Advertisement
Singapore markets closed
  • Straits Times Index

    3,224.01
    -27.70 (-0.85%)
     
  • Nikkei

    40,372.65
    +204.58 (+0.51%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Bitcoin USD

    70,787.38
    +1,303.69 (+1.88%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Gold

    2,254.80
    +16.40 (+0.73%)
     
  • Crude Oil

    83.11
    -0.06 (-0.07%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • FTSE Bursa Malaysia

    1,539.42
    +8.82 (+0.58%)
     
  • Jakarta Composite Index

    7,288.81
    -21.28 (-0.29%)
     
  • PSE Index

    6,903.53
    +5.36 (+0.08%)
     

ALLETE's (ALE) Earnings Beat Estimates in Q1, Revenues Miss

ALLETE, Inc. ALE delivered first-quarter 2020 adjusted earnings of $1.28 per share, which beat the Zacks Consensus Estimate of $1.23 by 4.07%. However, earnings declined 6.56% on a year-over-year basis.

Total Revenues

In the reported quarter, total revenues amounted to $312 million that missed the Zacks Consensus Estimate of $348 million by 10.58%. Also, revenues declined 12.76% from $357.2 million in the prior-year quarter.

Highlights of the Release

ALLETE’s total electricity sales volume was $3,553 million kilowatt-hours compared with 3,554 million kilowatt-hours in the year-ago quarter.

The company’s total operating expenses in the first quarter totaled $251.4 million, down 16.31% year over year.

Operating income in the quarter under review increased 6% to $60.2 million.  Interest expenses fell 5.4% to $15.7 million.

Allete Inc Price, Consensus and EPS Surprise

 

Allete Inc Price, Consensus and EPS Surprise
Allete Inc Price, Consensus and EPS Surprise

Allete Inc price-consensus-eps-surprise-chart | Allete Inc Quote

ADVERTISEMENT

 

Financial Update

ALLETE’s cash and cash equivalents as of Mar 31 were $67 million, down from $69.3 million as of Dec 31, 2019.

Long-term debt as of Mar 31 was $1,399.9 million, down from $1,400.9 million as of Dec 31, 2019.

Zacks Rank

ALLETE currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Other Utility Releases

FirstEnergy Corporation FE delivered first-quarter 2020 operating earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 3.13%.

NextEra Energy NEE reported first-quarter 2020 adjusted earnings of $2.38 per share, which surpassed the Zacks Consensus Estimate of $2.21 by 7.7%.

CMS Energy Corporation CMS reported first-quarter 2020 adjusted earnings per share of 86 cents, which surpassed the Zacks Consensus Estimate of 77 cents by 11.7%.

5 Stocks Set to Double

Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.

Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.

Today, See These 5 Potential Home Runs >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
FirstEnergy Corporation (FE) : Free Stock Analysis Report
 
CMS Energy Corporation (CMS) : Free Stock Analysis Report
 
NextEra Energy Inc (NEE) : Free Stock Analysis Report
 
Allete Inc (ALE) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research