ALLETE, Inc. (NYSE:ALE) Q4 2019 Earnings Conference Call - Final Transcript

Feb 13, 2020 • 10:00 am ET


ALLETE, Inc. (NYSE:ALE) Q4 2019 Earnings Conference Call - Final Transcript


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Good day and welcome to the ALLETE Full Year 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 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 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.

Alan R. Hodnik

Good morning, everyone, and thanks for joining us today. With me are ALLETE's President and Chief Executive Officer, Bethany Owen; Senior Vice President and Chief Financial Officer, Bob Adams; and Vice President, Controller and Chief Accounting Officer, Steve Morris.

Before we get into the details of financial results and our outlook for 2020 this morning, I want to again congratulate Bethany Owen on her election by the ALLETE Board of Directors to Chief Executive Officer. Bethany's strong values-based leadership style, her proven ability to deliver results while effectively positioning against winds of change, and her laser focus on talent development will assure ALLETE's forward thrust continues as the new decade dons. Look for great things from Bethany and her ALLETE team in the years ahead.

I will remain ALLETE's Executive Chairman until the spring of 2021 and will partner closely with the ALLETE Board and Bethany to ensure a continued smooth transition. It is my hope to see many of you out in New York at our upcoming investor breakfast, at which time, I will be more personally able to thank you and say farewell.

This morning, ALLETE reported full year 2019 financial results of $3.59 per share on net income of $185.6 million. These results are within our previously issued 2019 earnings guidance and reflect a year of many accomplishments, while solidly positioning ALLETE for further clean energy growth. We often highlight ALLETE's differentiated strategy and sustainable positioning. These, of course, all driven by our dedicated, innovative and hard working employees, whom I've been so privileged to lead from my long career. Given the continued execution by Bethany and her team, and in full recognition of ALLETE's clean energy positioning, the Board of Directors has once again demonstrated its confidence by raising the ALLETE common stock dividend