Allete Inc. reports Q1 net income of $50.7m, up 88 cents EPS, despite lower net income due to warmer weather and merger costs.
Duluth-based power company Allete Inc. reported a Q1 net income of $50.7m and 88 cents EPS (excluding non-recurring costs), up from 97 cents adjusted EPS. Revenue reached $403.3m, with shares rising 3% since the start of the year. The company attributed the decrease in net income to factors including warmer winter weather and transaction costs associated with its recent merger announcement.
May 09, 2024
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