{ "market" : {"NAME" : "U.S.", "ID" : "us_market", "TZ" : "ET", "TZOFFSET" : "-18000", "open" : "1259332227", "close" : "1259344827", "flags" : {}} , "STREAMER_SERVER" : "http://streamerapi.finance.yahoo.com","arrowAsChangeSign" : false,"throttleInterval": "1000"}
ap

Allete lowers guidance due to weak unit

Allete lowers outlook due to expected operating loss for its property unit

  • On 4:13 pm EDT, Friday October 30, 2009

DULUTH, Minn. (AP) -- Allete Inc., a regional utility, on Friday lowered its yearly outlook due to an expected net loss for its property unit.

The company now expects earnings of $1.95 to $2.05 per share, from previous guidance of $2 to $2.15 per share.

Analysts polled by Thomson Reuters, on average, expect a profit of $2.51 per share.

The company lowered its guidance due to an expected loss for its Allete Properties unit, which owns real estate in Florida, one of the hardest hit areas during the housing downturn.

The guidance cut came as the company reported third-quarter profit fell 35 percent on lower electricity revenue.

Shares fell 54 cents to $33.77 in late afternoon trading Friday.

Related Headlines

Related Blog Headlines

Top Stories

Related Message Boards

Sponsored Links

Copyright © 2009 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten, or redistributed without the prior written authority of The Associated Press.