ALLETE Board of Directors Raises Quarterly Common Stock Dividend and Long-Term Growth Outlook
January 24 2018 - 6:30AM
Business Wire
ALLETE, Inc. (NYSE:ALE) today announced that its Board of
Directors has increased the quarterly dividend on the company’s
common stock to 56 cents per share, an increase of 4.7 percent.
“This increase is supported by ALLETE’s solid financial position
and positions us for future dividend increases as financial
performance from our non-regulated businesses is expected to
accelerate after 2018,” said ALLETE Chairman, CEO and President Al
Hodnik. “ALLETE is proud of its track record of returning value to
its shareholders and this represents the 68th consecutive year of
dividends on its common stock.”
On an annual basis, the increased dividend is equivalent to
$2.24 per share. The regular quarterly dividend is payable March 1
to common shareholders of record at the close of business February
15, 2018. “Consistent with this dividend action and our broader
confidence in our future growth, we are also upward revising our
stated annual average long-term earnings growth outlook from a
'minimum of 5 percent' to a 'range of 5-7 percent,'” Hodnik
said.
ALLETE, Inc. is an energy company headquartered in Duluth,
Minnesota. In addition to its electric utilities, Minnesota Power
and Superior Water, Light and Power of Wisconsin, ALLETE owns
ALLETE Clean Energy, based in Duluth, BNI Energy in Bismarck, North
Dakota, U.S. Water Services in St. Michael, Minnesota, and has an
eight percent equity interest in the American Transmission Co. More
information about ALLETE is available at www.allete.com.
ALE-CORP
The statements contained in this release and statements that
ALLETE may make orally in connection with this release that are not
historical facts, are forward-looking statements. Actual results
may differ materially from those projected in the forward-looking
statements. These forward-looking statements involve risks and
uncertainties and investors are directed to the risks discussed in
documents filed by ALLETE with the Securities and Exchange
Commission.
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version on businesswire.com: http://www.businesswire.com/news/home/20180124005204/en/
ALLETE, Inc.Investor Contact:Vince Meyer,
218-723-3952vmeyer@allete.com
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