values-based, people-focused leadership have been instrumental in the development and successful execution of ALLETE's Sustainability-in-Action strategy, and I am excited to work closely with him in this new role,' said ALLETE CEO Bethany Owen. 'His strategic approach to challenges and opportunities make him well suited for this role, as ALLETE continues to be a trusted leader in the clean-energy transformation and we advance the acquisition with our partners.' Scissons joined the company as a financial analyst after 12 years at Northern Asset Management in Duluth doing research and investing in electric and gas utilities. He was named manager – financial planning and analysis in 2015 and assistant treasurer in 2016. In 2022, he accepted the role of ALLETE Clean Energy's chief financial and strategy officer and expanded his role in October 2023 to corporate development and ALLETE Clean Energy's strategy officer before being named ALLETE vice president and corporate treasurer in 2024. 'ALLETE is entering a new period of exciting growth opportunities, as we transition to a privately held company. With strong support from our partners CPP and GIP, we are positioned for even greater success and will continue to execute our Sustainability-in-Action strategy at all our businesses,' Scissons said. 'For more than a century, our businesses have provided critical services in the regions we serve as well as being premier employers. People are always the foundation of any company's achievements, and I am honored to work with ALLETE's talented, collaborative, innovative and hard-working team.' Scissons graduated from the University of Minnesota Duluth in 2000 with a degree in finance. He also was a captain and academic All-American as a hockey player at UMD. About ALLETE, Inc. ALLETE, Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth, Minnesota; BNI Energy in Bismarck, North Dakota; and New Energy Equity, headquartered in Annapolis, Maryland; and has an 8% equity interest in the American Transmission Co. More information about ALLETE is available at ALE-CORP ALLETE calculates and reports carbon emissions based on the GHG Protocol. Details are in ALLETE's Corporate Sustainability Report. 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. Amy Rutledge Director, Corporate Communications 218-723-7400 SOURCE: ALLETE, Inc. Copyright Business Wire 2025. PUB: 03/11/2025 06:30 AM/DISC: 03/11/2025 06:32 AM
