Allete, owner of Minnesota Power, says 1Q profit rose 3%

  • Updated: May 7, 2014 - 9:14 PM

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.

Steve Alexander

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