(RTTNews) - ALLETE, Inc. (ALE) reported that its first quarter net income to ALLETE declined to $50.7 million from $58.2 million, prior year. Earnings per share was $0.88 compared to $1.02. The company noted that its net income included interim rate refund reserves of 7 cents per share due to Minnesota Power's rate case settlement, a 6 cent per share negative impact due to warmer winter weather, and 2 cents per share of transaction expenses related to the recently announced merger. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $1.02, for the quarter. Analysts' estimates typically exclude special items.
Total operating revenue declined to $403.3 million from $564.9 million, previous year. Analysts on average had estimated $504.75 million in revenue.
In light of the announced merger agreement with Canada Pension Plan Investment Board and Global Infrastructure Partners, ALLETE has cancelled itsearnings conference callpreviously scheduled for May 9.
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