ALLETE to release 3Q earnings report


ALLETE, Inc., the Minnesota-based company with two large wind farm operations in Oklahoma, will announce its financial results for the third quarter before the stock markets open on Monday, November 9, 2020.

Following the release, ALLETE President and Chief Executive Officer Bethany M. Owen, Senior Vice President and Chief Financial Officer Robert J. Adams, and Vice President, Controller and Chief Accounting Officer Steven W. Morris will present an overview of results and discuss other factors affecting performance during a conference call beginning at 10:00 a.m. Eastern time.

ALLETE is coming off a second quarter where it had increased earnings of 39 cents a share on net income of $20.1 million.  A year earlier, the earnings were 66 cents a share on net income of $34.2 million.

ALLETE Clean Energy also recorded second quarter 2020 net income of $4 million compared to $1.9 million in 2019.

ALLETE Clean Energy has expanded its holdings of wind energy projects in Oklahoma by buying the 303 megawatt Caddo Wind farm in the western part of the state.

The Minnesota-based company made the purchase from Apex Clean Energy and plans to sell power to three Fortune 500 customers to be announced at a later date. The Caddo Wind project is located in Caddo County.

One of the company’s newest wind farms is the Diamond Spring wind project east of Ardmore in southern Oklahoma where commercial and industrial power will be sold to Walmart, Starbucks and Smithfield Foods.

Source: BusinessWire

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