Allete posts higher profit, to spin off auto unit

Newswire

NEW YORK, Oct 24 (Reuters) - U.S. utility company Allete Inc. on Friday reported slightly higher third-quarter earnings, helped by strong results at its automotive services business which it now plans to spin off. Allete, based in Duluth, Minnesota, reported net income of $47.6 million, or 57 cents per share, compared with $45.1 million, or 55 cents per share, a year ago. A poll of four Wall Street analysts had expected the company to report earnings between 50 cents and 53 cents per ...

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