- ALLETE press release ( NYSE: ALE ): Q3 GAAP EPS of $0.59 misses by $0.11 .
- Revenue of $388.3M (+12.4% Y/Y) beats by $35.12M .
- “We expect our 2022 earnings to be near the mid-point of our guidance range of $3.60 - $3.90 per share,” said ALLETE Senior Vice President and Chief Financial Officer Steven Morris. “The results for the quarter did meet our expectations notwithstanding the previously mentioned impacts of ongoing inflation, supply chain challenges and transmission congestion in Southwest Power Pool, as well as the refund reserve impacting our equity earnings in ATC. This updated guidance reflects year to date results and the timing of a Minnesota Power solar project originally expected to close this year, and now expected to be completed in the first quarter of 2023. We expect a strong fourth quarter of earnings from New Energy, with growing momentum in the project pipeline and significant projects closing in October and into the end of the year.”
For further details see:
ALLETE GAAP EPS of $0.59 misses by $0.11, revenue of $388.3M beats by $35.12M