Allete: 2Q Earnings Snapshot

Allete: 2Q Earnings Snapshot

Associated Press
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DULUTH, Minn. (AP) _ Allete Inc. (ALE) on Thursday reported second-quarter net income of $31.3 million.

The Duluth, Minnesota-based company said it had net income of 61 cents per share.

The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 72 cents per share.

The power company owner posted revenue of $344.1 million in the period.

Allete expects full-year earnings to be $3.20 to $3.50 per share.

Allete shares have increased nearly 3 percent since the beginning of the year. The stock has risen 3 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ALE at https://www.zacks.com/ap/ALE

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