Allete 4th-quarter profit more than quintuples

Newswire

NEW YORK, Jan 30 (Reuters) - Allete Inc. , parent of the Minnesota Power utility, said Friday its quarterly profit more than quintupled, helped by two real-estate sales and a rise in earnings at its automotive services business. The Duluth, Minnesota, company reported fourth-quarter net income of $100.1 million, or $1.20 a share, up from net income of $18.1 million, or 22 cents a share, a year earlier. Excluding discontinued operations, Allete posted earnings per share of 34 cents per ...

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