ALLETE, Inc. - ALE STOCK NEWS

ALLETE (NYSE: ALE) announces the retirement of Robert Adams, Senior VP and CFO, planned for June 2022. Adams has been with the company for over 35 years, contributing significantly to ALLETE's diversification and clean-energy initiatives. His leadership saw the strategic acquisition and sale of U.S. Water Services, and positioned ALLETE as a leading investor in renewable energy among North American utilities. The company is now seeking a new CFO, expected to be appointed by February 2022.

ALLETE, Inc. (NYSE: ALE) reported Q3 2021 earnings of 53 cents per share with a net income of $27.6 million, down from 78 cents per share and $40.7 million in the same quarter last year. The decline is attributed to increased operating expenses and higher property taxes, despite higher kilowatt-hour sales and industrial margins. ALLETE Clean Energy experienced a net loss of $800,000 due to lower wind resource availability. For 2021, full year results are expected between $3.00 to $3.30 per share, with improved earnings projected for 2022.

Minnesota Power, a utility division of ALLETE (NYSE: ALE), is requesting an annual revenue increase of $108 million from the Minnesota Public Utilities Commission (MPUC), representing an 18% hike for retail electric customers. This adjustment aims to address rising expenses and evolving customer energy demands amid its EnergyForward clean energy transition. If approved, a typical residential bill will rise by $15 monthly. Minnesota Power is committed to achieving a 100% carbon-free energy goal by 2050 while maintaining competitively priced rates.

ALLETE, Inc. (NYSE: ALE) has declared a quarterly dividend of 63 cents per share, maintaining an annual rate of $2.52. The dividend is payable on December 1 to shareholders of record by the close of business on November 15, 2021. The company operates utilities like Minnesota Power and Superior Water, Light and Power, enhancing its commitment to shareholder returns through consistent dividends.

ALLETE Inc. (NYSE: ALE) will disclose its third-quarter financial results on November 4, 2021, before market opening. The results will be followed by a conference call at 10 a.m. Eastern time, featuring key executives including Chair and CEO Bethany M. Owen. The call will be accessible via phone or webcast through the company’s website. A replay will be available until November 11, 2021. ALLETE, headquartered in Duluth, Minnesota, operates electric utilities and renewable energy ventures, emphasizing its commitment to clean energy.

ALLETE Inc. (NYSE: ALE) has appointed Charlene A. Thomas, former Chief Diversity, Equity, and Inclusion Officer at United Parcel Service (NYSE: UPS), to its board of directors effective October 4, 2021. With over 30 years of experience at UPS, Thomas has held multiple leadership roles and brings extensive knowledge in human resources and strategic planning. ALLETE's leadership stated that her experience will be instrumental in advancing the company's sustainability strategies and addressing evolving customer needs within transformative challenges.

ALLETE (NYSE: ALE) has announced the sale of a portion of its ownership stake in the Nemadji Trail Energy Center (NTEC) to Basin Electric Power Cooperative for approximately $20 million. Basin Electric will acquire a 30% ownership interest while ALLETE retains 20%. NTEC, a proposed natural gas power plant in Superior, WI, aims to provide about 600 megawatts of power, marking a significant investment in Douglas County. The project remains crucial for regional energy reliability as ALLETE focuses on reducing carbon emissions while ensuring sustainable energy supply.

Triniti Consulting successfully implemented Oracle Utilities Customer to Meter (C2M) for ALLETE Inc. in April 2021. This project enhances the efficiency of utilities Minnesota Power and Superior Water, Light and Power, serving 160,000 customers in Wisconsin and Minnesota. Key improvements include streamlined customer and meter data, enhanced billing accuracy, and the potential for innovative services. ALLETE aims to optimize customer interactions and modernize its service offerings through advanced metering infrastructure, marking a significant step toward becoming the utility of choice.

ALLETE, Inc. (NYSE: ALE) reported a second quarter 2021 earnings of 53 cents per share, up from 39 cents per share last year. Net income increased to $27.9 million compared to $20.1 million in 2020, benefiting from a rebound in electric sales to industrial customers. The Regulated Operations segment earned $21.5 million, significantly higher than $11.1 million in the prior year, while ALLETE Clean Energy net income rose to $5.1 million. The company expects full-year results in the range of $3.00 to $3.30 per share, signaling a transitional year with growth initiatives in place.