Allete reports Q4 EPS 89c, consensus 97c

Reports Q4 revenue $402.7 M, consensus $425.3M. “We are very pleased with our solid financial results in 2023 and our team’s execution of strategic initiatives that will drive strong earnings growth and investment in clean energy for years to come,” said CEO Bethany Owen. “Allete’s Sustainability in Action strategy is gaining momentum, with important regulatory decisions in 2024, that will further support Minnesota Power’s EnergyForward clean energy transformation. Our updated five-year capital expenditure plan of $4.3B reflects the tremendous growth opportunities at Minnesota Power. We’ve added approximately $1B to our previous plan, reflecting the significant investments in regulated renewable and transmission projects necessary to advance a clean-energy future and meet state carbon-free energy goals…we project that ALLETE will achieve our annual growth objective of 5%-7% commencing in 2025, through our forecast period of 2028 and beyond.” “Our consolidated 2023 earnings were in line with our revised and higher earnings guidance for the year, including negative weather impacts of approximately 5c per share in Q4,” said CFO Steve Morris….We expect this outage to negatively impact earnings into the first quarter of 2024. New Energy performed slightly above our expectations, and we project strong growth momentum continuing in 2024.”