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Investing.com - ALLETE, Inc. (NYSE:ALE) on Friday reported third quarter 2025 earnings of $0.46 per share, falling significantly short of analyst expectations of $0.80 per share. Revenue came in at $375 million, well below the consensus estimate of $434.9 million.
The Minnesota-based energy company’s quarterly performance was primarily impacted by lower sales to industrial customers, particularly in the taconite sector, along with inflationary pressures at Minnesota Power.
The company reported net income of $27.1 million for the quarter, down from $45.0 million in the same period last year.
ALLETE’s Regulated Operations segment, which includes Minnesota Power, recorded third quarter net income of $32.5 million, compared to $34.0 million a year ago. The company’s clean energy businesses also underperformed, with ALLETE Clean Energy posting a $3.6 million net loss compared to $3.9 million in net income last year.
"Results for 2025 have been negatively impacted by lower industrial margins as a result of lower sales to taconite customers at Minnesota Power which are expected to continue through the remainder of 2025," said ALLETE Vice President – Chief Financial Officer and Corporate Treasurer Jeff Scissons.
The company is awaiting a written order from the Minnesota Public Utilities Commission to complete its partnership with Canada Pension Plan Investment Board and Global Infrastructure Partners, following unanimous approval on October 3.
The transaction is expected to provide approximately $200 million in value to Minnesota Power customers through rate credits, return on equity reduction, and a rate case stay-out provision.
Total kilowatt-hours sold to retail and municipal customers decreased to 2,296 million from 2,451 million in the same quarter last year, with industrial sales showing the most significant decline at 1,573 million compared to 1,715 million.
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