ALLETE, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2016; Provides Effective Tax Rate Guidance for the Year 2016
May 03, 2016 at 07:30 am
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ALLETE, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, the company reported operating revenues were $333.8 million against $320.0 million a year ago. Operating income was $66.8 million against $56.4 million a year ago. Income before non-controlling interest and income taxes was $55.7 million against $46.3 million a year ago. Net income attributable to the company was $45.9 million against $39.9 million a year ago. Basic and diluted earnings per share were $0.93 against $0.85 a year ago. Cash from operating activities increased $21.4 million for the quarter, driven primarily by higher net income in noncash expense.
The company anticipates the effective tax rate for 2016 will be approximately 17%. This could vary slightly if earnings expectations change. The company's financial position continues to be solid.
ALLETE, Inc. is a clean-energy transformation company that owns, operates and developing wind energy generation to reduce carbon footprint. The Companyâs segments include Regulated Operations and ALLETE Clean Energy. Regulated Operations includes regulated utilities, Minnesota Power, and SWL&P, as well as investment in ATC, a Wisconsin-based regulated utility that owns and maintains electric transmission assets in portions of Wisconsin, Michigan, Minnesota, and Illinois. Minnesota Power provides regulated utility electric service in northeastern Minnesota to approximately 150,000 retail customers. ALLETE Clean Energy segment is focused on developing, acquiring, and operating clean and renewable energy projects. The segment owns and operates, in seven states, more than 1,200 MW of nameplate capacity wind energy generation with a contract under power sales agreements (PSAs) of various durations. It engages in the development of wind energy facilities to operate under long-term PSAs.
ALLETE, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2016; Provides Effective Tax Rate Guidance for the Year 2016
ALLETE, INC. 
