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)

12/31/2023
Q4
9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments125,50047,90029,90036,40042,10074,600
Cash and cash equivalents125,50047,90029,90036,40042,10074,600
Receivables119,600123,200120,300137,900120,500116,200
Inventory, net of allowances, customer advances and progress billings180,300194,300346,900455,900472,200355,800
Inventory180,300194,300346,900455,900472,200355,800
Other current assets77,80080,80072,60087,80087,400113,400
Total current assets:503,200446,200569,700718,000722,200660,000
Noncurrent Assets
Property, plant and equipment4,996,8004,973,9004,979,3005,004,0005,011,0005,027,100
Long-term investments and receivables329,700327,500323,900322,700320,300322,000
Long-term investments329,700327,500323,900322,700320,300322,000
Intangible assets, net (including goodwill), including:155,500155,500155,500155,600155,800151,100
Goodwill154,900154,900154,900154,900  
Other undisclosed intangible assets, net (including goodwill)600600600700155,800151,100
Regulated entity, other noncurrent assets443,300454,500469,100441,000447,100470,900
Other noncurrent assets216,300210,300207,000204,300201,600207,900
Total noncurrent assets:6,141,6006,121,7006,134,8006,127,6006,135,8006,179,000
TOTAL ASSETS:6,644,8006,567,9006,704,5006,845,6006,858,0006,839,000
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities192,000161,000181,200192,600293,500280,800
Interest and dividends payable15,10020,300
Taxes payable69,50052,700
Accounts payable112,30089,30084,900103,000124,300134,800
Accrued liabilities79,70071,70096,30089,60084,60073,000
Other liabilities110,500112,600106,800251,000188,500110,700
Other undisclosed current liabilities111,000106,700176,400272,600224,000317,500
Total current liabilities:413,500380,300464,400716,200706,000709,000
Noncurrent Liabilities
Long-term debt and lease obligation1,686,1001,685,9001,755,5001,648,2001,653,0001,595,600
Long-term debt, excluding current maturities1,686,1001,685,9001,755,5001,648,2001,653,0001,595,600
Liabilities, other than long-term debt977,300979,600970,6001,132,900968,100993,700
Deferred income tax liabilities   158,100  
Liability, pension and other postretirement and postemployment benefits164,200173,600173,800179,700171,900174,600
Regulatory liability549,300538,000526,400526,100527,400532,600
Other liabilities263,800268,000270,400269,000268,800286,500
Other undisclosed noncurrent liabilities 171,200153,600156,300 177,000181,800
Total noncurrent liabilities:2,834,6002,819,1002,882,4002,781,1002,798,1002,771,100
Total liabilities:3,248,1003,199,4003,346,8003,497,3003,504,1003,480,100
Temporary equity, carrying amount      
Equity
Equity, attributable to parent2,786,6002,734,1002,715,5002,691,9002,682,6002,680,400
Common stock1,797,2001,791,6001,785,6001,781,5001,777,2001,771,700
Accumulated other comprehensive loss(24,500)(24,400)(24,300)(24,400)(23,800)(23,900)
Retained earnings1,013,900966,900954,200934,800929,200932,600
Equity, attributable to noncontrolling interest610,100634,400642,200656,400671,300678,500
Total equity:3,396,7003,368,5003,357,7003,348,3003,353,9003,358,900
TOTAL LIABILITIES AND EQUITY:6,644,8006,567,9006,704,5006,845,6006,858,0006,839,000

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

12/31/2023
Q4
9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
Revenues378,800533,400564,900425,800388,300373,100
Cost of revenue(327,300)(471,700)(494,600)(43,200)(336,400)(343,600)
Cost of goods and services sold(33,000)(193,200)(210,500)(85,900)(38,400)(41,500)
Gross profit:51,50061,70070,300382,60051,90029,500
Operating expenses(15,500)(8,200)(22,000)(348,900)(18,500)(15,800)
Operating income:36,00053,50048,30033,70033,40013,700
Nonoperating income (expense)52,900(13,200)(9,200)(8,300)(13,800)(1,200)
Other nonoperating income68,7002,5004,1006,0002,30012,100
Interest and debt expense(20,500)(21,100)(19,300)(19,900)(18,400)(18,600)
Income (loss) from continuing operations before equity method investments, income taxes:68,40019,20019,8005,5001,200(6,100)
Other undisclosed income from continuing operations before income taxes20,50021,10019,30019,90018,40018,600
Income from continuing operations before income taxes:88,90040,30039,10025,40019,60012,500
Income tax expense (benefit)(19,300)400(1,500)11,8007,2008,300
Income from continuing operations:69,60040,70037,60037,20026,80020,800
Income before gain (loss) on sale of properties:26,80020,800
Net income:69,60040,70037,60037,20026,80020,800
Net income attributable to noncontrolling interest16,30010,80020,60014,5006,90016,800
Net income available to common stockholders, diluted:85,90051,50058,20051,70033,70037,600

Comprehensive Income ($ in thousands)

12/31/2023
Q4
9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
Net income:69,60040,70037,60037,20026,80020,800
Other comprehensive income (loss)(100)(100)100(600)100100
Comprehensive income:69,50040,60037,70036,60026,90020,900
Comprehensive income, net of tax, attributable to noncontrolling interest16,30010,80020,60014,5006,90016,800
Comprehensive income, net of tax, attributable to parent:85,80051,40058,30051,10033,80037,700

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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