ALLETE, Inc. (NYSE:ALE) Q3 2023 Earnings Conference Call November 2, 2023 10:00 AM ET
Company Participants
Bethany Owen - Chair, President and CEO
Steve Morris - Senior Vice President and Chief Financial Officer
Jeff Scissons - Corporate Development and Clean Energy Strategy Officer
Frank Frederickson - Minnesota Power’s Vice President, Customer Experience and Engineering Services
Conference Call Participants
Richard Sunderland - JPMorgan
Alex Mortimer - Mizuho Securities
Brian Russo - Sidoti
Tanner James - Bank of America
Operator
Good day. And welcome to the ALLETE Third Quarter of 2023 Financial Results Call. Today’s call is being recorded.
Certain statements contained in this conference call that are not descriptions of historical facts are forward-looking statements, such as terms defined in the Private Securities Litigation Reform Act of 1995.
Because such statements can include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the company with the Securities and Exchange Commission.
Many of these factors that will determine the company’s future results are beyond the ability of management to control or predict. Listeners should not put undue reliance on forward-looking statements, which reflect management’s reviews only as of the date hereof.
The company undertakes no obligation to revise or update any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events, or otherwise.
Welcome to ALLETE’s conference call announcing third quarter 2023 financial results. And at this time, all participants are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions]
As a reminder, this call is being recorded. I would now like to turn the call over to Bethany Owen, Chair, President and CEO. You may begin.
Bethany Owen
Thank you, and good morning, everyone, and thanks for joining us. With me today are ALLETE’s Senior Vice President and Chief Financial Officer, Steve Morris; Jeff Scissons, ALLETE’s Corporate Development and ALLETE’s Clean Energy Strategy Officer; and Frank Frederickson, Minnesota Power’s Vice President of Customer Experience and Engineering Services.
Corresponding slides for this morning’s call are available on our website at allete.com in the Investors section and we will call out each page number as we go through today’s presentation.
This morning, we are pleased to report ALLETE’s third quarter 2023 earnings of $1.49 per share on net income of $85.9 million. Last year’s third quarter results were $0.59 per share on net income of $33.7 million. Steve will be providing additional details on our financial performance during the quarter and our revised full year 2023 guidance in a moment.