ALLETE, Inc. Reports 2024 Earnings
“I am pleased and extremely proud of our entire ALLETE team this past year, working diligently on many fronts to execute our Sustainability in Action strategy in tandem with initiatives as part of the merger agreement with Canada Pension Plan Investment Board and Global Infrastructure Partners,” said ALLETE Chair, President, and Chief Executive Officer Bethany Owen. “The merger continues to progress as planned, and we remain on track for a 2025 closing, subject to all necessary approvals. With the Federal Energy Regulatory Commission approval in December, we met another important milestone that brings us closer to realizing the benefits of this transaction for our customers, our communities, our co-workers, and our shareholders, and we held the first of multiple public hearings in January.”
Owen continued, “At Minnesota Power and Superior Water, Light & Power, our teams continue to execute on our commitments to provide safe, resilient, reliable, and affordable service to our customers. We were pleased that the Minnesota Public Utilities Commission approved Minnesota Power’s 2023 rate case settlement agreement in the fourth quarter, with final rates expected to be implemented in the first quarter of 2025. In addition, Superior Water, Light & Power implemented new rates on January 1, 2025, and our New Energy Equity team continues to execute on its strategy and robust pipeline of projects.”
“Overall results for 2024 were slightly above expectations excluding transaction expenses and interim rate refund reserves resulting from the Minnesota Power rate case settlement,” said ALLETE Senior Vice President and Chief Financial Officer Steve Morris. “While earnings were lower at ALLETE Clean Energy, primarily due to a longer than expected forced outage near its Caddo wind energy, earnings from the American Transmission Company and New Energy Equity slightly exceeded expectations.”
ALLETE’s Regulated Operations segment, which includes Minnesota Power, Superior Water, Light &Power and the Company’s investment in the American Transmission Company (“ATC”), recorded 2024 net income of
ALLETE Clean Energy recorded 2024 net income of
Corporate and Other businesses, which include New Energy Equity, BNI Energy, ALLETE Properties and our investments in renewable energy facilities, recorded net income of
ALLETE is an energy company headquartered in
The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.
ALLETE's press releases and other communications may include certain non-Generally Accepted Accounting Principles (GAAP) financial measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in the company's financial statements.
Non-GAAP financial measures utilized by the Company include presentations of earnings (loss) per share. ALLETE's management believes that these non-GAAP financial measures provide useful information to investors by removing the effect of variances in GAAP reported results of operations that are not indicative of changes in the fundamental earnings power of the Company's operations. Management believes that the presentation of the non-GAAP financial measures is appropriate and enables investors and analysts to more accurately compare the company's ongoing financial performance over the periods presented.
ALLETE, Inc. Consolidated Statement of Income For the Periods Ended December 31, 2024 and 2023 |
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Quarter Ended |
Year to Date |
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2024 |
2023 |
2024 |
2023 |
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Millions Except Per Share Amounts |
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Operating Revenue |
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Contracts with Customers – Utility |
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Contracts with Customers – Non-utility |
49.5 |
|
82.3 |
|
282.1 |
|
636.4 |
|
Other – Non-utility |
1.2 |
|
1.2 |
|
5.0 |
|
5.1 |
|
Total Operating Revenue |
364.8 |
|
402.7 |
|
1,529.8 |
|
1,879.8 |
|
Operating Expenses |
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|
|
|
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Fuel, Purchased Power and Gas – Utility |
120.3 |
|
132.1 |
|
477.6 |
|
482.9 |
|
Transmission Services – Utility |
20.7 |
|
21.9 |
|
64.6 |
|
88.2 |
|
Cost of Sales – Non-utility |
26.0 |
|
36.8 |
|
129.2 |
|
473.5 |
|
Operating and Maintenance |
74.9 |
|
91.1 |
|
361.4 |
|
345.3 |
|
Depreciation and Amortization |
69.7 |
|
63.6 |
|
271.5 |
|
251.8 |
|
Taxes Other than Income Taxes |
15.1 |
|
14.1 |
|
65.4 |
|
57.2 |
|
Total Operating Expenses |
326.7 |
|
359.6 |
|
1,369.7 |
|
1,698.9 |
|
Operating Income |
38.1 |
|
43.1 |
|
160.1 |
|
180.9 |
|
Other Income (Expense) |
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Interest Expense |
(20.9 |
) |
(19.9 |
) |
(81.7 |
) |
(80.8 |
) |
Equity Earnings |
8.5 |
|
5.6 |
|
25.0 |
|
21.7 |
|
Other |
3.0 |
|
9.7 |
|
23.0 |
|
85.0 |
|
Total Other Income (Expense) |
(9.4 |
) |
(4.6 |
) |
(33.7 |
) |
25.9 |
|
Income Before Non-Controlling Interest and Income Taxes |
28.7 |
|
38.5 |
|
126.4 |
|
206.8 |
|
Income Tax Expense (Benefit) |
(3.6 |
) |
7.5 |
|
4.7 |
|
27.9 |
|
Net Income |
32.3 |
|
31.0 |
|
121.7 |
|
178.9 |
|
Net Loss Attributable to Non-Controlling Interest |
(18.3 |
) |
(20.5 |
) |
(57.6 |
) |
(68.2 |
) |
Net Income Attributable to ALLETE |
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Average Shares of Common Stock |
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Basic |
57.8 |
|
57.5 |
|
57.7 |
|
57.3 |
|
Diluted |
58.0 |
|
57.6 |
|
57.8 |
|
57.4 |
|
Basic Earnings Per Share of Common Stock |
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Diluted Earnings Per Share of Common Stock |
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Dividends Per Share of Common Stock |
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Consolidated Balance Sheet Millions |
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Dec. 31, |
Dec. 31, |
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|
Dec. 31, |
Dec. 31, |
|
2024 |
2023 |
|
|
2024 |
2023 |
Assets |
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Liabilities and Equity |
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Cash and Cash Equivalents |
|
|
|
Current Liabilities |
|
|
Other Current Assets |
402.4 |
396.2 |
|
Long-Term Debt |
1,704.7 |
1,679.9 |
Property, Plant and Equipment – Net |
5,181.5 |
5,013.4 |
|
Deferred Income Taxes |
253.4 |
192.7 |
Regulatory Assets |
371.7 |
425.4 |
|
Regulatory Liabilities |
570.5 |
574.0 |
Equity Investments |
340.1 |
331.2 |
|
Defined Benefit Pension & Other Postretirement Benefit Plans |
118.2 |
160.8 |
Goodwill and Intangibles – Net |
155.3 |
155.4 |
|
Other Non-Current Liabilities |
312.8 |
264.3 |
Other Non-Current Assets |
270.5 |
262.9 |
|
Redeemable Non-Controlling Interest |
0.4 |
0.5 |
|
|
|
|
Equity |
3,390.1 |
3,406.6 |
Total Assets |
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|
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Total Liabilities and Equity |
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Quarter Ended |
Year to Date |
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ALLETE, Inc. |
December 31, |
December 31, |
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Income (Loss) |
2024 |
2023 |
2024 |
2023 |
Millions |
|
|
|
|
Regulated Operations |
|
|
|
|
ALLETE Clean Energy |
7.7 |
5.3 |
17.8 |
71.7 |
Corporate and Other |
(6.1) |
11.4 |
0.6 |
28.2 |
Net Income Attributable to ALLETE |
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Diluted Earnings Per Share |
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Statistical Data |
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Corporate |
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Common Stock |
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High |
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Low |
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Close |
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Book Value |
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Kilowatt-hours Sold |
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Millions |
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Regulated Utility |
|
|
|
|
Retail and Municipal |
|
|
|
|
Residential |
276 |
277 |
1,069 |
1,089 |
Commercial |
323 |
325 |
1,322 |
1,347 |
Industrial |
1,780 |
1,866 |
7,022 |
7,044 |
Municipal |
119 |
116 |
469 |
466 |
Total Retail and Municipal |
2,498 |
2,584 |
9,882 |
9,946 |
Other Power Suppliers |
728 |
811 |
2,680 |
2,819 |
Total Regulated Utility |
3,226 |
3,395 |
12,562 |
12,765 |
Regulated Utility Revenue |
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|
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Millions |
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Regulated Utility Revenue |
|
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|
Retail and Municipal Electric Revenue |
|
|
|
|
Residential |
|
|
|
|
Commercial |
44.9 |
42.0 |
184.0 |
177.5 |
Industrial |
153.8 |
153.3 |
607.8 |
590.2 |
Municipal |
8.6 |
8.2 |
34.2 |
33.4 |
Total Retail and Municipal |
249.5 |
242.2 |
989.3 |
951.4 |
Other Power Suppliers |
34.8 |
42.9 |
137.2 |
146.1 |
Other (Includes Water and Gas Revenue) |
29.8 |
34.1 |
116.2 |
140.8 |
Total Regulated Utility Revenue |
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This exhibit has been furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
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Investor Contact:
218-723-3952
shareholder@allete.com
Source: ALLETE, Inc.