ALLETE Reports Decline in Q3 Profit and Revenue; Anticipates MPUC Decision on CPP Investments and GIP Acquisition Closure

Third-Quarter Financial Performance: ALLETE, Inc. reported a decline in third-quarter profit, with net income falling to $27.1 million from $45 million, and earnings per share dropping to $0.46 from $0.78.

Revenue Decline: The company's revenue decreased by 7.9% to $375 million, primarily due to a significant drop in non-utility segment sales, which fell to $53.3 million from $95.4 million, although utility revenue increased slightly.

Operating Income: Operating income also saw a decrease, dropping to $29.6 million from $45.3 million in the same quarter last year.

Acquisition Update: ALLETE is currently awaiting a written order from the Minnesota Public Utilities Commission to proceed with its acquisition by Canada Pension Plan Investment Board and Global Infrastructure Partners.