Allete Inc. on Friday reported a fourth-quarter profit jump that fell just short of expectations.
Allete, the Duluth-based parent company of electric utility Minnesota Power, reported adjusted earnings of 82 cents a share, up 9 percent from a year ago but 2 cents below the average Wall Street estimate.
Revenue was $268 million, up 5 percent, beating the Wall Street projection of $260.9 million.
Net earnings were $33 million, or 82 cents per share, compared with year-ago earnings of $28.9 million, or 75 cents a share. Net income from regulated operations, which include Minnesota Power, rose 9 percent to $104.9 million, the company said.
Allete shares rose 20 cents, or 0.4 percent, to $49.77.
Allete said its year-end results were in line with the company's guidance. In 2013, Allete had adjusted earnings of $2.63 cents a share, up 2 percent, which also fell slightly below the Wall Street estimate of $2.65 per share. Revenue for 2013 was $1.02 billion, up 6 percent, in line with analysts' expectations.
Allete said that the cost of acquiring three wind energy facilities subtracted 3 cents a share from adjusted 2013 earnings.
"Electric sales to Minnesota Power's industrial customers remained consistent and strong in 2013, and all of our businesses performed generally within expectations for the year," Allete CEO Al Hodnik said in a statement.
Steve Alexander • 612-673-4553
