Allete, Inc Initiated 2024 Earnings Guidance of $3.60-$3.90 Vs $4.08 Est

2/20/24 6:14:03 AM ET

Power Generation

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ALLETE, Inc. (NYSE:ALE) today initiated its 2024 earnings guidance range of $3.60 to $3.90 per share on net income of $210 million to $225 million. This guidance range is comprised of our Regulated Operations segment earnings within a range of $2.65 to $2.85 per share, and ALLETE Clean Energy and Corporate and Other operations earnings within a range of $0.95 to $1.05 per share.

The Company also updated its five-year capital expenditure plan to $4.3 billion, which is a $1 billion increase from its previous five-year plan. The plan includes increased capital investments in renewable and transmission projects, and the Company expects this capital expenditure plan to drive multi-year earnings growth beginning in 2025, in line with its stated financial objectives.

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Recent Analyst Ratings for
$ALE

Date	Price Target	Rating	Analyst
1/22/2024	$58.00	Sell → Neutral	Guggenheim
1/10/2024	$64.00	Buy → Neutral	Sidoti
6/27/2023	$63.00 → $54.00	Neutral → Underperform	BofA Securities
5/5/2023	$66.00 → $63.00	Buy → Neutral	BofA Securities
4/6/2023	$74.00	Neutral → Buy	Sidoti
1/23/2023	$53.00 → $54.00	Neutral → Sell	Guggenheim
11/17/2022	$65.00	Underweight → Neutral	JP Morgan
11/14/2022	$53.00 → $66.00	Neutral → Buy	BofA Securities

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ALLETE Clean Energy Announces Sale of Wisconsin Wind Site
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Allete, Inc Initiated 2024 Earnings Guidance of $3.60-$3.90 Vs $4.08 Est

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Allete upgraded by Guggenheim with a new price target

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