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ALLETE initiates 2017 earnings guidance

ALLETE Inc. initiated 2017 earnings guidance in a range of $3.10 per share to $3.50 per share on net income of $155 million to $175 million.

For 2016, the company expects earnings of $3.10 per share to $3.40 per share.

The 2017 guidance, which reflects ALLETE's recently approved interim rate request in Minnesota, includes an expectation of reasonable regulatory outcomes. According to the company, the upper end of its guidance assumes Minnesota Public Utilities Commission approval of an extension of the recovery period for the Boswell Energy Center, according to a Form 8-K filed on Dec. 19.

The S&P Capital IQ 2017 consensus normalized EPS estimate for ALLETE is $3.50.

S&P Capital IQ is an offering of S&P Global Market Intelligence.