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ALLETE, Inc. ALE reported second-quarter 2021 earnings of 53 cents per share, which lagged the Zacks Consensus Estimate of 54 cents by a penny. The bottom line, however, increased 35.9% on a year-over-year basis.
For the reported quarter, total revenues of $335.6 million surpassed the Zacks Consensus Estimate of $263 million by 27.6%. The top line also improved 38% from the prior-year quarter’s level.
Allete, Inc. Price, Consensus and EPS Surprise
Allete, Inc. price-consensus-eps-surprise-chart | Allete, Inc. Quote
Highlights of the Release
ALLETE’s total regulated utility sale was 3,671 million kilowatt hours (KWh), up 41% from 2,604 million KWh in the year-ago quarter. Total retail and municipal load surged 30.5% year over year to 2,477 million KWh for the second quarter along with a 69.1% rise in Other Power suppliers load.
The company’s total operating expenses for the quarter are $307.4 million, up 33.4% year over year.
Operating income for the quarter under review improved 122% from the prior-year period to $28.2 million.
Interest expenses increased 9.4% year over year to $17.4 million.
In May, the utility announced that it will build the Red Barn project with 92 megawatt capacity expected to be delivered in 2022.
ALLETE’s cash and cash equivalents as of Jun 30, 2021 were $62.5 million, up from $44.3 million as of Dec 31, 2020.
Long-term debt as of Jun 30, 2021 was $1,664.6 million, up from $1,593.2 million on Dec 31, 2020.
Cash from operating activities for the first six months of 2021 amounted to $105.7 million, down from $143.3 million in the prior-year period.
The company reaffirmed its non-GAAP earnings per share guidance in the band $3-$3.30 for 2021.
ALLETE currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
WEC Energy Group WEC recorded second-quarter 2021 earnings per share of 87 cents, which beat the Zacks Consensus Estimate of 79 cents by 10.1%.
FirstEnergy Corporation FE came up with second-quarter 2021 operating earnings of 59 cents per share, in line with the Zacks Consensus Estimate.
DTE Energy Company DTE reported second-quarter 2021 operating earnings per share of $1.70, which beat the Zacks Consensus Estimate of $1.44 by 18.1%.
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