Allete Inc., the Duluth-based parent company of utility Minnesota Power, on Wednesday said its first-quarter profit rose 3 percent and it reaffirmed its outlook for the rest of the year.
Net earnings were $33.5 million, or 80 cents a share including a three-cent charge related to an acquisition. Allete said its earnings per share were diluted by 6 cents as a result of an increase in the number of common shares.
Revenue rose 12 percent to $296.5 million, helped by exceptionally cold weather that pushed electricity sales upward.
Allete’s stock closed up $1.16, or 2.3 percent, at $51.23 on Wednesday.