Allete beats 3Q profit forecasts

Allete Inc. (ALE) on Wednesday reported third-quarter net income of $44.9 million.

On a per-share basis, the Duluth, Minnesota-based company said it had net income of 88 cents. Earnings, adjusted for non-recurring costs, came to $1.04 per share.

The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 95 cents per share.

The power company owner posted revenue of $362.5 million in the period.

Allete shares have increased 22 percent since the beginning of the year. The stock has increased 28 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ALE at https://www.zacks.com/ap/ALE