Allete Inc. Reports Q4 Net Income of $50.6 Million
DULUTH, Minn.--(BUSINESS WIRE)-- Allete Inc. (NYSE: ALE) today announced its financial results for the fourth quarter of 2023, reporting a net income of $50.6 million, representing an increase of 0.17% year-over-year.
On a per-share basis, the Duluth, Minnesota-based company earned 87 cents. Revenue for the quarter reached $364.8 million.
For the full year, Allete Inc. posted a profit of $179.3 million, or $3.10 per share, with revenue totaling $1.53 billion.
Key Metrics:
* Q4 Net income: $50.6 million
* Q4 Per-share net income: $0.87
* Q4 Revenue: $364.8 million
* Full-year profit: $179.3 million
* Full-year per-share profit: $3.10
* Full-year revenue: $1.53 billion
* YTD stock increase: 2%
* 12-month stock increase: 11%
Additional Information:
Allete shares have experienced a positive trend in recent months, rising nearly 2% since the start of 2023 and gaining 11% over the past year. The company's financial performance continues to be driven by strong demand for its energy solutions.