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Allete reports Q3 EPS 59c, consensus 74c
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Allete reports Q3 EPS 59c, consensus 74c

Reports Q3 revenue $388.3M, consensus $353.18M. "ALLETE’s Sustainability in Action strategy continues to present significant opportunities for our company, and we are confident in our ability to execute while we navigate the current macro environment," said CEO Bethany Owen. "In fact, we are excited that, just this week, Minnesota Power reached an agreement on its Integrated Resource Plan with various stakeholders that, if approved by the Minnesota Public Utilities Commission later this month, would significantly increase the amount of renewable energy and storage the Company provides over the next 15 years. We are also pleased that Minnesota Power and Superior Water, Light and Power rate cases are progressing as expected; New Energy integration is nearing completion and we are confident in their strong pipeline of projects; and the recently passed Inflation Reduction Act is positive for all of our ALLETE companies". "We expect our 2022 earnings to be near the mid-point of our guidance range of $3.60-$3.90 per share," said CFO Steven Morris. "The results for the quarter did meet our expectations notwithstanding the previously mentioned impacts of ongoing inflation, supply chain challenges and transmission congestion in Southwest Power Pool, as well as the refund reserve impacting our equity earnings in ATC. This updated guidance reflects year to date results and the timing of a Minnesota Power solar project originally expected to close this year, and now expected to be completed in 1Q23. We expect a strong Q4 of earnings from New Energy, with growing momentum in the project pipeline and significant projects closing in October and into the end of the year".

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