Sep 19, 2002
ALLETE Revises Earnings Estimate for 2002
ALLETE Revises Earnings Estimate for 2002
ALLETE Revises Earnings Estimate for 2002
(Duluth, Minn.) ― ALLETE, Inc. (NYSE: ALE) today revised its earnings-per-share estimate for 2002 to be in the range of $1.80 to $1.90, a change from its earlier estimate range of $2.00 to $2.10. As with the previous estimate, the updated estimate excludes 5 cents of year-to-date business exit charges as well as any gain from the sale of Water Services assets.
This updated earnings estimate primarily reflects year-to-date performance within ALLETE's Energy Services business, due to continued lower-than-expected wholesale power prices. ALLETE continues to expect that its Automotive Services segment will grow earnings by 30 percent in 2002 over 2001.
"The energy industry nationally continues to be affected by low prices, a sluggish economy and an overall lack of liquidity in the marketplace," said David Gartzke, Chairman, President and CEO of ALLETE.
ALLETE will host a conference call with investors on Monday, September 23 at 9:00 a.m. Central time. Interested parties may listen to the conference by calling (913) 981-5572 or by listening to a rebroadcast on ALLETE's Web site located at www.allete.com.
ALLETE's corporate headquarters are located in Duluth, Minnesota. ALLETE's holdings include ADESA, the second largest wholesale vehicle auction network in North America; AFC, the leading provider of independent auto dealer inventory financing; Minnesota Power, a low-cost electric utility that serves some of the largest industrial customers in the United States; and Florida real estate investments. For more information about ALLETE, visit the company's Web site at www.allete.com.
The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.
This updated earnings estimate primarily reflects year-to-date performance within ALLETE's Energy Services business, due to continued lower-than-expected wholesale power prices. ALLETE continues to expect that its Automotive Services segment will grow earnings by 30 percent in 2002 over 2001.
"The energy industry nationally continues to be affected by low prices, a sluggish economy and an overall lack of liquidity in the marketplace," said David Gartzke, Chairman, President and CEO of ALLETE.
ALLETE will host a conference call with investors on Monday, September 23 at 9:00 a.m. Central time. Interested parties may listen to the conference by calling (913) 981-5572 or by listening to a rebroadcast on ALLETE's Web site located at www.allete.com.
ALLETE's corporate headquarters are located in Duluth, Minnesota. ALLETE's holdings include ADESA, the second largest wholesale vehicle auction network in North America; AFC, the leading provider of independent auto dealer inventory financing; Minnesota Power, a low-cost electric utility that serves some of the largest industrial customers in the United States; and Florida real estate investments. For more information about ALLETE, visit the company's Web site at www.allete.com.
The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.