Allete (ALE) Misses Q4 Earnings and Revenue Estimates

Company Performance - Allete reported quarterly earnings of $0.89 per share, missing the Zacks Consensus Estimate of $0.93 per share, and down from $0.90 per share a year ago, representing an earnings surprise of -4.30% [1] - The company posted revenues of $402.7 million for the quarter ended December 2023, missing the Zacks Consensus Estimate by 9.25%, and down from $425.8 million year-over-year [1] - Over the last four quarters, Allete has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [1] Market Performance - Allete shares have lost about 4.2% since the beginning of the year, while the S&P 500 has gained 4.9% [2] - The company's current Zacks Rank is 3 (Hold), indicating that shares are expected to perform in line with the market in the near future [3] Future Outlook - The current consensus EPS estimate for the coming quarter is $1.26 on revenues of $584.61 million, and for the current fiscal year, it is $4.14 on revenues of $1.99 billion [4] - The Utility - Electric Power industry is currently in the top 45% of Zacks industries, suggesting that it has a favorable outlook compared to the bottom 50% [4] - Algonquin Power & Utilities, another company in the same industry, is expected to report results for the quarter ended December 2023 on March 8 [4]