Allete reports 2016 earnings of $3.14 per share

Allete today reported 2016 earnings of $3.14 per share on net income of $155.3 million and operating revenue of $1.34 billion. Results from 2015 were $2.92 per share on net income of $141.1 million and operating revenue of $1.49 billion.

Operating revenue in 2015 included $197.7 million for Allete Clean Energy’s construction of a wind energy facility which was sold to Montana-Dakota Utilities in 2015.

Net income for 2016 was impacted by a gain related to the change in fair value of the U.S. Water Services contingent consideration liability, offset by the impact of an adverse November 2016 Minnesota Public Utilities Commission order on the allocation of North Dakota investment tax credits, a goodwill impairment charge related to Allete Clean Energy and expense related to the repayment of long-term debt.

Net income for 2015 was impacted by a non-cash impairment charge related to the real estate assets of Allete Properties, the recognition of profit for the construction of a wind energy facility sold to Montana-Dakota Utilities and acquisition costs related to U.S. Water Services and Allete Clean Energy.

“I am pleased with the company’s position and outlook as we move into 2017,” said Allete Chairman, President and CEO Al Hodnik. “Minnesota Power’s industrial customers start the year on a strong note, and our energy infrastructure and related services businesses are well positioned to capitalize on renewed growth and investment initiatives.”