ALLETEInc. beat first-quarter 2016 EPS estimates after posting net incomeof $45.9 million, or 93 cents per share, up from $39.9 million, or 85 cents pershare, in the opening months of 2015, results released May 3 showed.
The S&P Global Market Intelligence normalized EPSconsensus estimate for the quarter was 90 cents.
First-quarter 2015 net income included $3 million, or 6cents per share, in costs related to the acquisition of U.S. Water Services inFebruary 2015.
ALLETE's regulated operations segment recorded first-quarter2016 net income of $42.4 million, an increase of $1.4 million overfirst-quarter 2015 results. The segment was helped by higher cost recoveryrider revenue and lower operating and maintenance expenses, offset by lowerindustrial sales.
The regulated segment includes , andALLETE's investment in the American Transmission Co. LLC.
ALLETE CleanEnergy, which is part of ALLETE's energy infrastructure and relatedservices businesses, reported a $3.6 million year-over-year increase infirst-quarter 2016 earnings to $6.1 million. U.S. Water Services reported afirst-quarter 2016 loss of $500,000, compared with a loss of $100,000 a yearago.
Moving ahead, ALLETE booked $333.8 million in first-quarter2016 operating revenues — up from $320.0 million in the first quarter of 2015.Operating income for the quarter was $66.8 million, compared with $56.4 millionin the corresponding quarter of last year.
ALLETE has scheduled a conference call at 10 a.m. ET on May3 to discuss its results.