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Allete: 4Q Earnings Snapshot

Allete: 4Q Earnings Snapshot

Associated Press

DULUTH, Minn. (AP) _ Allete Inc. (ALE) on Thursday reported fourth-quarter earnings of $61.1 million.

The Duluth, Minnesota-based company said it had net income of $1.18 per share.

The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.15 per share.

The power company owner posted revenue of $448.3 million in the period.

For the year, the company reported profit of $174.1 million, or $3.38 per share. Revenue was reported as $1.5 billion.

Allete shares have increased slightly more than 1 percent since the beginning of the year. The stock has climbed 11 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