ALLETE, Inc. (NYSE:ALE) Q3 2019 Earnings Conference Call Transcript

Nov 06, 2019 • 10:00 am ET

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ALLETE, Inc. (NYSE:ALE) Q3 2019 Earnings Conference Call Transcript

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Operator
Operator

Good day and welcome to the ALLETE Third Quarter 2019 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 risk 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 and filings made by the company with the Securities and Exchange Commission. Many of the factors that will determine the company's future results are beyond the ability of management to control or predict. Listeners should not place undue reliance on forward-looking statements which reflect management's views only as 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. For opening remarks and introductions I would now like to turn the conference over to ALLETE President and Chief Executive Officer Alan R. Hodnik. Please go ahead.

Executive
Alan R. Hodnik

Good morning everyone and thanks for joining us today. With me are ALLETE's President Bethany Owen; Senior Vice President and Chief Financial Officer Bob Adams; and ALLETE's Vice President Controller and Chief Accounting Officer Steve Morris. Today we reported third quarter 2019 financial results of $0.60 per share a net income of $31.2 million.

These results are in line with our expectations for the quarter. Importantly we have significant momentum on ALLETE's multidimensional growth strategy as we approach the end of 2019 and anticipate the start of a new year with tremendous enthusiasm. With several large and transformative projects successfully wrapping up in 2019 and on the heels of record construction and significant capital investments in additional carbon-free energy infrastructure ALLETE is very well positioned for growth.

ALLETE continues to answer the call to transform the nation's energy landscape. And as a new decade soon dawns we envision the path we are on to accelerate. For further details on ALLETE's positioning growth initiatives and execution I will now turn the call over to ALLETE's President Bethany Owen. Bethany?

Executive
Bethany Owen

Thanks Al. Thanks Al. Good morning everyone. ALLETE's companies have been busy this year advancing a record-setting level of construction in support of cleaner and more energy-efficient energy sources. Sustainability is the very foundation of our strategy. And at ALLETE we start our day with caring consideration for the environment the customers and our communities that we serve as well as our talented employees while delivering value to our many stakeholders.

Our strategy is driving significant transformation and growth across all of ALLETE's businesses. At Minnesota Power we've been thoughtfully advancing our clean our Energy Forward strategy. We are pleased to report that Minnesota Power currently provides 30% renewable energy to its customers and is on track to provide 50%