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Mar 31, 2025
ALLETE Q1 2025 Earnings Report
ALLETE, Inc. reported first quarter 2025 earnings.
Key Takeaways
ALLETE reported first quarter 2025 net income of $56.1 million, or 97 cents per share, compared to $50.7 million, or 88 cents per share, in the prior year period. Results were impacted by lower industrial margins at Minnesota Power, partially offset by strong performance from non-regulated subsidiaries ALLETE Clean Energy and New Energy Equity.
Q1 2025 net income attributable to ALLETE was $56.1 million ($0.97 per share), up from $50.7 million ($0.88 per share) in Q1 2024.
Regulated Operations net income decreased to $38.4 million from $44.2 million due to lower industrial margins at Minnesota Power.
ALLETE Clean Energy net income increased significantly to $7.4 million from $3.8 million.
New Energy Equity net income more than doubled to $9.2 million from $4.0 million.
Revenue by Segment
Forward Guidance
ALLETE continues to work towards completing its planned partnership with Canada Pension Plan Investment Board and Global Infrastructure Partners, expecting final regulatory approval in 2025. Minnesota Power has filed an Integrated Resource Plan outlining a path to 90% renewable energy by 2035.
Positive Outlook
- Planned partnership with experienced infrastructure investors remains on track.
- Key approvals received from FERC, Public Service Commission of Wisconsin, and shareholders.
- Expectation of securing final approval from the Minnesota Public Utilities Commission in 2025.
- Minnesota Power filed Integrated Resource Plan outlining path to 90% renewable energy by 2035.
- Plan includes adding wind, solar, natural gas generation, and energy storage.
Challenges Ahead
- None explicitly stated regarding financial guidance.
- Regulatory process for merger is ongoing.
- Path to 90% renewable energy involves significant changes (ceasing coal by 2035).
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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