Allete beats 4Q profit forecasts

DULUTH, Minn. (AP) _ Allete Inc. (ALE) on Wednesday reported fourth-quarter profit of $44.3 million.

The Duluth, Minnesota-based company said it had net income of 89 cents per share.

The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 73 cents per share.

The power company owner posted revenue of $341.5 million in the period.

For the year, the company reported profit of $155.3 million, or $3.14 per share. Revenue was reported as $1.34 billion.

Allete shares have increased slightly more than 1 percent since the beginning of the year. The stock has climbed 24 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ALE at https://www.zacks.com/ap/ALE

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