Allete Inc (ALE) has reported an 142.08 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $44.30 million, or $0.89 a share in the quarter, compared with $18.30 million, or $0.37 a share for the same period last year.
Revenue during the quarter dropped 10.27 percent to $341.50 million from $380.60 million in the previous year period. Gross margin for the quarter expanded 490 basis points over the previous year period to 60.70 percent. Total expenses were 82.11 percent of quarterly revenues, down from 92.22 percent for the same period last year. This has led to an improvement of 1011 basis points in operating margin to 17.89 percent.
Operating income for the quarter was $61.10 million, compared with $29.60 million in the previous year period.
“I am pleased with the Company’s position and outlook as we move into 2017,” said ALLETE chairman, president and chief executive officer Al Hodnik, “Minnesota Power’s industrial customers start the year on a strong note, and our energy infrastructure and related services businesses are well positioned to capitalize on renewed growth and investment initiatives.”
Debt comes down
Allete Inc has recorded a decline in total debt over the last one year. It stood at $1,370.40 million as on Dec. 31, 2016, down 11.97 percent or $186.30 million from $1,556.70 million on Dec. 31, 2015. Total debt was 27.93 percent of total assets as on Dec. 31, 2016, compared with 31.72 percent on Dec. 31, 2015. Debt to equity ratio was at 0.72 as on Dec. 31, 2016, down from 0.85 as on Dec. 31, 2015. Interest coverage ratio improved to 3.53 for the quarter from 1.86 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
