Allete, Inc Initiated 2024 Earnings Guidance of $3.60-$3.90 Vs $4.08 Est
Portfolio Pulse from Benzinga Newsdesk
ALLETE, Inc. (NYSE:ALE) has announced its 2024 earnings guidance, projecting earnings per share to be between $3.60 and $3.90, which is below the estimated $4.08. The guidance includes earnings from Regulated Operations and ALLETE Clean Energy and Corporate and Other operations. Additionally, ALLETE updated its five-year capital expenditure plan to $4.3 billion, a $1 billion increase from the previous plan, focusing on renewable and transmission projects to drive growth from 2025.
February 20, 2024 | 11:14 am
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ALLETE, Inc. has initiated its 2024 earnings guidance with an EPS range of $3.60 to $3.90, below the estimated $4.08, and announced a significant increase in its five-year capital expenditure plan to $4.3 billion.
The lower than expected earnings guidance for 2024 could lead to short-term negative sentiment among investors, potentially impacting the stock price negatively. However, the significant increase in capital expenditure focused on renewable and transmission projects indicates a strong future growth strategy, which might mitigate some of the negative impact in the longer term.
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