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.