(RTTNews) - Allete Inc. (ALE) on Wednesday reported third-quarter net income of $31.2 million or $0.60 per share, up from $30.7 million or $0.59 per share in the year-ago period, which included $1.7 million, $0.03 per share in earnings from U.S. Water Services sold in the first quarter of this year.
Operating revenue for the quarter declined to $254.1 million from $261.3 million in the same period last year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.63 per share for the quarter on revenues of $305.75 million. Analysts' estimates typically exclude special items.
"Results for the quarter are as expected and we are pleased with our progress on strategic initiatives to date, as we approach the end of a successful 2019," said Allete Chairman and CEO Al Hodnik.
Looking ahead to fiscal 2019, Allete said it expects earnings to be in the lower half of its original 2019 outlook range, consistent with the annual earnings outlook discussed in the second quarter.
Beyond 2019, the company anticipates earnings growth over the next several years, primarily driven by its expanding clean energy investments at both regulated and non-regulated operations.
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