Allete, Inc. (ALE) Financial Statements (2024 and earlier)

Company Profile

Business Address 30 W SUPERIOR ST
DULUTH, MN 55802-2093
State of Incorp. MN
Fiscal Year End December 31
Industry (SIC) 4931 - Electric and Other Services Combined (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments47,90029,90036,40042,10074,60060,100
Cash and cash equivalents47,90029,90036,40042,10074,60060,100
Receivables123,200120,300137,900120,500116,200118,400
Inventory, net of allowances, customer advances and progress billings194,300346,900455,900472,200355,800196,600
Inventory194,300346,900455,900472,200355,800196,600
Other current assets80,80072,60087,80087,400113,400105,400
Total current assets:446,200569,700718,000722,200660,000480,500
Noncurrent Assets
Property, plant and equipment4,973,9004,979,3005,004,0005,011,0005,027,1005,078,300
Long-term investments and receivables327,500323,900322,700320,300322,000320,600
Long-term investments327,500323,900322,700320,300322,000320,600
Intangible assets, net (including goodwill), including:155,500155,500155,600155,800151,100 
Goodwill154,900154,900154,900   
Other undisclosed intangible assets, net (including goodwill)600600700155,800151,100 
Regulated entity, other noncurrent assets454,500469,100441,000447,100470,900464,200
Other noncurrent assets210,300207,000204,300201,600207,900212,400
Total noncurrent assets:6,121,7006,134,8006,127,6006,135,8006,179,0006,075,500
TOTAL ASSETS:6,567,9006,704,5006,845,6006,858,0006,839,0006,556,000
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities161,000181,200192,600293,500280,800169,700
Interest and dividends payable15,10020,30015,300
Taxes payable69,50052,70078,500
Accounts payable89,30084,900103,000124,300134,80075,900
Accrued liabilities71,70096,30089,60084,60073,000 
Other liabilities112,600106,800251,000188,500110,700108,800
Other undisclosed current liabilities106,700176,400272,600224,000317,500278,100
Total current liabilities:380,300464,400716,200706,000709,000556,600
Noncurrent Liabilities
Long-term debt and lease obligation1,685,9001,755,5001,648,2001,653,0001,595,6001,669,400
Long-term debt, excluding current maturities1,685,9001,755,5001,648,2001,653,0001,595,6001,669,400
Liabilities, other than long-term debt979,600970,6001,132,900968,100993,700998,200
Deferred income tax liabilities   158,100   
Liability, pension and other postretirement and postemployment benefits173,600173,800179,700171,900174,600177,200
Regulatory liability538,000526,400526,100527,400532,600533,400
Other liabilities268,000270,400269,000268,800286,500287,600
Other undisclosed noncurrent liabilities153,600156,300 177,000181,800188,300
Total noncurrent liabilities:2,819,1002,882,4002,781,1002,798,1002,771,1002,855,900
Total liabilities:3,199,4003,346,8003,497,3003,504,1003,480,1003,412,500
Equity
Equity, attributable to parent2,734,1002,715,5002,691,9002,682,6002,680,4002,449,300
Common stock1,791,6001,785,6001,781,5001,777,2001,771,7001,541,300
Accumulated other comprehensive loss(24,400)(24,300)(24,400)(23,800)(23,900)(24,000)
Retained earnings966,900954,200934,800929,200932,600932,000
Equity, attributable to noncontrolling interest634,400642,200656,400671,300678,500694,200
Total equity:3,368,5003,357,7003,348,3003,353,9003,358,9003,143,500
TOTAL LIABILITIES AND EQUITY:6,567,9006,704,5006,845,6006,858,0006,839,0006,556,000

Income Statement (P&L) ($ in thousands)

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
Revenues533,400564,900425,800388,300373,100383,500
Cost of revenue(471,700)(494,600)(43,200)(336,400)(343,600)(308,700)
Cost of goods and services sold(193,200)(210,500)(85,900)(38,400)(41,500)(17,000)
Gross profit:61,70070,300382,60051,90029,50074,800
Operating expenses(8,200)(22,000)(348,900)(18,500)(15,800)(21,400)
Operating income:53,50048,30033,70033,40013,70053,400
Nonoperating income (expense)(13,200)(9,200)(8,300)(13,800)(1,200)(10,800)
Other nonoperating income2,5004,1006,0002,30012,1002,000
Interest and debt expense(21,100)(19,300)(19,900)(18,400)(18,600)(18,300)
Income (loss) from continuing operations before equity method investments, income taxes:19,20019,8005,5001,200(6,100)24,300
Other undisclosed income from continuing operations before income taxes21,10019,30019,90018,40018,60018,300
Income from continuing operations before income taxes:40,30039,10025,40019,60012,50042,600
Income tax expense (benefit)400(1,500)11,8007,2008,3003,900
Income from continuing operations:40,70037,60037,20026,80020,80046,500
Income before gain (loss) on sale of properties:26,80020,80046,500
Net income:40,70037,60037,20026,80020,80046,500
Net income attributable to noncontrolling interest10,80020,60014,5006,90016,80019,800
Net income available to common stockholders, diluted:51,50058,20051,70033,70037,60066,300

Comprehensive Income ($ in thousands)

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
Net income:40,70037,60037,20026,80020,80046,500
Other comprehensive income (loss)(100)100(600)100100(200)
Comprehensive income:40,60037,70036,60026,90020,90046,300
Comprehensive income, net of tax, attributable to noncontrolling interest10,80020,60014,5006,90016,80019,800
Comprehensive income, net of tax, attributable to parent:51,40058,30051,10033,80037,70066,100

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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