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ALLETE Q2 net income ticks up; 2019 guidance narrowed

ALLETE Inc. on Aug. 1 reported net income of $34.2 million, or 66 cents per share, for the second quarter of 2019, an increase from $31.3 million, or 61 cents per share, in the comparable quarter of 2018.

The S&P Global Market Intelligence consensus normalized earnings estimate for the quarter was 68 cents per share, based on the polling of three analysts.

Operating revenues totaled $290.4 million, compared to $344.1 million a year ago. The company reported first-quarter operating income of $36.2 million, down slightly from $36.5 million in the corresponding quarter of 2018.

Looking ahead, ALLETE expects its 2019 annual earnings to be in the lower half of the original guidance range of $180 million to $190 million, or $3.50 per share to $3.80 per share.

"This is due, first, to lower than expected wind resources year-to-date, a phenomenon experienced by many industry participants, especially those with significant assets in the Midwest," ALLETE Senior Vice President and CFO Bob Adams said.